Cryptocurrency

Porsche to halt NFT minting after backlash

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

The company hinted at the public backlash on Twitter, writing, “Our owner has spoken.” The company has pledged to cut its NFT supply and prevent new NFTs from being minted. A user cannot create NFTs after Wednesday at 6:00 AM (UTC-5 (EST)).

Already minted NFTs are expected to continue to circulate. The company has implied that it will continue to work with those who hold the issued tokens.

Porsche unveiled its NFT collection on Monday. The lowest price for the collection dropped from 0.911 ETH to 0.88 ETH ($1,500 to $1,400) shortly after its launch, and his current OpenSea data suggests the tokens are similarly valued at the time of writing. increase. At the time of the last report, about 18% of the available supply had been minted.

Various other companies are seeing backlash around NFTs. Notable controversies in the past include: art stationDiscord, Ubisoft, Sega, and CNN.

Past NFT complaints have been about the environmental impact of mining, but Ethereum moved to staking last year, which alleviated those concerns.

Posted In: Ethereum, NFT

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