Chevrolet aka Chevy to Auction off a Corvette NFT 

Chevrolet is the newest automaker to hop into the NFT Domain. However, it is taking a slightly diverse approach. Chevy publicized plans to auction off a Corvette-themed NFT, but the winning bidder won’t just get registered on the blockchain, they will also obtain the genuine sports car inspired by the artwork.

chevy-to-auction-off-corvette-nfts
Chevy

The NFT, which represents a lime green Corvette Z06 bursting through a cyberpunk landscape, was designed by artist Nick Sullo, who goes by xsullo online. The forthcoming auction pairs Sullo’s NFT with a custom-painted 2023 Corvette Z06 color-matched to the art.

In case you require a refresher, the latest Z06 is Chevy’s shot-across-the-bow for all the other supercar manufacturers out there with Italian names. It’s the first ‘Vette to feature a naturally aspirated 5.5-liter V-8 mid-engine, located literally behind the driver. And it’s a more hardcore, tack-focused sports car than its precursors. The Z06 is anticipated to go into production in summer 2022 and will be on sale as a 2023 model.

Check out, Nissan and Toyota’s Metaverse plans

The winning bidder will not just get xsullo’s NFT but also the “Minted Green” Corvette. This will be the sole car painted in that color.  Chevy vows to not involve the Minted Green color in any other production Z06. Not just that, but the car will bear the option code RFN, which will “forever associate” the car with the NFT auction. And the Corvette’s VIN number will be in binary because NFTs are digital and computers operate on binary systems. 

The auction, is being managed by NFT marketplace SuperRare. It will be held between June 20–24. In addition, the bids will only be accepted in Ethereum.  Chevy conveys that all the profits will go to DonorsChoose i.e. an education charity.

Also Read, How to create your own NFT Marketplace

The NFT auction arrives at a time of excessive volatility in the cryptocurrency market. Prices are descending, along with NFT values. Ethereum has fallen 64 percent since April 1st, while the most praised NFTs have seen their floor price drop more than 70 percent. In reaction to this, some cryptocurrency firms are mounting back; Coinbase declared it was laying off 18 percent of its workforce.

There has also been a rise in crypto and NFT scams, with some buyers falling into the trap of phishing attacks. The decentralized nature of the blockchain and Web3 has left victims in the mud with only a few alternatives available in such situations.

However, Chevy doesn’t seem bothered by the market fluctuations. In a comment, Steve Majoros, vice president of marketing at the automaker company, called the “Own the Color” NFT a significant stepping stone for Chevrolet into future digital initiatives for their customers.

The artist Xsullo says he was lured to the project by the Z06. He also added that “The Corvette Z06 is an ambitious car that I totally vibe with,” and “I’m drawn to how technology can make us feel, and I can tell the designers of Corvette Z06 draw from a similar inspiration.”

Not only Chevy but other automaker companies are also active in Web3

Chevy is not the only automaker to extend its activities into the world of Web3. There are quite a few supercar companies that are exploring the potential of NFTs. Lamborghini and Hyundai are two major companies that have lately tapped into the NFT domain. Mclaren also introduced their NFTs.

It remains to see how successful is the Auction of Corvette NFT of Chevrolet.


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NFTHI does not recommend any kind of Investment in NFTs or NFT trading. All the strategies are merely educational references.

Conduct thorough research before you start with NFT trading.

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