Porsche’s ‘long haul’ Web3 project ends in less than four years

Porsche is ending its Web3 project and Pioneers Circle community nearly four years after launching its 911 nonfungible token ($NFT) collection.

“Today, we are announcing the conclusion of the Porsche Web3 project and Pioneers Circle,” the company said in a post on X. Porsche said the project had expanded beyond its initial technology focus to include community events and other online and offline activities.

The automaker said the Porsche 911 NFTs will remain with their holders and continue to exist onchain. Porsche will turn the community’s Discord server into a read-only archive and stop actively updating the project’s X account.

Porsche’s $NFT collection launched in January 2023 with a planned supply of 7,500 tokens, but the company halted minting after complaints over pricing and lack of utility, leaving the supply at 2,363.

When Porsche unveiled its Web3 plans in 2022, Lutz Meschke, its deputy chairman at the time, said the automaker had made its commitment “for the long haul” and cited potential uses in the metaverse, purchasing experiences and supply chains.

Trading activity has since slowed. According to OpenSea, the collection had roughly $20 million in all-time trading volume, but only about $38,000 over the past year and around $2,900 over the past month.