Porsche Ditches Controversial NFT Collection

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  • 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.”

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.

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. 

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.