Porsche’s ‘long haul’ Web3 project ends in less than four years
Porsche is winding down its Web3 project and Pioneers Circle community as trading activity in its 911 NFT collection falls sharply from early levels.
Porsche is ending its Web3 project and Pioneers Circle community almost four years after launching its 911 NFT collection, according to a statement on X. The automaker explained that the project had expanded beyond its initial technology focus to encompass community events and other online and offline activities. However, trading activity in the Porsche 911 NFTs has significantly declined since its inception in January 2023.
The collection had an initial supply of 7,500 tokens, but only 2,363 remain after minting was halted due to complaints over pricing and lack of utility. Lutz Meschke, Porsche's deputy chairman at the time, had pledged the company's commitment to the Web3 project "for the long haul," citing potential applications in the metaverse, purchasing experiences, and supply chains.
As of now, Porsche will convert the community's Discord server into a read-only archive and cease actively updating its X account.
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