Chevy first foray into NFTs struck an inauspicious note, and now the car isn’t being built.
Earlier this month, Chevrolet announced that it was in collaboration with artist xsullo, who created a new NFT (non-fungible token) artwork to be auctioned alongside a one-of-one Corvette Z06 equipped with the Z07 package and painted exclusively in a Minted Green color. The NFT auction came and went, and despite the potential future collector status of the vehicle involved, apparently not a single person placed a bid, according to CorvetteBlogger.
SuperRare, the crypto-focused organization responsible for the auction which had sold xsullo’s artworks successfully before, announced at the end of the auction that bidding would be extended for 24 hours as potential bidders had “missed” their window, citing an event in NYC as a distraction from their auction. Apparently nobody ever bid, and now the car, the existence of which was contractually tied to a successful auction, will no longer be assembled by Chevrolet. At least for now. That’s also bad news for DonorsChoose, the Chevy-designated non-profit beneficiary of the auction.
Chevrolet’s Trevor Thompkins offered CorvetteBlogger a statement on the failed auction: “Our first step into Web3 has been educational, and we will continue to explore ways to leverage technology to benefit our customers. The ‘Own the Color’ project has enabled us to establish relationships and learn from leaders in the space, such as xsullo, SuperRare and The Crypt Gallery on how to authentically approach the passionate NFT community. We’ll take what we’ve learned and apply it to future projects.”
It’s possible the auction process was simply too complicated for anyone to bother with, as it required an e-wallet full of Ethereum cryptocurrency and a SuperRare account to bid. The 206 ETH coin opening bid was valued at around $240,000 to $250,000 at the time of the auction, which isn’t necessarily a bad deal for a brand-new, one-off Corvette Z06 with an exclusive paint finish. It very likely could have sold for that much cash at a regular auction, we’d wager. It’s unclear what will happen to the xsullo artwork that was tied with car in the NFT package deal. Perhaps now more people will have an opportunity to get a Minted Green Corvette in a future model year update, we hope.
