- Porsche announces the end of NFT manufacturing of the iconic 911 model, just one day after the opening of public currency.
- The German automaker said it has listened to community feedback and the Mint will shut down on January 25 at 06:00 UTC-5.
- Porsche had offered 7,500 NFTs to the Public Mint, with each digital replica priced at 0.911 ETH.
The German sports car manufacturer Porsche has announcement its stop minting its non-fungible token (NFT) collection, less than two days after it opened to the public on January 23.
Porsche on NFT – the community has spoken
According to an update from the automaker posted on Twitter on Tuesday, the decision to discontinue the First Edition follows community response. According to the Germany-based company, the negative feedback it received from holders was enough for it to cut the NFT offer and stop the mint.
“Our incumbents have spoken. We will reduce our supply and stop the mint to move forward with creating the best experience for an exclusive community. More info in the next few hoursthe Porsche NFT project team noted on Twitter.
The NFT Collection offered a digital replica of the automaker’s iconic 911 model, with all 7,500 NFTs priced at 0.911 ETH each. At Ethereum’s current price, that was around $1,490 per item — a price heavily criticized as being too expensive.
Very sad. No community. No communications. No value. Glad our community didn’t fall for it. Big brands should take note. This is a valuable lesson for them. Extracting value isn’t going to cut it.
— Staś May (@haymaker_studio) January 24, 2023
The company’s Web3 strategy has been criticized as widely disappointing in the community, and many see it as another example of the need for more traditional companies to learn more about Web3 before launching projects.
Although Porsche noted that the mint was stopping, it provided a to update who noted that it would remain open until Wednesday, January 25 at 6 a.m. UTC-5.
At the time of writing, out of the total supply provided, 5,639 NFTs are open for minting. The FAQ page shows that the Mint supports three wallets – MetaMask, Coinbase, and WalletConnect.