Porsche Ditches Web3 Plans After 4-Year Experiment

Porsche's foray into Web3 has come to an end after nearly four years. The automaker announced that it would conclude its project and Pioneers Circle community, citing its initial technology focus as having expanded beyond its scope.

The Porsche 911 NFT collection, launched in January 2023 with a planned supply of 7,500 tokens, had its minting halted after complaints over pricing and lack of utility. The final supply stood at 2,363 tokens.

Porsche's Deputy Chairman Lutz Meschke had previously stated that the company was committed to Web3 for the 'long haul', citing potential uses in the metaverse, purchasing experiences, and supply chains.

However, trading activity has since slowed down. The collection had roughly $20 million in all-time trading volume on OpenSea, but only about $38,000 over the past year and around $2,900 over the past month.