Porsche is ending its Web3 project built around the 911 NFT and the “Pioneers Circle” community. Cointelegraph, a blockchain media outlet, reported on Thursday that Porsche decided to wind down the business less than 4 years after launching the 911 NFT collection in January 2023.
Porsche said on X that it is ending the Porsche Web3 project and Pioneers Circle. The company said the project expanded beyond an initial technology-driven operation into community events and online and offline activities.
The project will end, but the 911 NFTs will remain. Porsche said the 911 NFTs stay in holders’ wallets and continue to exist on-chain. It will switch the community Discord server to a read-only archive and halt updates to the project’s dedicated X account.
The 911 NFT collection launched in January 2023
The 911 NFT collection launched in January 2023 with a goal of minting a total of 7,500. After complaints emerged about pricing and a lack of utility, Porsche stopped minting, and the final supply remained at 2,363.
Trading also fell sharply. Cumulative trading volume on OpenSea stood at about $20 million, but volume over the past year was about $38,000 and volume over the past month was about $2,900.
Porsche initially stressed a long-term plan for its Web3 push. When it unveiled its Web3 concept in 2022, Lutz Meschke (루츠 메슈케), who was vice chairman at the time, cited possible uses in the metaverse, purchasing experience and supply chains, and said it would pursue the effort over the long term.
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