Porsche has shut down its Web3 project, the programme built around its 911 NFT collection and its Pioneers Circle holder community.
The NFTs remain with their holders and continue to exist on Ethereum. The project’s Discord server has been turned into a read-only archive, and its X account is no longer being updated.
A launch that stalled at the start
The collection went on sale in January 2023 with a planned supply of 7,500. It never got close. Buyers complained about the price and the lack of any clear utility, and Porsche halted the mint early with 2,363 NFTs sold, less than a third of the target.
Porsche tried to build out from there, adding community events and online and offline activities for holders. The shutdown announcement described a project that had grown beyond its original technology focus.
The trading had already stopped
The numbers show how far interest fell. The collection has traded about $20 million in its lifetime. In the past year, that figure is around $38,000, less than 0.2% of the total. In the past month it was about $2,900.
By the time Porsche closed the project, the market had largely closed it already.
“For the long haul”
The ending sits awkwardly against what Porsche said in 2022. Lutz Meschke, then deputy chairman of the executive board, said the company was in Web3 “for the long haul”, pointing to possible uses in the metaverse, in the buying experience and in supply chains.
Porsche is the latest big consumer brand to step back from NFTs. For holders, the token survives. What it was meant to unlock does not.
