Porsche Shuts Down Web3 Project
German luxury automaker Porsche is ending its Web3 project and Pioneers Circle community nearly four years after the launch of its 911 nonfungible token collection, according to Cointelegraph. Porsche announced the conclusion of the initiative in a social media post, stating that the project had expanded beyond its initial technology focus to incorporate various online and offline community activities.
As reported by Cointelegraph, the existing 911 NFTs will remain with their holders and stay active onchain. Porsche plans to transition its community Discord server into a read-only archive while halting active updates on its official project account. The NFT collection originally debuted in January 2023 with an intended supply of 7,500 tokens. Minting was halted early after receiving criticism regarding pricing and utility, which capped the final collection size at 2,363 tokens.
When Porsche first outlined its Web3 strategy in 2022, leadership described the commitment as a long-term initiative with potential applications in the metaverse, digital purchasing experiences, and supply chain management. Trading metrics gathered by OpenSea indicate that while the collection generated roughly $20 million in all-time trading volume, activity dropped significantly to approximately $38,000 over the past year and about $2,900 over the final month of the project.
Based on reporting by cointelegraph.com.
