As the NFT market has seen a steep decline, Chevy decided to launch its very first non-fungible tokens but saw no success. The "dud" received zero bids as it auctioned in June despite comping out with a free 2023 Corvette Z06.
Chevy Launched Its Own NFT with a Free Corvette Z06
Corvette Blogger announced that digital drawing will come with its very own free 2023 Corvette Z06 with a cyberpunk lime green Corvette Z06. The art was created by Nick Sullo, better known as xsullo online.
The winner of the bid would have also gotten a unique "Minted Green" Corvette Z06, which "will be the only car painted in that color," along with an option code RFN. This move would reportedly forever associate the car with the NFT auction.
Company Launched the Non-Fungible at a Time When Both ETH and the NFT Marketplace have Seen Massive Drops
The Corvette's VIN number is also expected to be in binary due to NFTs being digital and computers using binary. According to the story by The Verge, however, the auction saw no winners, and this could have happened because "mighty Chevy struck out."
Chevy decided to accept bids in just Ethereum, which has been extremely volatile in price over the last few weeks. Ever since April, ETH has already dropped over 64% in terms of price, while a lot of NFTs have seen their floor price drop over 70% as well.
Auction was Sold on the SuperRare NFT Marketplace from June 20 to June 24
The auction took place from June 20 to June 24 on SuperRare, an NFT marketplace responsible for overseeing the auction. The marketplace tweeted on June 24 that it would yet again reopen bids for 24 hours due to some users missing out the bidding window.
Apparently, this still did not work, and the auction was left with zero bids still. Chevy spokesperson, Trevor Thompkins, gave a statement regarding the whole event, saying their first entry into Web3 has been "educational" and that they will still continue exploring in order to look for ways to better benefit their customers.
Due to the craziness of https://t.co/ShvX5bq8r8, we had users’ express disappointment they missed the Corvette Z06 NFT artwork auction window. We're opening the auction for 24 more hours for all collectors.https://t.co/jgRVIiVN9u pic.twitter.com/WcZQlFkr8K
— SuperRare 💎 (@SuperRare) June 24, 2022
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Beneficiary of the Auction, DonorsChoose, Didn't Receive Any Proceeds
The article by The Verge notes that the real loser of the auction wasn't actually Chevy but rather an education charity called DonorsChoose, which was supposed to be the beneficiary of the auction.
The publication notes that the move by Chevy could be a warning for other automakers that are planning to enter the NFT marketplace, telling them to "swim at your own risk." So far, the marketplace hasn't seen that much massive activity with not as much spike in the market.
With less activity in the NFT marketplace, it could be extremely difficult for new players to come in and sell new collections as other more esteemed collections are already struggling to sell collectibles.
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Written by Urian B.
