{"id":292056,"date":"2023-01-25T00:10:22","date_gmt":"2023-01-25T00:10:22","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=292056"},"modified":"2023-01-25T00:10:22","modified_gmt":"2023-01-25T00:10:22","slug":"porsche-to-halt-nft-minting-after-backlash","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/porsche-to-halt-nft-minting-after-backlash\/","title":{"rendered":"Porsche to halt NFT minting after backlash"},"content":{"rendered":"<p>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, <a href=\"https:\/\/twitter.com\/eth_porsche\/status\/1617942323563991040\">Jan. 24<\/a>.<\/p>\n<p>The company alluded to public backlash on Twitter, writing &#8220;our holders have spoken.&#8221; The company promised to cut the NFT supply and prevent new NFTs from being minted. Users will not be able to mint NFTs after 6 a.m. UTC-5 (EST) on Wednesday.<\/p>\n<p>NFTs that have already been minted are expected to remain in circulation. The company implied that it will continue to work with those who hold minted tokens.<\/p>\n<p>Porsche launched its NFT collection on Monday. The collection's floor price fell from 0.911 to 0.88 ETH ($1,500 to $1,400) <a href=\"https:\/\/cryptoslate.com\/porsche-nft-collection-floor-price-collapses-post-launch\/\">shortly after minting began<\/a>, and current OpenSea data suggests that the tokens are valued similarly at the time of writing. About 18% of the possible supply had been minted at the time of the previous report.<\/p>\n<p>Various other companies have seen backlash regarding NFTs. Notable past controversies include NFT efforts from <a href=\"https:\/\/magazine.artstation.com\/2021\/03\/a-statement-from-artstation\/\">ArtStation<\/a>, <a href=\"https:\/\/cryptoslate.com\/discord-cancels-its-ethereum-plans-days-after-eth-tease\/\">Discord<\/a>, <a href=\"https:\/\/cryptoslate.com\/ubisoft-injects-tezos-based-nfts-into-one-of-its-worst-live-service-games\/\">Ubisoft<\/a>, <a href=\"https:\/\/cryptoslate.com\/gamers-say-no-to-nfts-leading-sega-to-think-twice\/\">Sega<\/a>, and <a href=\"https:\/\/cryptoslate.com\/cnns-nft-marketplace-shutdown-sparks-rug-pull-accusations\/\">CNN<\/a>.<\/p>\n<p>Porsche appears to face complaints due to its apparently profit-driven motives.Though past NFT complaints have concerned the environmental impact of mining, Ethereum <a href=\"https:\/\/cryptoslate.com\/ethereum-foundation-confirms-merge-will-happen-sep-10-20\/\">transitioned to staking<\/a> last year, thereby reducing those concerns.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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, Jan. 24. The company alluded to public backlash on Twitter, writing &#8220;our holders have spoken.&#8221; The company promised to cut the NFT supply and prevent new NFTs from being minted. [&hellip;]<\/p>\n","protected":false},"author":1403,"featured_media":292061,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[76232],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Porsche to halt NFT minting after backlash<\/title>\n<meta name=\"description\" content=\"Porsche will no longer allow users to mint its Ethereum-based NFTs, according to a series of tweets posted by the luxury car company.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/porsche-to-halt-nft-minting-after-backlash\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Porsche to halt NFT minting after backlash\" \/>\n<meta property=\"og:description\" content=\"Porsche will no longer allow users to mint its Ethereum-based NFTs, according to a series of tweets posted by the luxury car company.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/porsche-to-halt-nft-minting-after-backlash\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-25T00:10:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/01\/porsche-nft-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mike Dalton\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mike Dalton\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/porsche-to-halt-nft-minting-after-backlash\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/porsche-to-halt-nft-minting-after-backlash\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/mike-dalton\/#person\",\"name\":\"Mike Dalton\",\"url\":\"https:\/\/cryptoslate.com\/author\/mike-dalton\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/mike-dalton\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/mike-dalton\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/mike-dalton-author-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/mike-dalton-author-300x300.jpg\",\"caption\":\"Mike Dalton\"},\"jobTitle\":\"Former Journalist\",\"description\":\"Before transitioning to crypto writing in 2018, Mike studied library and information sciences. 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