Chevrolet released Corvette Z06, an NFT automobile, in June and chose to sell it off at an auction with a theme titled “own the color” but their plans fell through as no one decided to place a bid on the NFT artwork.
More About Corvette Z06
Chevrolet launched into the world of NFTs by creating the mint green-colored Corvette Z06.
The NFT artwork was to be auctioned off at the NFT NYC event with the theme “own the color” which means that the winner of the bid will also get the physical version of the Corvette Z06 when it is released in 2023.
The physical version of the Corvette Z06 will be one of its kind as it will be the only Corvette Z06 with a mint green color. The car will also have carbon fire wheels, some features of Corvette Z07, and a commemorative plaque.
Corvette Z06 Had a Minimum Bid of 206 ETH at the Auction
The “own the color” auction was scheduled to hold from June 20th-24th on SuperRare. The bid started with a minimum of 206 ETH which is approximately $210,000.
According to the Corvette blogger, at the time the bid ended on Friday, no bidders were willing to buy the artwork which made the company extend the time by 24hrs assuming that those interested in the auction probably missed it because of the NFT.NYC that took place that week.
Even with the extension of the date, the NFT automobile failed to attract bidders that will purchase the artwork.
Chevrolet’s Communication Manager Sees the Failure in NFT Sales as an “Educational Experience”
The communication manager of Chevrolet– Trevor Thompkins– said venturing into NFTs has been educational.
According to the manager, the company’s first step into web 3.0 has been educational and they will continue to make use of the technology to benefit their customers.
He also said that the “own the color” project has enabled the company to build relationships and learn from experts in the space such as Xsullo, The Crypt Gallery, and SuperRare on the ways to run a perfect NFT community.
The interests of individuals in NFTs and cryptocurrencies at large are gradually declining. This is making investors exit from the space and also causing the lockdown of some of these platforms.
Although the plans to Auction NFT Z06 fell through, a lot of people are still anticipating the release of the original version of the car in 2023. Chevrolet is yet to announce how much the vehicle will cost.
Image credits: Newsweek