SNEAK PEEK:
- Porsche announced that minting is closed, but Porsche NFTs are going to close
- Porsche’s original plan was to sell 7,500 tokens for 0.911 ether (ETH), or about $1,420.
- After minting started, the floor price of the collection momentarily decreased from 1.500 to 1.400 ETH (0.911 to 0.88).
In response to widespread public backlash, German sports car manufacturer Porsche has declared that it will stop the production of Ethereum-based NFTs.
On January 24, the company announced the decision via Twitter. The minting continues, but Porsche will close it on January 25.
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
Their owners have spoken up. We’re going to decrease our production and hold back minting in order to focus on delivering the best knowledge to a special community.
The announcement comes just a few days after Porsche revealed the debut of its NFT collection, which is committed to its legendary 911 model. Customers could use the NFT to gain access to the brand’s events and merchandise.
Shortly after minting started, the floor price of the collection dropped from $1,500 to $1,400, or from 0.911 to 0.88 ETH. According to current OpenSea data, the price is around 0.9 ETH. Out of 7,500 tokens, approximately 18% have been minted.
Porsche NFT sales on OpenSea.
The collection’s price level has more than nearly tripled from its mint cost, signalling a transition from Monday’s initial release, when the secondary market rate battled to satisfy the mint valuation, with most NFTs trading at a discount briefly after the initiative crossed the finish line.
Porsche’s original plan was to sell 7,500 tokens for 0.911 ether (ETH), or about $1,420. However, NFT Twitter quickly chastised the collection’s launch, blaming it on a shortage of supply and high prices and the company’s failure to understand Web3’s strategic plan.
In the months ahead, the items will develop into rare commodities, granting collectables direct exposure to experiences and events.
