Porsche’s ‘long haul’ Web3 project ends in less than four years
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Porsche is ending its Web3 project and the associated Pioneers Circle community less than four years after launching its 911 NFT collection. The company announced the project's conclusion on X, stating that while the NFTs will remain with holders onchain, community activities and updates will cease, with the Discord server becoming a read-only archive.
Why it matters
The source does not explicitly explain why the conclusion of Porsche’s Web3 project matters for markets, users, or the industry.
Key context
Porsche launched its 911 NFT collection in January 2023 with a planned supply of 7,500 tokens but stopped minting early at 2,363 due to complaints about pricing and lack of utility. Initially, the company emphasized a long-term commitment to Web3 technologies for uses including the metaverse and supply chains. Trading volume has declined significantly from about $20 million all-time to roughly $2,900 in the past month according to OpenSea data.
Key numbers and entities
Porsche, its deputy chairman Lutz Meschke (at the time of the launch), and the Porsche 911 NFT collection are central entities. The NFT supply was limited to 2,363 tokens minted from a planned 7,500. The collection’s all-time trading volume reached approximately $20 million, but in the past year it fell to about $38,000 and around $2,900 in the last month.
What remains unclear
The source does not specify the precise reasons behind Porsche’s decision to end the project beyond declining activity and halted minting. It also does not detail how existing NFT holders might be affected beyond continuing to hold NFTs onchain or Porsche’s future Web3 plans, if any.