Chevrolet’s recent entry into the Web3 space went really well*.
Chevy put up a digital print, sorry, NFT, of a lime green Corvette Z06 back in mid-June. But, at the closure of bidding, absolutely no one had dropped a dime.
The NFT pitch from Chevy was simple:
“Few drivers will own a Corvette Z06, but only one will have the opportunity to not only get one in Minted Green, but to ‘Own the Color’. Chevrolet is offering drivers an opportunity to bid on a 1-of-1 piece of NFT artwork created by xsullo, along with a first – and only – of its kind 2023 Corvette Z06 in Minted Green. Bidding is open from June 20-25, so head over to SuperRare to learn more.”
So, you were bidding on the NFT, created by artist Nick Sullo, which depicts a lime green Corvette Z06. The winning bidder was also promised a real-life Corvette Z06, the only car painted in ‘minted green’. If you won the auction, you’d own the colour.
A free Chevy Corvette with an NFT? Yes, but realistically, you were bidding for the car.
But to bid, you had to sign up for a SuperRare account, and according to Corvette Blogger, the opening bid was listed as 206 ETH. Ether fell a cool 45 per cent last month. Since July last year, the coin has fallen off an actual cliff, hitting every rock and sharp edge on the way down, leaving it bloodied and beaten. Currently, 1 ETH = $1,662.50. 206 of them would see you start the bidding with $342,475.96 Aussie dollars. And that’s now, after the aforementioned cliff trip.
i already have this thanks pic.twitter.com/aHxvwcmkdN— Jort-Michel Connard 🐘 (@torriangray) July 4, 2022
Their reply was too good not to share. Side note: NFT.NYC looked wild.
Interestingly, the Corvette Blogger report noted that GM planned to deliver the car sometime in September 2022, subject to change. But the terms of the sale were changed to state specifically: “the vehicle is not currently in existence, and will not be built, fulfilled, or delivered until after the completion of the auction”.
In response to the failed NFT, they quoted a Chevy spokesperson as saying: “Our first step into Web3 has been educational, and we will continue to explore ways to leverage technology to benefit our customers”.
While this is comedic, pointing to the volatility and insanity of the NFT space, the proceeds of the Chevy NFT sale were reportedly going to DonorsChoose, a non-profit that allows individuals to donate directly to public school classroom projects. There are real consequences for all of this silliness.