Porsche Abandons Web3 Plans After Less Than Four Years

Porsche's Web3 project, which included its 911 nonfungible token (NFT) collection, has come to an end just under four years after its launch. The project was initially focused on technology but expanded to include community events and online activities.

The company announced the conclusion of the project and Pioneers Circle in a post on X, stating that the Porsche 911 NFTs will remain with their holders and continue to exist on-chain. However, the community's Discord server will be turned into a read-only archive and the project's X account will no longer be actively updated.

The NFT collection launched in January 2023 with a planned supply of 7,500 tokens but was halted after complaints over pricing and lack of utility, leaving the supply at 2,363. 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.

Porsche's deputy chairman, Lutz Meschke, said in 2022 that the company was committed 'for the long haul' to its Web3 plans, citing potential uses in the metaverse, purchasing experiences, and supply chains. However, trading activity has since slowed down significantly.