Porsche is halting the mint of its first non-fungible token (NFT) collection, the German sports car manufacturer announced on Twitter, after receiving 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,” said the project’s official Twitter account, claiming that more information is coming later in the day.
The mint opened on Monday morning, with each NFT – a digital replica of its iconic 911 model – priced at 0.911 ether (ETH), or about $1,490 each. In the hours following, criticism of the collection mounted on Twitter, with creators and collectors sharing their thoughts on the company racing into a Web3 strategy without considering the overall state of the NFT market.
Web2 company looking to enter Web3?How to avoid doing a NFT launch like Porsche:→ Price + size supply appropriately→ Introduce your Web2 fans to Web3; don't just onboard Web3 degens to your brand→ Take more than 2 months to actually build a community→ Communicate
— DebbieSoon.eth 🤗 (@debsoon) January 24, 2023
Of the 7,500 tokens available, only 1,818 were minted at the time of writing. The project fared worse on secondary marketplaces such as OpenSea, with NFTs selling for below the mint price – meaning, it was cheaper to buy the NFT at resale than mint an original.
As of Tuesday afternoon, it appeared the mint was still open, which further inflamed the NFT community.
Crazy sequence of events w/ @eth_porsche- Tweet on supply cut & stopping mint- FP swells by .3 ETH- Everyone realizes mint is still open- Everyone mints #NFTs & sell immediately- FP returns to mint priceWinners?- Porsche for selling ~160 NFTs in <1 hour- Shrewd traders pic.twitter.com/p1Kch1OrLH
— metaversatile.eth (@metaversatile_) January 24, 2023
Porsche did not immediately respond to CoinDesk for comment.