Share this article
Porsche Hits Brakes on NFT Mint After Backlash
Fans of the German car manufacturer hit back against the mint’s high price and supply hours after it opened on Monday.
By Cam Thompson
Updated Feb 2, 2023, 1:34 p.m. Published Jan 24, 2023, 7:16 p.m.
Make us preferred on Google
Porsche is halting the mint of its first non-fungible token (NFT) collection, the German sports car manufacturer announced on Twitter, after receiving negative feedback from its community.
“Our holders have spoken. We’re going to cut our supply and stop the mint to move forward with creating the best experience for an exclusive community,” said the project’s official Twitter account, claiming that more information is coming later in the day.
STORY CONTINUES BELOW
The mint opened on Monday morning, with each NFT – a digital replica of its iconic 911 model – priced at 0.911 ether , or about $1,490 each. In the hours following, criticism of the collection mounted on Twitter, with creators and collectors sharing their thoughts on the company racing into a Web3 strategy without considering the overall state of the NFT market.
Web2 company looking to enter Web3?
— DebbieSoon.eth 🤗 (@debsoon) January 24, 2023
How to avoid doing a NFT launch like Porsche:
→ Price + size supply appropriately
→ Introduce your Web2 fans to Web3; don't just onboard Web3 degens to your brand
→ Take more than 2 months to actually build a community
→ Communicate
Of the 7,500 tokens available, only 1,818 were minted at the time of writing. The project fared worse on secondary marketplaces such as OpenSea, with NFTs selling for below the mint price – meaning, it was cheaper to buy the NFT at resale than mint an original.
As of Tuesday afternoon, it appeared the mint was still open, which further inflamed the NFT community.
Crazy sequence of events w/ @eth_porsche
— metaversatile.eth (@metaversatile_) January 24, 2023
- Tweet on supply cut & stopping mint
- FP swells by .3 ETH
- Everyone realizes mint is still open
- Everyone mints #NFTs & sell immediately
- FP returns to mint price
Winners?
- Porsche for selling ~160 NFTs in <1 hour
- Shrewd traders pic.twitter.com/p1Kch1OrLH
Porsche did not immediately respond to CoinDesk for comment.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Tristan Thompson launches prediction market turning NBA stats into stock
NBA veteran Tristan Thompson launched basketball.fun, a new prediction market platform that turns top athletes into tradable assets.
What to know:
How it works: The platform differentiates itself from standard betting by treating the NBA's top 100 players as individual financial assets to collect.
- Users can buy and open "packs" of players, mimicking the nostalgic experience of buying physical trading cards.
- Player "share prices" luctuate based on real-time performance, rising if a player records a triple-double or dropping if they struggle after an injury.
- Users can trade these player shares on a secondary marketplace.
Top Stories
