​Porsche NFT Collection Is a Reminder to Let Web3 Natives Take | Crypto Shake

​Porsche NFT Collection Is a Reminder to Let Web3 Natives Take the Wheel

“Is it still ok to get a physical Porsche tho?” said Alfonso (Fonz) Olvera, CEO of non-fungible token (NFT) ownership platform Tokenproof, on Twitter Tuesday morning.

“Wen Kia mint? I’m sure I could afford that,” he joked in another tweet.

Olvera’s tweets reflect the broader sentiments felt by some in the NFT community in response to German carmaker Porsche’s debut NFT collection, which opened for minting on Monday. While users took to Twitter to poke fun at the project as it struggled to gain traction in the hours post-launch, the stalled mint served as a lesson to companies on how to build a Web3 strategy with community input at the forefront.

The legacy sports car manufacturer opened its mint on Monday morning, pricing each NFT – a digital replica of the iconic 911 model – at 0.911 ETH, or about $1,490. The company teased future integrations for holders, including the ability to customize the design and rarity of their NFTs.

But it appears Porsche could have used some roadside assistance in its project rollout. As of Tuesday afternoon, only around 1,600 of the 7,500 NFTs had been minted, and many NFTs were selling on secondary marketplaces like OpenSea for less than the mint price.

Noting the lack of momentum, Porsche put its project in reverse and said that it would halt its mint. “Our holders have spoken,” its official account tweeted.