Nearly four years after launching its 911 NFT collection, Porsche is closing down its Web3 project and Pioneers Circle community. The automaker posted the news on X today, confirming the project’s end.
Beyond its original technical scope, the project grew to encompass community events and other online and offline activities, according to the company. The 911 NFTs will stay with their owners and keep existing onchain. Porsche plans to convert its Discord server into a read-only archive and cease updating the project’s X account.
The Numbers Behind the Decision
Porsche’s 911 NFT collection launched in January 2023 with a planned supply of 7,500 tokens. The company halted minting after complaints over pricing and lack of utility, leaving the supply at 2,363.
OpenSea data shows the collection had roughly $20 million in all-time trading volume. Over the past year, that number dropped to about $38,000. Over the past month, it fell further to around $2,900.
What Porsche Said
“Porsche is ending its Web3 project and Pioneers Circle,” the company said in its post on X.
The company stated that the project’s scope has expanded past its original technology focus to encompass community events and other online and offline activities. The automaker also confirmed that the NFTs will stay with their holders and keep existing onchain.
The Long-Haul Promise
Lutz Meschke, who served as deputy chairman at the time, announced Porsche’s Web3 intentions when the company revealed its plans in 2022. He described the commitment as “for the long haul.”, pointing to possible applications in the metaverse, buying experiences and supply chains.
Four years later, the long haul has ended.
How the Project Worked
The company says its 911 NFT collection centered on digital tokens representing ownership of a car, with the project also featuring community events and other online and offline activities.
Once the server becomes a read-only archive, members will be able to view existing posts but won’t be able to add new ones. At the same time, the project’s X account will cease to be updated.
The Price Slide
Trading volume has fallen, and that drop is the clearest sign of what has changed. The numbers behind it show exactly where the shift took place.
- All-time trading volume: roughly $20 million
- Past year: about $38,000
- Past month: around $2,900
That is a sharp drop from the highs.
Key Facts Box
- Collection launched: January 2023
- Planned supply: 7,500 tokens
- Actual supply: 2,363 tokens
- All-time trading volume: roughly $20 million
- Past year: about $38,000
- Past month: around $2,900
The Read-Only Archive
The change turns the Discord into a read-only archive, so members can still see the history but cannot add new content. The X account will stop being updated as a result.
What Happens Next
The NFTs will stay where they are, held by their owners, while remaining onchain without any recall.
Active engagement has ended, and the community’s online presence is shrinking as a result. The read-only Discord and the inactive X account stand as evidence of this decline.
The Verdict
Porsche’s Web3 project lasted nearly four years. The shutdown leaves the NFTs with their holders while the project’s online presence goes quiet.
The scope of the project expanded well past its original technical boundaries, embracing community gatherings and additional pursuits. A downturn in trading volume has become noticeable, though the source refrains from assigning blame for it.
Buyers who rode out the downturn will find no change to their holdings. Their tokens stay with them, onchain.
Anyone looking on could take away that promises tied to Web3 can become outdated before the enthusiasm for them does.
Source material: “Porsche’s ‘long haul’ Web3 project ends in less than four years,” Cointelegraph.
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