Chevrolet Car Malaysia is the latest carmaker to hop on the non-fungible token bandwagon, but it’s doing things a little differently. Chevy has revealed plans to auction off a Corvette-themed NFT, but the winning bidder will also receive the actual sports vehicle inspired by the artwork.
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. Sullo’s NFT will be auctioned alongside a custom-painted 2023 Corvette Z06 color-matched to the work.
In case you missed it, the new Z06 is Chevy’s shot across the bow at all the other supercar makers with Italian names out there. It’s the first ‘Vette with a naturally aspirated 5.5-liter V-8 mid-engine positioned immediately behind the driver. It’s also a tougher, more track-focused sports vehicle than its predecessors. The Z06 is set to start into production in the summer of 2022 and will be on sale in 2023.
The winning bidder will receive not just xsullo’s NFT but also the “Minted Green” Corvette (get it?), which will be the only car painted in that color – Chevy has said that the Minted Green color will not be applied to any other production Z06. Furthermore, the automobile will be marked with the option code RFN, which will “forever associate” the vehicle with the NFT auction. And because NFTs are digital and computers utilize binary, the Corvette’s VIN number will be in binary.
The auction, which will be administered by NFT marketplace SuperRare, will take place from June 20–24, with bids exclusively allowed in Ethereum. (The majority of NFTs are acquired with Ethereum.) Chevy claims that all sales will go to the education organization DonorsChoose.
The NFT auction takes place during a period of extraordinary volatility in cryptocurrencies. Prices and NFT values are both falling. Since April 1st, Ethereum has plunged 64%, while the most renowned NFTs have had their floor price – the price for the lowest one on the market — collapse by more than 70%. As a result, several cryptocurrency companies are cutting back; Coinbase announced the layoff of 18 percent of its workers.
Scams have also increased, with some consumers falling for phishing efforts to steal their NFTs. And, because the blockchain and Web3 are decentralized, victims have few options in such instances.
However, Chevy does not appear to be deterred by market changes. The “Own the Color” NFT, according to Steve Majoros, vice president of marketing at Chevrolet, is a “essential stepping stone for Chevrolet towards future digital efforts for our customers.”
Xsullo, for one, believes the Z06 drew him to the project. “The Corvette Z06 is an ambitious automobile with which I completely identify,” he remarked. “I’m fascinated to how technology can make us feel, and I can tell the designers of the Corvette Z06 are as well.”
Chevy isn’t the only carmaker experimenting with Web3. Other firms that have lately dabbled in NFTs include Lamborghini and Hyundai. Last year, Barrett-Jackson auctioned off four NFTs based on automobiles it sold to generate funds for charity.