In mid-June, Chevrolet ventured into the world of NFTs by designing a special piece of art for the 2023 Corvette Z06 and attempting to auction it off alongside a real-life Z06. However, the online auction failed to attract any bids.
Consumer interest in NFT projects has waned due to the falling cryptocurrency market and anyone wanting to have purchased the Z06 ‘Own the Color’ NFT would have needed to part ways with at least 206 ETH (~$228,000 at the time of writing), the opening bid for the piece of art.
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Corvette Blogger notes that the auction initially ended on Friday with zero bids. However, the crypto company selling the piece, SuperRare, soon announced that it was extending the auction for an additional 24 hours, claiming that users “missed the Corvette Z06 NFT auction window” because of the recent NFT.NYC event. However, not even extending the auction was enough to attract any bids.
Speaking about the project, Chevrolet’s Trevor Thompkins said it had been “educational” for the automaker.
“Our first step into Web3 has been educational, and we will continue to explore ways to leverage technology to benefit our customers,” Thompkins said. “The ‘Own the Color’ project has enabled us to establish relationships and learn from leaders in the space, such as xsullo, SuperRare and The Crypt Gallery on how to authentically approach the passionate NFT community. We’ll take what we’ve learned and apply it to future projects.”
Chevrolet’s plan was to build the special 2023 Corvette Z06 in a one-off color known as Minted Green. It was also set to come with the Z07 Performance Package, a commemorative plaque, and carbon fiber wheels.
While the Z06 NFT may have failed to sell, the eagerly-awaited 2023 model is expected to attract a lot of interest when orders begin. Pricing details haven’t been announced but most sources suggest it will start at around $90,000.
