Nobody bought the Chevrolet 2023 Corvette Z06 NFT
Credit: CarBuzz
Although it was a true replica of an NFT image depicting a specially colored Corvette Z06, no one bid on Chevrolet’s first NFT auction ever on June 24.
Only xsullo created the artwork that was auctioned off on SuperRare from June 20 to June 24. Due to “the madness of NFT.NYC, we were very much saddened that we missed the Corvette Z06 NFT auction window for artwork,” tweeted SuperRare on June 24.
Although the auction ended at 5pm Eastern Time on June 25th, there were no bids. If the auction had been a spectacular success, the winner would have received this green Corvette Z06 in good condition.
As a result of their decision to use Ethereum exclusively as a payment method, Chevrolet may have arranged the auction at an inconvenient time. Just two days before the auction, the price had dropped below $ 1,000, but it was now sold for $ 11,160 at the time. of this writing. On the last day of the auction, the price of Ethereum traded at $ 1225.
Potential bidders must sign up for a super rare account and attach a crypto wallet paid with ETH to participate in the NFT auction. NFT’s starting price range is $ 238,960 to $ 252,350, according to information from Corvette Blogger.
If DonorsChoose had been included in the auction, they would have received a portion of the proceeds.
To clarify, General Motors (GM), the company that makes Chevrolet cars, said in a statement: “The vehicle does not exist now and will not be designed, fulfilled or delivered until after the end of the auction.” The terms of the agreement were changed by GM.
Although the auction ended five days ago, bids ranged from 0.77 ETH to 4 ETH.
The NFT failed, but it was an “instructive” first outing to Web3, and “we will continue to explore strategies to leverage the technology to the benefit of our consumers,” said Trevor Thompkins of Chevrolet. We answered Corvette Blogger’s questions about the failed NFT effort. Due to the efforts of our team, we have been able to get in touch with heavyweights in the industry such as xsullo and SuperRare and learn from them how we can engage the eager NFT community. As time goes on, we will be able to apply what we have learned.
The fact that the car itself is not built makes it likely that Chevrolet will withdraw from this project.
Although Bentley is planning a one-off NFT release in September that does not include an actual car in the package, it is a similar situation. Whether or not Bentley’s NFT fall is a success can be affected by the performance of the cryptocurrency market.
