Porsche halts its NFT minting amid negative feedback

German sports car manufacturer Porsche has announced that it will be halting its Ethereum-based non-fungible token (NFTs) minting due to the public backlash. 

The announcement was made on the company’s Twitter on Jan. 24. The minting is still open, but Porsche will close it on Jan. 25.

The news comes just days after Porsche announced the launch of its NFT collection dedicated to its iconic model 911. The NFT was designed to grant customers access to the brand’s events and merchandise.

Shortly after minting commenced, the collection’s floor price dropped from 0.911 to 0.88 ETH ($1,500 to $1,400). Current OpenSea data indicates that the price hovers around 0.9 ETH. About 18% of NFTs have been minted out of 7,500 tokens.

Porsche NFT sales on OpenSea

The community addressed the high cost of Porsche’s NFTs, dubbing the tokens “clueless.”

Some linked the failure to poor planning, high prices, and lack of NFT and web3 understanding.

Other car brands’ NFTs 

In August, British car manufacturer Bentley hinted at its possible exploration of the NFT ecosystem using its carbon-neutral Polygon platform to launch its 208 limited collectibles. 

In September, US-based car manufacturing company Ford Motors announced its desire to invest in NFTs and the peculiarities of the metaverse, the car brand sealed its claims with 19 trademark applications. 

In October, Lamborghini revealed that it would collaborate with Web3 Pro and INVNT. ATOM is to release limited edition “World Tour” non-fungible tokens (NFTs), which will complement its 8-month “Epic Road Trip” NFT collection campaign.

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