Porsche criticized for ‘low effort’ NFTs, ends mint early
Car manufacturer Porsche had to cut short a nonfungible token (NFT) mint of its famous white 911 model only two days after the public mint started, saying its “holders have spoken.”
The Jan. 23 launch was seen by some as a huge flop for Porsche with just 2,040 of the 7,500 NFTs available having been sold at the time of writing.
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 mint was widely criticized by the crypto community for being “low effort,” “tone deaf” and overpriced. The price of the NFTs were set at 0.911 Ether (ETH) ($1,417).
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
Sales on secondary markets have been undercutting the live mint, with some selling for as little as 0.86 ETH.
After announcing it would cut the supply, Porsche clarified that minting would still be open until 11am UTC on Jan. 25. The collection recorded a surge of FOMO buying which temporarily drove up the floor price.
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 price
– Porsche for selling ~160 NFTs in <1 hour
– Shrewd traders pic.twitter.com/p1Kch1OrLH
— metaversatile.eth (@metaversatile_) January 24, 2023
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