Luxury car maker Porsche was forced to halt a nonfungible token (NFT) mint of its iconic white 911 model only two days after the public mint began over claims that its "holders had spoken".
The German car company made the announcement on its Twitter handle on January 24. It said: "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."
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.— PORSCHΞ (@eth_porsche) January 24, 2023
The January 23 launch was viewed by many as a significant failure for Porsche, with hardly around 2,040 of the 7,500 NFTs available having been sold.
Porsche has, however, clarified in another tweet that the minting would stay open till January 25.
Porsche was forced to shift gears and cut the supply due to public backlash.
Porsche's proposal centred on the German automaker's legendary 911 sports car produced with a planned drop of 7,500 Ethereum NFTs that would honour the vehicle and grant holders access to special events and products. Additionally, it would have ostensibly allowed crypto-savvy auto enthusiasts to "help define Porsche's future in the virtual world".
However, Porsche's announcement that it will sell the NFTs for 0.911 ETH apiece, or around $1,475, had a sharply negative impact on the project.
Notable builders and collectors in the space called it out saying it's a high asking price in a market that has significantly diminished from its peak early last year, especially for a project with several thousand such NFTs on offer.
The mint was also criticised by the crypto community for being "low effort", "tone deaf", and a "cash grab".
porsche really tried to sell $11 million worth of uncreative NFTs with low effortbig W for the space that this flopped
do better pic.twitter.com/aqN3WhrgdE
— Giancarlo (@GiancarloChaux) January 24, 2023
Really sad. No community. No comms. No value. Glad our community hasn’t fallen for it. Big brands should take note. This is a valuable lesson for them. Extracting value not gonna cut it.— Staś May (@haymaker_studio) January 24, 2023
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