Porsche’s NFT ambitions are dead.
It had only sold 25% of its first 7,500-piece NFT collection, when the iconic German car brand announced that it would close down the project by Wednesday morning at 6 a.m. According to the Twitter account, ET. Porsche initially envisaged a three-phase NFT minting process which would limit buyers to three NFTs in a limited time period.
“Our holders have spoken,” @eth_porsche wrote on Tuesday afternoon. “We are going to reduce our supply and stop mint to allow us to create the best experience possible for an exclusive community.”
One hundred ninety-nine NFTs were sold in just 24 hours for 0.911 Ether each, which is approximately $1400, as of Tuesday. However, the cheapest Porsche digital collectible on secondary NFT market OpenSea was only 0.905 Ether. This is lower than the official project website.
The NFT collection features images of a Porsche 911 Carrera in white at Art Basel in November. It was first revealed by the company.
tends to disagree with the low sales of crypto, sometimes ironically linked with Lamborghini.
Some crypto Twitter users felt that, despite the brand’s intentions to engage Web3, the company’s efforts were not sufficient. Many pointed out that the mint was never promoted on the official Twitter account of the brand. They also complained that NFTs were too expensive due to the lack of perks or features that come with each collectible.
Others lamented that Porsche behaved like a web2 company when creating the NFT project. They didn’t embrace Web3 and engage with the people who use it.
Fortune did not respond immediately to our request for comment.
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