GETTING A LUXURY CAR ALONG THE NFT WAS NOT ENOUGH TO CHEVROLET RECEIVE ANY BIDS ON ITS NFT AUCTION!
Chevrolet 2023 Corvette Z06 painted in the unique Minted Green hue was to be marketed alongside the NFT artwork entitled “Own the Color.” Thus, it would be argued that the purchaser “owned the color,” which would never be applied to any factory-built Corvette. The yet-to-be-built vehicle was scheduled to arrive with the Z07 performance package, carbon fiber wheels, and a unique option code designating its one-of-a-kind status.
The NFT auction was held on SuperRare from June 20 to 24, with bids accepted in Ethereum. Those interested in bidding on the NFT had to meet a minimum bid of 206 ETH, roughly equivalent to $210,000 at the time of writing.
The artwork had received no bids by the time the auction ended on Friday. SuperRare extended the auction by another 24 hours, implying that interested parties may have missed it due to the NFT.NYC conference, which was held the same week. Regardless, even with extra time, the lot failed to attract a buyer.
Along with the recent disastrous decline in cryptocurrency values, interest in NFTs has declined. Due to market shadiness and platforms clamping down on withdrawals to stop the bleeding, investors have begun fleeing the premises.
Trevor Thompkins, the manager of Chevrolet’s communications, was realistic about the outcome and noted that the company had learned much from it. He discussed the importance of developing connections with NFT industry participants and mentioned that the lessons discovered will guide further initiatives.
Whether you like the piece of art or not, few people would spend hundreds of thousands of dollars on it. It’s also excessive to pay more than $200,000 for the car that came with the sale. The diehard Corvette set is probably not tracking the NFT scene and would have missed it, even though a one-off color increases value due to rarity. Fans of the brand will pay a lot of money for items like the first VIN produced.