The Detroit-based automaker Chevrolet is taking one of its most iconic rides and folding it into the digital realm with a full "Own the Color" auction set for June 20-24. The company announced the move in a press release published on June 14, highlighting the lime green 2023 Corvette Z06 as the face of the newform digital art piece. The winner of the "Own the Color" auction will be gifted a physical iteration of the Corvette NFT, aptly coined Minted Green in reference to its paint job and the minting of the NFT, alongside the digital asset itself.
Created by the likes of Nick Sullo, otherwise known as xsullo, the Corvette NFT will also feature a cyberpunk-themed background that will match beautifully with the design and color of the ride. It features the more recent Chevrolet Corvette Z06, the company's first iteration of the model that has a naturally aspirated 5.5-liter V-8 mid-engine set right below the driver seat. It will head into full mass production this summer and will be available later this year.
The forthcoming Corvette NFT auction will be held on SuperRare, an NFT marketplace known for its foothold, specifically in art-based NFT collections. Chevy's Corvette NFT art will go on sale between June 20-24, with bids being accepted solely in Ethereum, the primary currency utilized in NFT exchanges. All proceeds received during the auction will go towards education charity DonorsChoose, says Chevy.
As for the physical "Minted Green" Chevrolet Corvette, which the Corvette NFT auction winner will receive along with the digital art, Chevy ensures that it will be the only existing future Z06 that will have that particular paint job. It will also wield its own RFN option code, so the ride will thereby be forever linked to the auction, as well as a VIN number etched in binary.
Despite the current fearful climate in the cryptocurrency and NFT space, the push into Web3 is seemingly a newfound cornerstone for Chevy in its attempt to grow its brand. Vice president of marketing for Chevy, Steve Majors, explains himself that the upcoming Corvette NFT auction is an "important stepping stone for Chevrolet into future digital initiatives for our customers."
Coinbase announced today it is slashing 18% of its workforce in the face of an ever-fearful market on the brink of collapse. Many within the industry are considering it already a crypto winter, with Bitcoin pricing as of writing resting as low as $22,264 and Ethereum sitting at a $1,208 price point. NFTs are likewise experiencing their own rut, as weekly NFT sales dip by 70% as the winter reality sets in.
As for Sullo, the NFT artist behind the Corvette auction, the Z06 was the main driving aspiration behind his involvement. He explains, "The Corvette Z06 is an ambitious car that I totally vibe with. I'm drawn to how technology can make us feel, and I can tell the designers of Corvette Z06 draw from similar inspiration."
The Detroit-based automaker isn't the only one vying for supremacy within the digital art realm, as witnessed via the likes of both Lamborghini and Ferrari. Other auto manufacturers seeping into the realm include Hyundai, marked as the first of its kind in the NFT space, Porsche, and Mercedes-Benz. Even with the newfound redlining of the crypto market, the NFT space is experiencing its own boom through the likes of such marketing ploys.
