Chevrolet’s Corvette NFT fails to receive a single bid – warning story for carmakers daring to crypto?
When the final Lamborghini Aventador LP 780-4 Ultimae Coupe ever produced, which sold for $ 1.6 million, was packed with a non-fungal token made by Steve Aoki, Chevrolet tried to profit from cryptocurrency mania at the time. Therefore, it had to create its own NFT with a vehicle motif to ride with the trend.
Chevy combined a digital rendering of a Corvette Z06 in a Blade Runner-inspired metropolis with a true 2023 ‘Vette that was specially painted to match the artwork. But even though the sale was delayed by one day, the acid-green pair offered by the car manufacturer did not receive a single bid.
(Photo: PATRICK T. FALLON / AFP via Getty Images)
Blind machinist and race car driver Dan Parker drives a custom-built 176 mph Chevrolet Corvette race car down the runway to Spaceport America in an attempt to break the Guinness World Record for the fastest speed for a blindfolded car near Truth or Consequences, New Mexico in March 30, 2022.
A warning story?
According to Trevor Thompkins, a Corvette spokeswoman, Chevy will inevitably return to digital assets. The error in their previous NFT served as an immediate reminder of the cryptocurrency market’s extreme volatility, as noted by Bloomberg.
Data from Cryptoslam shows that as of July 14, the average selling price of an Ethereum NFT was $ 391, a decrease of 84% from the usual $ 2436 value in May. Dune reports that since May, sales volume on OpenSea, the largest NFT marketplace in the world, has fallen by 75%.
Bloomberg points out that the fall in prices may raise questions about the long-term value of NFTs in companies based on tangible assets in the real world, but the desire to make money, whether through cryptocurrency or not, does not disappear.
It added that Chevy’s case is a warning story that shows how car manufacturers will need to make an effort more than just producing an NFT work of art by a new artist to thrive in the crypto market.
Also read: NFT Marketplace OpenSea is the latest company to lay off employees: 20% of employees lost their jobs
Crypto winter
According to Alex Micol’s statement with Bloomberg, which also established the NFT-based community Divergents Key and online ad developer Scalers Agency in 2021, the market is experiencing a “crypto winter”.
Micol advises car manufacturers to concentrate on the value the user receives from their NFTs instead of just treating them as collectibles or giving them away to the highest bidder. He recommends that they offer real value to users, such as joining a community or tickets to a special event.
This is achieved by Mercedes-Race AMG’s collection of NFT ticket stubs for Formula 1 fans. The company produced 2,500 numbered ticket stubs for most races, while five contained 1,000 special editions made in collaboration with other artists, for a total of 14,888 NFTs.
While the market is related to the crypto market, Micol said: “It is up to every creator to think, what’s next?”
Related article: Crypto lending firm Celsius files bankruptcy after halting users’ withdrawals last month
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Written by Joaquin Victor Tacla
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