Chevy's NFT Launch Completely Fails, Corvette Z06 2023-Based Token Doesn't Sell At Auction

Chevy Corvette Z06 2023 not sold at auction. (photo: twitter @chevy)

JAKARTA – Chevy's first attempt to enter the NFT business was non-interchangeable. According to Corvette Blogger, the US automaker did not receive a bid for its first NFT during last month's auction, even though digital images of its 2023 Corvette Z06 car were offered for free.

The NFT, which depicts a lime green Corvette Z06 exploding through the cyberpunk landscape, was created by artist Nick Sullo, using xsullo online. The winning bidder in the auction will receive a unique “Minted Green” Corvette Z06.

It will be the only car to be painted in that color, and option code RFN, which will “forever associate” the car with the NFT auction. This Corvette's VIN number will be in binary because the NFT is digital and computers use binary.

But sadly, there is no winner to associate with blockchain, as the mighty Chevy strikes. Chevy only accepts bids in Ethereum (most NFT is bought using Ethereum), the price of which has been very volatile in recent weeks.

Moreover, the value of Cryptocurrencies has fallen by more than 64 percent since April 1st, while the most popular NFTs today have reached their floor price, the lowest price on the market. Even down more than 70 percent.

The auction will be held on June 20-24. SuperRare, the NFT marketplace that oversees the auction, tweeted on June 24 that it would reopen bids for 24 hours as some users “missed” the auction opportunity. But it didn't work: the auction closed again with zero bids.

Trevor Thompkins, a spokesman for Chevy, was unconcerned by this failure as he posted in a letter to Corvette Blogger. "Our first step into Web3 is education, and we will continue to look for ways to leverage technology to benefit our customers," said Thompkins, as quoted by The Verge.

Of course, the unfortunate side in this story is not Chevy. Instead, these automakers will gain valuable experience that will make them more understanding and wiser in understanding the volatility of the Web3. The real loser in this case was DonorsChoose, an educational charity, which Chevy appointed as the recipient of the auction money.

This could serve as a warning to other automakers tempted to jump into the NFT market: at your own risk.