Porsche Closes Web3 Project Amid Struggling NFT Sales

Porsche has announced that it is ending its Web3 project and Pioneers Circle community nearly four years after its launch. The initiative, which included a collection of 911 sports car NFTs, was first revealed at Art Basel in Miami in December 2022.

The original plan called for 7,500 NFTs, but Porsche cut the mint short and only about 18% of the planned supply, or 2,363 tokens, had been minted. The company said it wanted to focus on a smaller, more engaged community instead.

The existing 911 NFTs will stay with their current holders and continue to exist on the blockchain even though the official project is closing. Porsche's X account for the project will stop posting, but its Discord server will become a read-only archive so past conversations remain visible.