Trending Topic: Porsche NFT Collection Plummets After Debut

The German luxury automotive manufacturer Porsche announced on Tuesday, January 24, that it would be terminating its NFT minting operation.

Despite its ambitious plans to venture into the non-fungible token (NFT) market, German luxury car brand Porsche has managed to sell only about 25% of its first collection of 7,500 tokens. In just over 24 hours, some 1,909 of the NFTs had sold for ETH 0.911 per unit, or about $1,414 as of 2 p.m. UTC today. 

After a strong community backlash over very high minting prices and lack of communication, Porsche decided to backpedal its NFT plans.

Porsche is taking a break from its NFT minting engagement to re-access its offerings and probably come back stronger.

Porsche will no longer allow users to mint its Ethereum-based NFTs, according to a series of tweets posted by the luxury car company on Tuesday, January 24.

The German carmaker's debut NFT collection was met with backlash from the community and served as a lesson for big brands looking to build their Web3 strategy authentically.

Collectors called the expensive NFT mint “clueless” but the sports car brand went ahead anyway, yielding a Web3 wreck in progress.

Fans of the German car manufacturer hit back against the mint's high price and supply hours after it opened on Monday.

Porsche launched first NFT collection as tribute to 911 model, with 7,500 NFTs at set mint price of 0.911 ETH.

Porsche is the latest luxury brand to hop on the non-fungible token bandwagon, however buyers have not been getting on board.

German auto giant Porsche recently made its Web3 debut with the launch of its first Non-Fungible Token [NFT] collection. The collection comprised 7500 NFTs featuring the popular Porsche 911 sports car with a set mint price of 0.911 Ether [ETH] or $1490 per NFT.

Porsche's NFT collection fell below its 0.911 Ethereum (ETH) — roughly $1,500 — mint price to 0.88 ETH ($1440) a few hours after its launch on January 23, according to OpenSea data.