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Chevrolet has failed to sell an NFT with artwork depicting the 2023 Corvette Z06 after nobody placed a bid at an auction earlier this month, reports CarScoops.
The NFT artwork, named ‘Own the Color,’ was to be sold along with something actually tangible: a 2023 Corvette Z06 finished in a one-off color called Minted Green. Thus, the buyer would be said to ‘own the color’ which would never be used on another factory Corvette. The car, yet to be built, was to be delivered with the Z07 performance package, along with carbon fiber wheels and a special option code denoting its one-off status.
The NFT auction took place on SuperRare from June 20-24, with bids taken in Ethereum. Those wishing to bid on the NFT had to clear a minimum bid of 206 ETH, roughly equivalent to $210,000 at the time of writing.
By the auction close time on Friday, the artwork had attracted zero bids. SuperRare extended the auction by a further 24 hours, suggesting that interested parties may have missed the auction due to the NFT.NYC conference running the same week. Regardless, the lot still failed to attract a buyer even in extra time.
Interest in NFTs has waned alongside a catastrophic slide in cryptocurrency prices of late. Investors have been running for the exits amid an environment of market shenanigans and platforms locking down on withdrawals in attempts to stem the bleeding.
Chevrolet communications manager Trevor Thompkins was pragmatic about the result, noting it had been “educational” experience for the automaker. He spoke to the value of relationships built with players in the NFT space, and noted that the lessons learned will inform future projects.
Whether the artwork is to your taste or not, it’s one that few would stump up hundreds of thousands of dollars for. Paying over $200,000 for the car attached to the sale is a stretch, too. While a one-off color adds value due to rarity, the diehard Corvette set isn’t likely following the NFT scene and would have missed it entirely. Fans of the nameplate will stump up big money for things like the first VIN off the line, but trying to explain NFTs to the New Balance Brigade is probably just too hard.
In the end, GM’s step into the NFT space ended not with a bang, but with a whimper. If typical corporate culture is anything to go by, this one will be quietly swept under the rug, not to be spoken of again.
Got a tip? Let the author know: lewin@thedrive.com
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