Porsche NFT Policies Lead To Confusion As 911 Inspired Tokens Fail To Sell Out
It has been a difficult time for Porsche as its initial NFT drop of model 911 vehicle-inspired tokens failed to sell out. The digital assets did not achieve the aforementioned goal mainly because the initial mint price of 0.911 ETH combined with the lack of a clear roadmap turned off many investors.
Most recently, Porsche established a precedent in the NFT sector by including a 14-day return period in the terms of its debut collection.
Notwithstanding the fact that consumer laws have been in effect for EU and UK customers since before NFTs were invented, the idea that users can return an NFT for the full amount they paid, even if the floor price has dropped to zero, has understandably sparked outrage on social media.
The distance selling regulations, as they are being called, cover digital goods and downloads such as books as well as in-game purchases. Consumer rights for NFT buyers and sellers, like much of crypto, are murky. If it is upheld, this legal aspect could prevent projects from pulling the rug out from under unexpecting buyers.
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