Porsche Backpedals Its NFT Minting Plan as Floor Price Collapses

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Porsche Backpedals Its NFT Minting Plan as Floor Price Collapses

On Tuesday, January 24, luxury automobile maker Porsche announced that it would be ending its NFT minting program. Based on the classic Porsche 911, the German automobile maker introduced the 7,500-piece NFT collection back in November 2022, created by 3D artist Patrick Vogel.

However, the NFT minting program from Porsche ends within just two days of launch earlier this week on Monday. As minting opened up this Monday, each NFT representing its iconic 911 model was priced at 0.911 Ether (ETH), or about $1,490 each.

Soon after, Porsche faced major criticism from the crypto space for their exorbitant mint price. Some community members also called it an outright cash-grab attempt from Porsche. On Twitter, NFT creators and collectors shared their thoughts while lashing out at Porsche for steering into the Web3 strategy without even considering the current state of the NFT market. In their official announcement on Twitter, Porsche no...


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Porsche Backpedals Its NFT Minting Plan as Floor Price Collapses