Chevy is auctioning off a Corvette NFT, and the highest bidder gets the car

Chevrolet is the latest automaker to jump on the non-fungible token bandwagon, but it’s taking a slightly different approach. Chevy announced plans to auction a Corvette-style NFT, but not only will the winner be recorded on the blockchain, they will also receive the actual sports car inspired by the artwork.

The NFT, which depicts a lime green Corvette Z06 speeding through a cyberpunk landscape, was created by artist Nick Sullo, who goes online at xsullo. The upcoming auction combines Sullo’s NFT with a custom painted 2023 Corvette Z06 color-matched to the art.

In case you need a refresher, the new Z06 is Chevy’s shot across the bow for all other Italian-named supercar makers. It is the first Vette to feature a naturally aspirated 5.5-litre mid-mounted V8 located directly behind the driver. And it’s a hardcore sports car with more focus on tacks than its predecessors. The Z06 is scheduled to go into production in the summer of 2022 and will go on sale as a 2023 model.

Not only will the winning bidder get xsullo’s NFT, but they’ll also get the “Minted Green” Corvette (get it?), which will be the only car to be painted that color – Chevy vows not to use the Minted Green color on any other production Z06 to apply. Additionally, the car will carry the option code RFN, associating the car “forever” with the NFT auction. And the Corvette VIN number will be binary because NFTs are digital and computers use binary and you get it.

The auction, which will be monitored by NFT marketplace SuperRare, will take place from June 20-24 and bids will only be accepted in Ethereum. (Most NFTs are bought with Ethereum.) Chevy says all proceeds will go to DonorsChoose, an education charity.

The NFT auction comes at a time of extreme cryptocurrency volatility. The prices coincide with the NFT values. Ethereum is down 64 percent since April 1, while the most lauded NFTs have slashed their reserve price — the price for the lowest in the market — by more than 70 percent. In response, some cryptocurrency firms are shrinking; Coinbase announced it would lay off 18 percent of its workforce.

There has also been a rise in scams, with some buyers falling for phishing attempts to rip off their NFTs. And thanks to the decentralized nature of blockchain and Web3, victims have little recourse in such situations.

But Chevy doesn’t appear to have been deterred by market fluctuations. In a statement, Steve Majoros, the automaker’s vice president of marketing, called the NFT Own the Color an “important stepping stone for Chevrolet into future digital initiatives for our customers.”

For his part, xsullo says he was drawn to the project by the Z06. “The Corvette Z06 is an ambitious car that I totally resonate with,” he said. “I am fascinated by how technology makes us feel and I can say that the designers of the Corvette Z06 draw from similar inspirations.”

Chevy isn’t the only automaker currently testing the Web3 waters. Lamborghini and Hyundai are two other companies that have recently looked into NFTs. And auto auction service Barrett-Jackson auctioned four NFTs last year based on cars it sold to raise money for charity.

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