Porsche Pauses NFT Minting Due To Slow Sales And Community Backlash
Milestone Date: January 23, 2023
The NFT community responded with jokes and backlash upon Porsche’s debut NFT collection launch. The collection struggled to gain momentum and sales after launching on Monday, January 23.
The 7,500 NFTs designed around the iconic Porsche 911 sports car were made available to VIP individuals on the allowlist in four waves that lasted one hour each. After the allowlist mint ended, the NFTs were made available to the public for purchase. People could only purchase up to three NFTs at 0.911 ETH each, roughly $1,490 at the time of the mint.
Within hours of the mint being open, sales stalled and secondary sales remained idle. The Web3 community took to Twitter to share their concerns about the collection, primarily about the expensive mint prices, sales strategy, and how the approach is not aligned with the ethos of Web3.
Porsche listened to the community and made a statement on Twitter, “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.”
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
While the Web3 community generally loves it when big global brands embrace NFTs, this is a prime example of how brands need to focus on the community and consult with Web3 natives to ensure a proper entrance into the space.
By Elizabeth Morrison
Published:January 23, 2023