Chevy’s first foray into non-fungible tokens was a non-fungible dud. The automaker netted zero bids for its first NFT during an auction last month, even though the digital drawing came with a free 2023 Corvette Z06, according to Corvette Blogger.
The NFT, which depicts a lime green Corvette Z06 blasting through a cyberpunk landscape, was created by artist Nick Sullo, who goes by xsullo online. The winning bidder would have also received a unique “Minted Green” Corvette Z06, which will be the only car painted in that color, and an option code RFN, which will “forever associate” the car with the NFT auction. And the Corvette’s VIN number will be in binary because NFTs are digital and computers use binary and you get it.
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But alas, there was no winner to ascribe to the blockchain, because mighty Chevy struck out. The automaker was only accepting bids in Ethereum (most NFTs are purchased using Ethereum), the price of which has been extremely volatile in recent weeks. The cryptocurrency has dropped more than 64 percent since April 1st, while the most lauded NFTs have seen their floor price — price for the lowest one on the market — drop more than 70 percent.
The auction was held from June 20-24. SuperRare, the NFT marketplace that oversaw the auction, tweeted on June 24th that it would reopen bids for 24 hours because some users “missed” the window. But apparently that didn’t work: the auction closed yet again with zero bids. Basically, they pulled a Morbius.
Trevor Thompkins, a spokesperson for Chevy, shrugged off the disappointment in a statement to Corvette Blogger. “Our first step into Web3 has been educational, and we will continue to explore ways to leverage technology to benefit our customers,” Thompkins said.
Of course, the real loser in this story isn’t Chevy, which will no doubt move on from the experience a little older and a little wiser about the volatility of Web3. The real loser is DonorsChoose, an education charity, which was designated by Chevy as the beneficiary of the auction.
This could serve as a warning to other automakers who are tempted to dip their toes in the NFT marketplace: swim at your own risk.