Porsche Hits Brakes on NFT Mint After Backlash

 

Fans of the German automaker fought back against high coin prices and delivery times after the store opened Monday.

German sports car maker Porsche has announced on Twitter that it will stop issuing its first non-fungible token (NFT) collection after receiving negative feedback from the community.

“Our keeper has spoken. We will be reducing supply and stopping coins to provide the best possible experience for our exclusive community,” said the project’s official Twitter account, adding more information.

The coin opened Monday morning, with each NFT (a digital replica of the iconic 911 model) priced at 0.911 Ether (ETH), or about $1,490 each was. In the hours that followed, criticism of the collection mounted on Twitter, with creators and collectors sharing the idea that the company was rushing into his Web3 strategy without considering the overall state of the NFT market.

Of the 7,500 tokens available, only 1,818 have been minted at the time of writing. The project did not fare well because secondary markets such as OpenSea sold the NFTs for less than their original price.

As of Tuesday afternoon, the Mint appears to be still open, further heating up the NFT community.

Originally published at https://businessdor.com on January 25, 2023.