German high-performance sports car manufacturer – Porsche has recently declared that it will discontinue the minting of its Ethereum-based NFT following widespread criticism.

Porsche announced that it would halt the production of ETH-based NFT on the 24th of January, 2023. It will therefore close the minting NFTs on the 25th of January.

In a tweet posted from the official Twitter handle of the car brand, it was stated that their holders had made their decision. As a result, Porsche has to stop its supply and discontinue minting NFTs. Instead, the Porsche team will channel their energy toward creating an exceptional experience for its community.

The news that Porsche will discontinue the minting of its NFT was announced a few days after Porsche declared that it would launch its collection of NFTs dedicated to all its Porsche 911 models. However, not long after the minting began, there was a decrease in the floor price of the collection.

Statistics from the OpenSea marketplace revealed that the price was stable at around 0.9 ETH. However, the community expressed dissatisfaction with the expensive nature of the NFTs.

Many have associated the failure of Porsche to sustain the minting of the NFT with high cost, inadequate planning, and an insufficient understanding of the Web3 and NFT industry.

Bentley, Ford And Lamborghini NFTs

Porsche is not the only car manufacturing company exploring the NFT and Web3 space. Around June last year, the famous car manufacturing giant in the United Kingdom – Bentley, revealed that it could explore the NFT industry through the Polygon blockchain.

Bentley is looking to launch over 200 limited digital collectibles. Also, popular American car manufacturing company – Ford declared its interest in delving into the NFT ecosystem last September.

Ford motors have since then applied for about 20 trademarks, making it clear that it is determined to associate their reputable brand with the NFT and Web3 industry. Since then, it has indicated an interest in Web3 and NFT through its tweets and engagement activities on social media.

In October 2022, an Italian luxury car brand and SUV manufacturer owned by Volkswagen – Lamborghini announced that it would not be going on its NFT journey alone. Instead, it announced on its official Twitter handle that Lamborghini will collaborate with Web3Pro – a white-label Web3 company that helps brands maximize the power of NFTs.

Lamborghini’s NFT plans also involve collaborating with INVNT ATOM, which specializes in creating new opportunities in Web3-related digital innovations. Consequently, Lamborghini will release a limited version of its world tour as NFTs.