Non-fungible tokens are a new trend in the automobile sector, and Chevy has opted to participate innovatively. The winning bidder will get not just the NFT with a Corvette theme, but also the sports car shown in the artwork.
The NFT was made by Nick Sullo, better known as xsullo, and portrays a neon green Corvette Z06 speeding across a cyberpunk world. A custom-painted 2023 Corvette Z06 will be auctioned off with Sullo’s NFT.
Chevy’s new Z06 is the Z06 of today, a message to all other supercar makers with Italian names. The first naturally aspirated engine, a 5.5-liter V-8, sits behind the driver. Regardless, the new model is far more difficult to drive than its predecessors. The Z06 will be on sale in 2023, with production set to begin in the summer of 2022.
The winning bid will also get a one-of-a-kind “Minted Green” Corvette (get it? ), the only Z06 ever painted in that color. When acquired, it will be assigned the option code RFN, making it “inseparable” from the NFT auction. Because computers use binary, the VIN on the Corvette will be encoded in binary.
Bids must be made in Ethereum to participate in the auction arranged by the NFT marketplace SuperRare. (The most frequent way to get NFTs is through Ethereum.) DonorsChoose, an education charity, will get all of the monies.
The NFT auction is taking place in this era of severe bitcoin volatility. NFT values and prices are declining. As of April 1, the value of Ethereum had decreased by 64%, while the floor price of the most popular NFTs had dropped by about 70%. Several Bitcoin firms, including Coinbase, have announced layoffs, with an 18% reduction in employment beginning immediately.
Phishing attempts to steal NFTs have also become more common, with some consumers falling for the frauds. Because of the blockchain’s and Web3’s decentralized character, anybody damaged by such instances has limited opportunities for recourse.
Chevrolet, on the other hand, seems unaffected by this shift in customer choices. According to Steve Majoros, Chevrolet’s vice president of marketing, “Own the Color” NFT is an “important stepping stone for Chevrolet towards future digital initiatives for our customers.”
For example, xsullo feels the Z06 had a factor in his ultimate decision. When asked about the fast Corvette Z06, he said, “I identify with it.” They were inspired by how technology can make humans feel, which I believe is shown in their work with the Corvette Z06.
Several other automakers, notably Chevrolet, are testing the Web3 waters. Both of these manufacturers, as well as Lamborghini, have recently experimented with NFTs. Barrett-Jackson collected funds for charity by auctioning off NFTs based on automobiles sold the previous year.
