Chevy’s initial venture into non-fungible tokens was a flop. According to Corvette Blogger, the carmaker received no offers for its first NFT at an auction last month, despite the fact that the digital drawing came with a free 2023 Corvette Z06.
The NFT, which features a lime green Corvette Z06 speeding through a cyberpunk world, was made by artist Nick Sullo, also known online as xsullo. The winning bidder would also have received a one-of-a-kind “Minted Green” Corvette Z06, the only one painted in that hue, as well as the option number RFN, which will “forever associate” the car with the NFT auction. And because NFTs are digital and computers utilize binary, the Corvette’s VIN number will be in binary.
But, sadly, there was no winner to credit the blockchain with since the powerful Chevy struck out. The automaker was only accepting bids in Ethereum (the majority of NFTs are purchased in Ethereum), the price of which has risen dramatically in recent weeks. Since April 1st, the cryptocurrency has plunged more than 64%, while the most renowned NFTs have seen their floor price — the price for the lowest one on the market — collapse by more than 70%.
The auction took place from June 20 to June 24. Because some users “missed” the window, SuperRare, the NFT marketplace that managed the auction, announced on June 24th that it will reopen bids for 24 hours. But that didn’t seem to work: the auction ended again with no bids. They basically pulled a Morbius.
In a comment to Corvette Blogger, Chevy representative Trevor Thompkins dismissed the disappointment. “Our initial move into Web3 was informative, and we will continue to explore ways to harness technology to help our clients,” said Thompkins.
Of course, the real loser in this scenario isn’t Chevy, which will no sure grow older and wiser about Web3 volatility as a result of the experience. The true loser is DonorsChoose, an education organization that Chevy chose as the auction’s beneficiary.
This could serve as a caution to other automakers considering entering the NFT market: swim at your own peril.
