Porsche announced in a string of tweets on Tuesday, January 24, that users would no longer be able to mint its Ethereum-based non-fungible tokens (NFTs), as reported by Cryptoslate.
According to Cryptoslate, on Twitter, the company hinted at backlash by writing, “Our holders have spoken.” The company pledged to reduce the supply of NFTs and stop the production of new NFTs. After Wednesday morning at 6 a.m. UTC-5 (EST), users won’t be able to mint NFTs.
It is anticipated that already-minted NFTs will continue to be used. The business hinted that it will still cooperate with holders of minted tokens.
Cryptoslate noted that on Monday, Porsche unveiled its NFT line. Soon after coinage started, the collection’s floor price dropped from 0.911 to 0.88 ETH ($1,500 to $1,400), and current OpenSea data suggests that the tokens are currently valued similarly as of the time of writing. Other businesses have experienced opposition to NFTs. NFT initiatives from ArtStation, Discord, Ubisoft, Sega, and CNN are a few examples of past controversy.
(With insights from Cryptoslate)