After receiving no bids at an auction earlier this month, Chevrolet was unable to sell an NFT that included artwork of the 2023 Corvette Z06, according to CarScoops.
The 2023 Corvette Z06 painted in the special Minted Green hue was to be marketed alongside the NFT artwork, entitled “Own the Color.” Thus, it would be argued that the purchaser “owned the colour,” which would never be applied to any factory-built Corvette. The yet-to-be-built vehicle was scheduled to arrive with the Z07 performance package, carbon fibre wheels, and a unique option code designating its one-of-a-kind status.
From June 20 to 24, bids were accepted for the NFT sale on SuperRare. A minimum bid of 206 EFT, or about $210,000 at the time of writing, was required to participate in the NFT auction.
The artwork received no bids as of Friday’s auction end time. SuperRare prolonged the sale by an additional 24 hours, indicating that potential buyers might have missed it because the NFT.NYC conference was taking place the same week as the auction. Even with extra time, the lot was unable to find a bidder.
Along with the recent disastrous decline in cryptocurrency values, interest in NFTs has decreased. Due to market shadiness and platforms clamping down on withdrawals in an effort to stop the bleeding, investors have begun fleeing the premises.
Trevor Thompkins, the manager of Chevrolet’s communications, was realistic about the outcome and noted that the company had learned a lot from it. He discussed the importance of developing connections with NFT industry participants and mentioned that the lessons discovered will guide further initiatives.
Whether you like the piece of art or not, few people would spend hundreds of thousands of dollars on it. It’s also excessive to pay more than $200,000 for the car that came with the sale. The diehard Corvette set is probably not watching the NFT scene and would have missed it totally, even though a one-off colour increases value due to rarity. Fans of the brand will pay a lot of money for items like the first VIN produced, but explaining NFTs to the New Balance Brigade is probably too difficult.
In the end, GM’s entry into the NFT market came to a whimper rather than a crash. If corporate culture as a whole is any indication, this one will be discreetly pushed under the rug and never brought up again.
