No. Community Pass rewards do not expire when a World Project is completed. Loftia’s announced system lets later players return and unlock those pass rewards after the shared project has ended.
That means you do not need to finish every pass reward before the community completes a project. It does not mean every reward is free or unlocked automatically.
World Project completion does not close the rewards
World Projects provide rewards for everyone alongside additional cosmetics that require the Community Pass. Completing the shared objective and unlocking your own rewards are separate parts of that system.
A completed World Project keeps its pass rewards available for later unlocks.
If you join after a project has finished, its completed state is not supposed to remove the pass rewards. You can still work toward unlocking them. Exact costs, progression requirements, and the later reward-claiming interface have not been confirmed here, so check the requirements shown for the reward you want.
A pass is for additional cosmetic rewards
The Community Pass is described as an optional purchase for extra World Project cosmetics. It does not gate the game’s core gameplay. Some project rewards are available to all players, while others require the pass.
The demo introduces World Projects through Pebble’s Birthday Party. Its reward screen should not be treated as proof that every planned premium-track feature is already operating during the demo.
Separate this rule from demo-exclusive rewards
The no-expiry statement concerns Community Pass rewards attached to World Projects. The Demo Banner, by contrast, is described as exclusive to participants in the Steam Next Fest demo. The Pebble Chair and Couch have their own friend-invitation requirements.
Do not use the Community Pass rule to assume that a missed demo participation reward will become available later. Likewise, a finished World Project is not a reason to rush an optional purchase out of fear that all its pass rewards are about to disappear.