Porsche ends Web3 project and Pioneers Circle as NFT trading slows

Porsche announced the conclusion of its Web3 project and Pioneers Circle community nearly four years after launching its 911 NFT collection. Porsche said the project had expanded beyond its initial technology focus to include community events and other online and offline activities. Porsche said the 911 NFTs will remain with their holders and continue to exist onchain. Porsche will turn the community's Discord server into a read-only archive. Porsche will stop actively updating the project's X account. Porsche launched the NFT collection in January 2023 with a planned supply of 7,500 tokens. Porsche halted minting after complaints about pricing and lack of utility, leaving a supply of 2,363 tokens. When Porsche unveiled its Web3 plans in 2022, then-deputy chairman Lutz Meschke said the company was committed to the project "for the long haul". Meschke cited potential uses in the metaverse, purchasing experiences and supply chains. According to OpenSea, the collection recorded roughly $20 million in all-time trading volume. OpenSea data shows about $38,000 in trading volume over the past year and around $2,900 over the past month.