Porsche’s ‘long haul’ Web3 project ends in less than four years

What happened

Porsche is ending its Web3 project and Pioneers Circle community nearly four years after launching its 911 nonfungible token (NFT) collection. Porsche said the project had expanded beyond its initial technology focus to include community events and other online and offline activities.

Porsche’s NFT collection launched in January 2023 with a planned supply of 7,500 tokens, but the company halted minting after complaints over pricing and lack of utility, leaving the supply at 2,363. When Porsche unveiled its Web3 plans in 2022, Lutz Meschke, its deputy chairman at the time, said the automaker had made its commitment “for the long haul” and cited potential operates with in the metaverse, purchasing experiences and supply chains.

Porsche is winding down its Web3 project and Pioneers Circle community as trading activity in its 911 NFT collection falls sharply from early levels. The automaker said the Porsche 911 NFTs will remain with their holders and continue to exist onchain.

Porsche will turn the community’s Discord server into a read-only archive and stop actively updating the project’s X account. Readers are encouraged to verify information independently.