Chevy is auctioning off a Corvette NFT, and the winning bidder will get the car as well

Chevrolet is the latest carmaker to jump on the bandwagon, but it’s taking a slightly different approach. Chevy announced plans to auction off a Corvette-themed NFT, but the winning bid will not only be registered on the blockchain, they will also have the actual sports car inspired by the artwork.

NFT, which shows a lime green Corvette Z06 blasting through a cyberpunk landscape, was created by artist Nick Sullo, who runs xsullo online. The upcoming auction pairs Sullo’s NFT with a specially painted 2023 Corvette Z06 color-matched art.

In case you need a refresher, the new Z06 Chevy’s shot-over arc for all the other supercar manufacturers out there with Italian names. It is the first ‘Vette’ to have a naturally aspirated 5.5-liter V-8 mid-engine, located directly behind the driver. And it’s a more hardcore, tack-focused sports car than its predecessors. The Z06 is expected to go into production in the summer of 2022, and will be on sale as a 2023 model.

The winning bidder will not only get the xsullos NFT, but also the “Minted Green” Corvette (understand that?), Which will be the only car painted in that color – Chevy promises not to use the Minted Green color on any other production Z06. Not only that, but the car will have the option code RFN, which “will forever associate” the car with the NFT auction. And the Corvette’s VIN number will be binary because NFTs are digital and computers use binary, and you get it.

The auction, which is monitored by the NFT marketplace SuperRare, will be held 20-24. June, and bids will only be accepted in Ethereum. (Most NFTs are purchased with Ethereum.) Chevy says all proceeds will go to DonorsChoose, an educational charity.

The NFT auction comes at a time of extreme volatility in cryptocurrency. Prices are plummeting, along with NFT values. Ethereum has fallen 64 percent since April 1, while the most acclaimed NFTs have seen their floor price – the price of the lowest on the market – fall more than 70 percent. In response, some cryptocurrency companies are stepping down; Coinbase announced that they laid off 18 percent of the workforce.

There has also been an increase in fraud, with some buyers falling for phishing attempts to rip off their NFTs. And thanks to the decentralized nature of the blockchain and Web3, victims have little recourse in such situations.

But Chevy does not seem discouraged by market fluctuations. In a statement, Steve Majoros, vice president of marketing at automaker “Own the Color” called NFT an “important springboard for Chevrolet into future digital initiatives for our customers.”

For his part, xsullo says he was attracted to the project by Z06. “The Corvette Z06 is an ambitious car that I really enjoy,” he said. “I’m attracted to how technology can make us feel, and I can tell you that the designers of the Corvette Z06 draw from similar inspiration.”

Chevy is not the only carmaker currently testing the Web3 water. Lamborghini and Hyundai are two other companies that have recently operated with NFTs. And the car auction service Barrett-Jackson auctioned off four NFTs last year based on cars it sold to raise money for charity.