Porsche Hits Brakes on NFT Mint After Backlash

Image: cryptoslate.com

Porsche has stopped the mint of its first NFT (Non-Fungible Token) collection, the company announced on Tuesday via Twitter. This comes after the company received negative feedback from its community.

“Our holders have spoken. We’re going to cut our supply and stop the mint to move forward with creating the best experience for an exclusive community. More info in the next hours,” Porsche posted on its official Twitter account.

The mint started on Monday morning, with each NFT (tokenizing its iconic 911 model), priced at 0.911 ET, which is equivalent to about $1,490. The launch of the mint was followed by criticism on Twitter, with collectors and creators airing their views about the company venturing into the Web3 space without a good understanding of the state of the entire NFT market.

Source: Twitter

At the time of writing, the company’s website showed that the mint had been closed. The collection performed poorly on secondary NFT marketplaces such as OpenSea, with the NFTs selling below the mint price, which means that it was cheaper to buy the NFT at resale than mint an original.

Minting for allowlist holders was opened at 9:00 am EST on Monday in 4 waves, each running for 1 hour. After the end of the initial allowlist mint, the mint was opened to the general public, coming with an open-ended stop time. The collectors could mint up to 3 virtual 911 Porsches at 0.911 each, approximately $1,490.

The plans by Porsche to launch an NFT collection were announced at Miami Art Week in December with much anticipation. Porsche partnered with Road2Dreams, a subsidiary of Germany’s digital collectible company Fenzone, to distribute the tokens.

Some Twitter users were against the new collection, citing its high mint price and its sales strategy that didn’t seem to align with Web3 ethos. This was well confirmed by a

Twitter user going by the name “0://wilder.frank.” The user wrote:

“The Porsche mint is a perfect example of why even the most established brands need to partner with Web3 natives to enter the space in a real way.”

David Krugman, the founder of the NFT creative agency Allships, commented on the collection’s mint price on Twitter, stating that it was out of touch with the target Web3 community. Krugman added that Web2 brands entering Web3 should think long-term when launching their NFTs. He wrote:

“My number one piece of advice for major brands entering the space is to make your first effort as close to free as possible. Find your community and prove yourself to them before you ask for millions of dollars.”

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By darnell
January 25, 2023