Porsche halts NFT mint amid community backlash

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  • Porsche announced the closure of the NFT Mint of the iconic 911 model, just one day after the public mint opened.
  • The German carmaker said it had listened to the community’s feedback and that Mint will be halving on January 25 at 6am UTC-5.
  • Porsche offered 7,500 NFTs to the public Mint, with each digital replica priced at 0.911 ETH.

German sports car manufacturer Porsche announced It is stopping the minting of its non-fungible tokens (nft) collection, less than two days after it opened to the public on 23 January.

Porsche on NFTs – The Community Speaks Out

According to an update from the carmaker posted on Twitter on Tuesday, the decision to halt the inaugural mint has been taken following community feedback. According to the German-based company, the negative feedback received from holders was enough to cut the supply of NFTs and stop minting them.

,Our holders have spoken. We are going to cut our supply and stop minting to move forward with creating the best experience possible for an exclusive community. More details in the next hoursthe Porsche NFT Project team wrote on Twitter.

The NFT Collection offered a digital replica of the carmaker’s iconic 911 model, offering 7,500 NFTs at a price of 0.911 ETH each. in present ethereum priceWhich was roughly $1,490 per item – heavily criticized for being too expensive.

The company’s Web 3 strategy has been criticized extensively throughout the community, and many see it as another example of how much more traditional companies need to learn about Web 3 before launching projects. .

While Porsche noted that the mint was stopping, it provided a Update It noted that it will remain open until Wednesday, January 25 at 6am UTC-5.

At the time of writing, 5,639 NFTs are open to mint out of the total supply provided. frequently asked questions page shows Mint supports three wallets – MetaMask, Coinbase and WalletConnect.

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