Porsche is shutting down its Web3 project and the PIONEERS CIRCLE community that formed around it. The automaker announced the decision on 1 October, bringing to a close an initiative that began with a digital collection of 911 cars nearly four years ago.
"Today we announce the conclusion of the Porsche Web3 project and PIONΞERS CIRCLE," the company said in a statement.
What Happens to the NFT?
Owners will keep their tokens. Porsche confirmed that NFT PORSCHE 911 will not be burned, voided, or transferred.
"Existing NFT 911 will remain with their current owners. The tokens will continue to exist on the blockchain, even with the official project closing," the company said.
All brand-related activity is coming to an end. The PIONEERS CIRCLE Discord server will become a read-only archive, preserving the ability to view past discussions while closing it to new messages. The project account, @eth_porsche, will no longer be updated. No buyback, redemption, or product replacement program has been announced so far.
In its statement, Porsche reflected on the project.
"What began as an exploration of new ways to connect the spirit of Porsche with the digital world turned into something far greater than a mere technology initiative," the statement said, adding: "The project created a global community united by curiosity, creativity, and a passion for exploring new possibilities".
The company did not give a specific reason for shutting down the project.
The collection was first unveiled at Art Basel Miami in December 2022, with the mint beginning in January 2023. Porsche planned to release 7500 NFT at a price of 0.911 ETH each — a price chosen as a nod to the 911 model.
The launch fell short of expectations. Demand proved weaker than anticipated, and the floor price on secondary markets dropped below the mint price while the sale was still ongoing. Collectors criticized the high price and the coin's limited utility.
Porsche responded quickly.
"Our token holders have spoken. We will cut the supply and halt the mint in order to move forward and create the best conditions for an exclusive community," the company said at the time.
Minting was halted, and the final supply came to 2363 tokens — less than a third of the planned volume. After the reduction, sales recovered, and the project shifted its focus to building a tighter, more close-knit community.
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