Patrick

Turbo

Pudgy Penguins

Major

Porsche knows how to sell you something expensive.
The German carmaker, founded in 1931, built its name convincing people that a car can be worth six figures. The 911, the Cayenne, the Taycan — Porsche's whole business is persuading buyers that the badge means the price is justified.
In 2022, it tried that trick on something you can't drive, park, or even touch. This week, it admitted the experiment is over.
<figure>
 <figcaption>
 Pudgy Penguins CEO Luca Netz on an NFT comeback in 2025 (3:34)
 </figcaption>
</figure>
<h2 id="when-porsche-launched-an-nft-collection">When Porsche launched an NFT collection&nbsp;</h2>
In November 2022, Porsche <a href="https://newsroom.porsche.com/en_US/2022/technology/porsche-unveils-entry-into-virtual-worlds-at-art-basel-in-miami-30529.html" rel="noopener noreferrer nofollow">launched</a> a collection of <a href="https://www.thestreet.com/crypto/tag/nfts" rel="noopener noreferrer nofollow">NFTs</a>,&nbsp;digital artworks of a white Porsche 911, created by Hamburg-based artist Patrick Vogel.
If you've heard the term NFT and nodded along without knowing what it means, here's the simple version. An NFT is a digital certificate of ownership, recorded on a <a href="https://www.thestreet.com/crypto/explained/what-is-blockchain-explained" rel="noopener noreferrer nofollow">blockchain</a>,&nbsp;a shared online ledger kept by a network of computers, where records can't be altered or deleted.
Anyone can download a picture of a Porsche. The NFT is the receipt saying you own the original.
It sounds absurd until you remember people paid serious money for NFTs. The most famous NFT, a collage by the American artist Beeple, <a href="https://www.forbes.com/sites/abrambrown/2021/03/11/beeple-art-sells-for-693-million-becoming-most-expensive-nft-ever/" rel="noopener noreferrer nofollow">sold for $69.3 million</a> in 2021.
Luxury brands piled in, and Porsche's pitch had a twist: buyers (capped at three NFTs each) could influence the design of their own collectible. The company talked about weaving blockchain into its future products.
<a href="https://www.thestreet.com/crypto/innovation/definition-of-nft-non-fungible-token-could-be-in-ticketing-live-events" rel="noopener noreferrer nofollow">Related: What is an NFT? It could be the future of live events</a>
Companies, especially those creating high-end brands, have launched NFT collections for promotional purposes.
Porsche joined the bandwagon in 2022, unveiling the Hamburg-based artist Patrick Voge's NFT collection&nbsp;around the&nbsp;white Porsche 911.
<figure><img src="https://www.thestreet.com/.image/c_fit%2Ch_675%2Cw_1200/MjI2NjMxNTIwNTk1NTUyMTQy/a-porsche-panamera-turbo-sport-turismo-luxury-automobile-in-the-porsche-se-showroom-in-dortmund-germany-on-wednesday-sept-7-2022.jpg" height="675" width="1012">
 <figcaption>
 A Porsche Panamera Turbo Sport Turismo luxury automobile in the Porsche SE showroom in Dortmund, Germany, on Wednesday, Sept. 7 2022. 
 Getty Images
 </figcaption>
</figure>
Though one buyer could purchase only three NFTs, they&nbsp;had the option of&nbsp;influencing the design of their collectibles.&nbsp;
The company also said back then that it was working to integrate the potential of blockchain technology into existing and future processes and solutions.
<h3 id="popular-on-thestreet-roundtable">Popular on TheStreet Roundtable:</h3>
<ul>
 <li><a href="https://www.thestreet.com/crypto/markets/major-consulting-firm-issues-230-billion-warning-to-banks" rel="noopener noreferrer nofollow">Major consulting firm issues $230 billion warning to banks</a></li>
 <li><a href="https://www.thestreet.com/crypto/markets/treasurys-major-decision-made-this-risk-asset-beat-gold-by-10-to-1" rel="noopener noreferrer nofollow">Treasury's major decision made this risk asset beat gold by 10-to-1</a></li>
 <li><a href="https://www.thestreet.com/crypto/markets/stolen-xrp-worth-83-million-leaves-bitget-hackers-wallets" rel="noopener noreferrer nofollow">Stolen XRP worth $83 million leaves BitGet hacker's wallets</a></li>
</ul>
<h2 id="nft-bubble-burst-forces-porsche-to-shut-down-project">NFT bubble burst forces Porsche to shut down project</h2>
But the NFT mania began to fade out soon after. Porsche, which was supposed to launch&nbsp;7,500 NFTs, stopped creating them after the supply hit 2,363 digital artworks.
<a href="https://opensea.io/collection/porsche-911/analytics" rel="noopener noreferrer nofollow">OpenSea, an NFT marketplace (where people can buy and sell) data</a> shows that an average Porsche 911 NFT's price often used to surpass $4,000 in the first few months of its launch: Jan-March 2023.
<figure><a href="https://opensea.io/collection/porsche-911/analytics" rel="noopener noreferrer nofollow"></a>
 <figcaption>
 Porsche 911, Source: OpenSea
 </figcaption>
</figure>
But as the NFT bubble burst, the price collapsed and is yet to recover. It is&nbsp; currently trading only slightly above $200.
Though the collection has a total trading volume of more than $20 million, it has sold only $38,700 over the past year.
On Oct. 1,&nbsp;Porsche <a href="https://x.com/eth_porsche/status/2105692323694686342" rel="noopener noreferrer nofollow">said</a> it is finally shutting down the NFT project. The existing NFTs will&nbsp;remain with their respective holders and continue to exist on the blockchain, it assured users.
While the community's&nbsp;Discord server&nbsp;will transition to a read-only archive, the X account will not be active, the carmaker added.
<a href="https://www.thestreet.com/crypto/markets/i-asked-america-gov-whats-the-status-with-u-s-strategic-bitcoin-reserve" rel="noopener noreferrer nofollow">Related: I asked America.gov what's the status with U.S. strategic Bitcoin reserve</a>

95-year-old luxury carmaker shuts down iconic project

Table of Contents

TheStreet Roundtable

Other articles published on Oct 2, 2026

Join our free newsletter for daily crypto updates!