Porsche halts NFT coin amid community backlash

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  • Porsche announces discontinuation of the NFT coin of the iconic 911 model, just one day after the public UKTN opened.
  • The German automaker said it had listened to community feedback and that the coin will stop running on January 25 at 6 a.m. UTC-5.
  • Porsche had offered 7,500 NFTs for the public coin, with each digital replica costing 0.911 ETH.

The German sports car manufacturer Porsche has announced it will stop minting its non-fungible token (NFT) collection less than two days after opening to the public on Jan. 23.

Porsche on NFT – the community spoke

According to an update the automaker posted to Twitter on Tuesday, the decision to discontinue the inaugural coin follows community reaction. According to the German-based company, the negative feedback it received from holders was enough to halt the delivery of the NFTs and halt the coin.

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Our holders have spoken. We are going to reduce our stock and discontinue the coin to continue creating the best experience for an exclusive community. More info in the coming hoursthe Porsche NFT project team noted on Twitter.

The NFT Collection offered a digital replica of the automaker’s iconic 911 model, with the 7,500 NFTs on offer for 0.911 ETH each. At Ethereum’s current price, that was about $1,490 per asset – a price that has been heavily criticized as too expensive.

The company’s Web3 strategy has been criticized throughout the community as largely disappointing, with many seeing this as another example of how much more traditional companies need to learn about Web3 before launching projects.

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While Porsche noticed the coin stopped, it caused a to update who noted that it would remain open until Wednesday, January 25 at 6 a.m. UTC-5.

At the time of writing, 5,639 NFTs of the total supply are open for minting. The FAQ page shows that the coin supports three wallets: MetaMask, Coinbase, and WalletConnect.

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