Porsche Abandons Web3 Project After Nearly Four Years

Porsche's Web3 project has been shut down nearly four years after its inception. The decision was made to conclude the project and Pioneers Circle community, as stated in a post on X by the company.

The Porsche 911 NFT collection was launched in January 2023 with an initial plan for 7,500 tokens. However, minting was halted after complaints about pricing and lack of utility, resulting in only 2,363 tokens being created.

Porsche's deputy chairman at the time, Lutz Meschke, had stated that the company's commitment to Web3 was 'for the long haul', citing potential uses such as metaverse experiences and supply chain management.

Trading activity for the NFT collection has slowed significantly, with OpenSea reporting only $38,000 in trading volume over the past year and around $2,900 over the past month. The total all-time trading volume is roughly $20 million.