Porsche Stops Printing New NFTs, Here's Why!

Porsche stop printing new NFTs. (Photo; Doc. NFT News)

JAKARTA - Porsche, a luxury car company from Germany, announced that they will no longer allow users to print Ethereum-based NFTs (non-fungible tokens).

This was conveyed through a series of tweets posted by the company on Tuesday, January 24. In the tweet, Porsche mentioned that their token holders have given quite a strong response regarding the company's decision to launch its NFT collection.

Porsche promises to cut NFT supplies and prevent new NFTs from being printed. Users will not be able to print NFTs after 6 a.m. EST on Wednesday. However, printed NFTs are expected to remain on the market. The company has also implied that they will continue to work closely with existing NFT owners who have minted.

Porsche unveiled its NFT collection on Monday, January 23. However, the base price of the collection dropped from 0.911 to 0.88 ETH (about 1500 to 1400 US dollars) shortly after printing started.

Current OpenSea data shows that tokens are valued the same way at the time of writing. About 18% of the possible supply had been printed at the time of the previous report.

Various other companies have also experienced backlash over NFTs. Several companies that have experienced controversy regarding NFTs include ArtStation, Discord, Ubisoft, Sega, and CNN.

Porsche appears to have faced complaints for its allegedly profit-driven motives, although past NFT complaints have also related to the environmental impact of Ethereum mining. However, with Ethereum Merge switching from a Proof-of-Work (PoW) to Proof-of-Stake (PoS) model last year, those concerns have lessened.