STOP: Porsche NFT

The German manufacturer responds to criticism from its community and announces the halt of the minting of its NFT collection

NFTs & Metaverso January 25
Kimberly Rodriguez Medina

Porsche, the German sports car manufacturer, announces on Twitter that it will stop minting its first collection of non-fungible tokens (NFTs) due to negative feedback received from its community.

The collection's mint, which included digital replicas of the iconic 911 model, opened on Monday morning with a price of 0.911 ether (ETH) each but drew criticism from NFT creators and collectors for its focus on Web3 strategy after having failed to consider the general state of the NFT market.

STOP production

The official account of the Porsche NFT project announced the halt of the minting of the collection due to the criticism received. The company stated that it will seek to "create the best experience for an exclusive community" and that more information will be available during the day.

Of the 7,500 available tokens, only 1,818 had been minted at the time of writing. In addition, the project underperformed when it was resold on secondary markets such as OpenSea. Porsche NFTs were selling below minting price, meaning it was cheaper to buy the NFT on resale than to mint an original.

The continuation of the minting, despite criticism from the community, had generated even more frustration. By way of response, Porsche announced that it would stop minting, but it is clear that, despite limiting production, the carmaker has failed in its first collection.

Renault takes the lead in web3

The French brand has proven to be an expert in registering its trademark for use on web3 and issuing its first NFT collection. With its iconic Renault R5 as the protagonist, Renault has understood how to create an attractive collection for its community and sell it successfully in its own market. While Porsche failed to break into the world of NFTs, Renault has been ahead of the competition of automakers on web3.

The NFT race has begun, which do you will be the most iconic car in the metaverse?

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