Porsche to stop NFT minting after backlash

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

The company alluded to the public reaction on Twitter, writing “our headlines have spoken.” The company promised to cut off the supply of NFTs and prevent new NFTs from being minted. Users will not be able to mint NFTs after 6am UTC-5 (EST) on Wednesday.

NFTs that have already been minted are expected to remain in circulation. The company hinted that it will continue to work with those who hold minted tokens.

Porsche launched its NFT collection on Monday. The minimum price of the collection fell from 0.911 to 0.88 ETH ($1500 to $1400) shortly after minting began, and current OpenSea data suggests that the tokens have a similar value at the time of writing. About 18% of the possible supply had been minted at the time of the previous report.

Several other companies have seen a backlash regarding NFTs. Notable past controversies include NFT’s efforts to art station, Discord, Ubisoft, SegaY CNN.

Porsche appears to be facing complaints due to its seemingly profit motives. Although previous NFT complaints were about the environmental impact of mining, Ethereum made the transition to participation last year, thereby reducing those concerns.

Published in: Ethereal, NFTs

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