Porsche scraps NFT project with floor price down 96%
Porsche has written off its 911 NFT project PIONΞERS CIRCLE, leaving buyers with digital artworks that are down 96%. PIONΞERS CIRCLE gave NFT holders access to various events, awards, and other opportunities that came with purchasing one of the NFTs modelled after the Porsche 911. Porsche didn’t exactly explain why it shut the project down, but emphasised that it was a place for “experimentation” and a “shared adventure.” “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’s X statement read. The declining floor price of Porsche’s NFT collection since launch. Source: CoinGecko Read more: 32 NFT predictions that aged like milk It cost 0.911 ETH, worth roughly $1,400, to mint one of Porsche’s 911 NFTs when the project launched in 2023. The collection’s floor price reached a high of over 3 ETH (then worth $5,100) one month later. ...