Porsche is finally closing the door on one of its more unusual experiments: a collection of blockchain-based NFTs featuring a white 911.
Launched in November 2022, the project was created with Hamburg-based artist Patrick Vogel. Porsche originally planned 7,500 digital artworks, with buyers able to influence the design of their NFTs. However, the company stopped minting after producing just 2,363.
The timing proved unfortunate. NFT enthusiasm faded rapidly, and so did the value of Porsche’s digital collectables. According to OpenSea data, individual 911 NFTs once averaged more than $4,000 during the first few months of 2023. Today, they trade for only slightly above $200.
That is quite a fall, although the collection has generated more than $20 million in total trading volume since launch. Over the past year, however, sales have amounted to just $38,700.
Porsche announced on October 1 that the project is being shut down. Existing NFTs will remain with their owners on the blockchain, while the community’s Discord will become a read-only archive.
Source: The Street
