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  • Porsche has ended its Web3 project and PIONΞERS CIRCLE, the holder community around its PORSCHΞ 911 NFT collection, the carmaker’s Web3 account said on X on 1 Oct.
  • Porsche gave no reason; the collection’s floor price was about 0.077 ETH on 2 Oct, around 96% below its peak.
  • The 2,363 NFTs stay in holders’ wallets and remain tradable, but the Discord becomes a read-only archive and the X account stops updating.

Porsche is closing its Porsche 911 NFT project, less than four years after the collection launched. The company announced “the conclusion of the Porsche Web3 project and PIONΞERS CIRCLE” in a post from its @eth_porsche account at 16:12 UTC on 1 Oct, as Cointelegraph also reported.

Post by @eth_porsche on X: https://x.com/eth_porsche/status/2105692323694686342

The NFTs are not going anywhere. Porsche said they will stay with their holders and continue to exist on the blockchain. What ends is the official layer around them: the community server will be archived as read-only, and the project’s X account will no longer be updated.

“As this journey draws to a close, Porsche continues to evolve, adapting to new opportunities and shaping the future in its own way,” the company wrote.

There was no buyback, burn or migration in the announcement, according to Crypto Briefing, so holders keep the tokens without any promised future perks.

The project began with big ambitions. When Porsche unveiled its Web3 plans in 2022, the company described its commitment as being “for the long haul”, Cointelegraph noted. The 911 collection went on sale in January 2023 with a planned supply of 7,500 tokens at 0.911 ETH each. A mint is the first sale of an NFT, straight from the creator.

It did not go to plan. Collectors complained about the price and the lack of clear benefits, and Porsche stopped the mint early, leaving the supply at 2,363. The floor price, meaning the cheapest listed token in the collection, then jumped: CoinGecko records an all-time high of 3.0 ETH on 21 Feb 2023.

After that, interest faded. The collection has done about $20 million in all-time trading volume on OpenSea, but only about $38,000 over the past year and roughly $2,900 in the past month, Cointelegraph reported.

Porsche joins a long line of brand NFT projects that have shut down or gone quiet since the 2021-22 boom. Holders keep a piece of the brand’s first Ethereum experiment. What they no longer have is anyone at the company tending it.

The PORSCHΞ 911 NFT floor price was about 0.077 ETH (roughly $205) on Blur on 2 Oct, according to Protos, down more than 96% from its February 2023 peak and about 85% below the 0.911 ETH mint price.

Produced by the Crypto Watch Desk newsroom using AI tools. This article is for information only and is not investment advice.