Porsche cut its minting of a new NFT collection short after a dismal turnout and backlash from the crypto community, allowing threat actors to fill th

Porsche halts NFT launch, phishing sites fill the void

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2023-01-31 05:30:08

Porsche cut its minting of a new NFT collection short after a dismal turnout and backlash from the crypto community, allowing threat actors to fill the void by creating phishing sites that steal digital assets from cryptocurrency wallets.

NFTs (not-fungible tokens) are digital assets stored on a blockchain, representing proof of authenticity and ownership of an item, such as an artwork image, music, and anything that can take the form of digital media.

The German automaker launched its first NFT mint last Monday, January 23, 2023, offering a digital replica of the iconic 911 car for 0.911 ETH, valued at about $1,500.

However, delays in the rollout of the collection caused frustration in the community, as only about 20% of the promised 7,500 NFTs had been minted after 24 hours and three minting waves.

To make matters worse, a flourishing NFT resale market was set up over at OpenSea, where it was cheaper to buy the Porsche collectibles than get the original, which devalued the assets immediately and further infuriated investors and traders.