2023 z06: Chevy made a foray into nonfungible tokens. It was a nonfungible mistake. The automaker received zero bids on its first NFT in an auction last month even though the digital drawing included a 2023 Corvette Z06,
Corvette 2023 Z06
Nick Sullo (aka xsullo) created the NFT. It shows a Corvette Z06 in lime green blasting through cyberpunk terrain. The winning bidder will also receive a Corvette Z06 in mint green, the only one of its kind, and an option code RFN that will “forever associate the car” with the NFT auction. The Corvette’s VIN will be in binary, because NFTs use binary and computers use it.
The blockchain did not win the day, and Chevy won. The automaker only accepted bids in Ethereum, as most NFTs can be purchased using Ethereum. This has made Ethereum’s price volatile over the past weeks. The cryptocurrency has fallen more than 64 percent in the past week, while the most highly regarded NFTs saw their floor price drop by more than 70%.
The auction took place from June 20-24. , the NFT marketplace which oversaw the auction, tweeted on June 24th to say that it would reopen bids after some users “missed the window”. The auction was closed again with no bids. They pulled a Morbius .
Related: Best Hybrid Cars 2022
Chevy spokesperson Trevor Thompkins brushed off the disappointment in a statement to Corvette blogger. Thompkins stated that “our first step into Web3 was educational” and that they will continue to explore technology to benefit their customers.
Chevy is not the true loser. It will undoubtedly move on from this experience feeling a lot older and more aware of the volatility of Web3. DonorsChoose is the real loser, an education charity that Chevy designated as the beneficiary of this auction.
This warning could be a sign to other automakers that they should not try to enter the NFT market.