Porsche Ends Web3 Project as 911 NFT Volume Craters — SkimNews
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- Porsche is winding down its Web3 project and Pioneers Circle community, nearly four years after launching its 911 NFT collection in January 2023
- The 911 NFT collection launched with a planned supply of 7,500 tokens, but Porsche halted minting after complaints over pricing and lack of utility, capping the final supply at 2,363
- According to OpenSea, the 911 NFT collection posted roughly $20 million in all-time trading volume, but only about $38,000 over the past year and around $2,900 over the past month
- Lutz Meschke, Porsche's deputy chairman at the time, said in 2022 the automaker was committed to Web3 "for the long haul," citing potential uses in the metaverse, purchasing experiences, and supply chains
- Porsche said the 911 NFTs will remain with their holders onchain, but the project's Discord server will become a read-only archive and its X account will no longer be actively updated
Why it matters: Lutz Meschke called the commitment "for the long haul" in 2022, but Porsche reversed course as 911 NFT monthly volume fell to $2,900 from a $20 million lifetime total — a notable exit by a major legacy automaker from Web3, leaving 2,363 token holders with their NFTs but no active community.
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