Chevrolet is the latest automaker to jump on the non-fungible symbolic bandwagon, but it takes a slightly different approach. Chevy announced plans to auction a Corvette-themed NFT, but the bidder winner will not only be recorded on the blockchain, but will also receive the actual sports car inspired by the artwork.
Depicting a lime green Corvette Z06 blasting through a cyberpunk landscape, the NFT was created by artist Nick Sullo, passing xsullo online. The upcoming auction pairs Sullo’s NFT with a custom painted 2023 Corvette Z06 in color to match the art.
In case you need a refresh, the new Z06 is Chevy’s shot ahead of all the other supercar manufacturers out there with Italian names. It is the first ‘Vette’ with a naturally aspirated 5.5-litre 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 enter production in the summer of 2022 and will be available for sale as a 2023 model.
The winning bidder will not only get xsullo’s NFT, but also the “Minted Green” Corvette (get it?), which will be the only car to be painted that color – Chevy promises not to apply the Minted Green color to any other car. production-Z06. Not only that, but the car will carry the option code RFN, which will “associate the car forever” with the NFT auction. And the Corvette’s VIN number will be binary because NFTs are digital and computers use binary and you get the idea.
The auction, which is supervised by NFT marketplace super rare, will be held from June 20-24 and bids will only be accepted in Ethereum. (Most NFTs are purchased with Ethereum.) Chevy says all proceeds will go to DonorsChoose, an education charity.
The NFT auction comes at a time of extreme volatility in cryptocurrency. Prices plummet along with NFT values. Ethereum is down 64 percent since April 1, while the most acclaimed NFTs have seen their bottom price – price for the lowest on the market – fall by more than 70 percent. In response, some cryptocurrency companies are scaling back; Coinbase announced it would lay off 18 percent of its staff.
There has also been an increase in scams, with some buyers falling for phishing attempts to steal their NFTs. And thanks to the decentralized nature of the blockchain and Web3, victims in such situations have little recourse.
But Chevy doesn’t seem to be deterred by the market swings. In a statement, Steve Majoros, vice president of marketing at the automaker, called the “Own the Color” NFT an “important stepping stone for Chevrolet into future digital initiatives for our customers.”
For his part, xsullo says he was drawn to the project by the Z06. “The Corvette Z06 is an ambitious car that I feel completely committed to,” he said. “I’m drawn to how technology can make us feel, and I can see the designers of the Corvette Z06 drawing on similar inspiration.”
Chevy isn’t the only automaker currently testing the Web3 waters. Lamborghini and Hyundai are two other companies that have recently dealt with NFTs. And Barrett-Jackson car auction service four NFTs auctioned last year based on cars it sold to raise money for charity.