- Chevy’s first foray into NFT auctions hits zero bids for Minted Green Corvette Z06.
- The NFT was designed by the artist Nick Sullo and the auction took place between June 20- 24
- SuperRare, the NFT marketplace, also opened the auction window again on June 24, 2022, as few users missed it.
Sometimes an idea that seemed like a success when it was first put presented months ago ends up being a dud. That’s what Chevrolet’s recent entry into the Web3 space feels like.
The NFT was designed by the artist Nick Sullo, which portrays a lime green Corvette Z06 blasting through a cyberpunk landscape, and goes xsullo online.
Due to the craziness of https://t.co/ShvX5bq8r8, we had users’ express disappointment they missed the Corvette Z06 NFT artwork auction window. We’re opening the auction for 24 more hours for all collectors.https://t.co/jgRVIiVN9u pic.twitter.com/WcZQlFkr8K— SuperRare 💎 (@SuperRare) June 24, 2022
Chevy told the winning bidder will be getting a unique “Minted Green” Corvette Z06, which will be the single-car painted and designed in that color, and an option code RFN, which will be “forever associate” in the car with the NFT auction.
Additionally, because NFTs are digital and computers use binary, the VIN number for the Corvette will be in binary format.
But unfortunately, there was no winner assigned to the blockchain, as the mighty Chevy struck out. The automakers were only accepting the bids in Ethereum, as the price has been wildly fluctuating lately from the past few weeks.
Since April 1, the price of the cryptocurrency has plunged by more than 64%, while the most renowned NFTs have seen the floor price, and the price has plunged by over 70%.
The auction took place between June 20-24. Few users “missed” the window; therefore, SuperRare, the NFT marketplace that managed the auction, announced on June 24 that it would reopen bidding for 24 hours. But evidently, that also didn’t work; the auction yet again closed with zero bids.
Trevor Thompkins, who is a spokesperson for Chevy, expressed his sorrow in his statement and said:
Our first step into Web3 has been educational, and we will continue to explore ways to leverage technology to benefit our customers.
Surely, Chevy isn’t the actual loser in this scenario; rather, it will probably grow older and more aware of the volatile nature of Web3. The charity supporting education, DonorsChoose, which Chevy chose to be the auction’s recipient, is the true loser.
Also, this will act as a warning to other automakers who are convinced to dip their toes in the NFT marketplace.