Porsche Cutting Supply, Stopping Mint
Porsche announced that it will be cutting supply and stopping the mint for its 911 collection tonight at 1am ET.
Our holders have spoken. We're going to cut our supply and stop the mint to move forward with creating the best experience for an exclusive community. More info in the next hours.@eth_porsche
🔙 Back It Up
Yesterday, Porsche proceeded with its mint of 7,500 NFTs at a mint price of 0.911 ETH (~$1,477 USD at time of this writing).
While there were 4 allowlist waves, it was clear early on that there wouldn't be enough interest for the project to mint out all 7,500 NFTs. At present time, a little over 1,800 (<25%) have been minted, and the floor price is essentially flat to mint price (0.922 ETH).
🖼️ The Big Picture
This has been a disappointing entry into the space for a giant like Porsche. There were some obvious missteps (not opening the Discord to the community, not announcing mint price well ahead of time), as well as other red flags (not purchasing their own ENS name), but ultimately the project would've likely been celebrated by web3 degens far and wide if it had been a success.
"I tried to warn you, before mint, we wanted such a storied brand like Porsche to do well. could have saved the team the heartache, sold out the entire collection, the secondary would be blazing right now-easily over 1000 eth activity," tweeted Pete Halvorsen.
The community awaits Porsche's next move. With the mint ending a little over 12 hours from now, it remains to be seen how much more of the supply will be minted.