- Community backlash has forced Porsche to halt the ongoing sale of its collectibles
- The crypto community criticized the high mint price and how it handled its entry into the Web 3.0 space
- Porsche now wants to concentrate on building an exclusive community for its NFTs
German carmaker Porsche has been forced to halt the sale of its NFT collection after the mint recorded low trading volume and attracted extreme dissatisfaction from the crypto community. The halt comes less than 48 hours since the mint started and with less than 25% of its 7,500 collectibles being minted. However, the community has pointed out that the announcement was meant to hype the collection considering that the NFTs are still available on its website.
Halted but Still Available
In a Tweet on Tuesday, the German car brand said that the decision to prematurely end the mint was influenced by holders and is meant to provide time to offer an unparalleled 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
However, the announcement shortly boosted the collection’s floor price and trading activity causing some in the community to read malice in Porsche’s announcement to halt the mint but failing to deactivate the same on its official website. According to the carmaker, the mint will be deactivated today, Wednesday 25 at 6:00 AM UTC-5.
This mint didn’t close and the tweet made people FOMO into minting more NFTs at 0.911 ETH. You can check the chain, but the amount sold is pretty big in the last 2 hours since the tweet. Whoever is running @eth_porsche, you’re not helping the @Porsche brand and you suck. https://t.co/RRn4YO8B7e
— Farokh (@farokh) January 24, 2023
Lower the Prices and Build a Community
Some camped on Porsche’s tweet to suggest a drop in the collection’s price and think of the community first. However, it’s not clear how Porsche plans to build a community out of the small number of collectors who hold the iconic 911 sports car NFT.
You don’t have to stop the mint. Lower the price to sell out and think of a way to reward those who have already bought in.
Also, you should have thought about the best experience for the community BEFORE all this.
— Sian | Black Women Are the Future Minting now! (@sianmorson) January 24, 2023
The carmaker is also yet to disclose what they have in store for its exclusive NFT community. Porsche’s decision to halt the mint is a rare occurrence in the space considering that others like National Geographic and Game of Thrones faced similar criticism but never pressed the brakes on their NFT projects.