Even though it was a real-life replica of an NFT picture portraying a custom-colored Corvette Z06, no one bid on Chevrolet’s first-ever NFT auction on June 24.
Only xsullo created the piece of art that was auctioned off on SuperRare from June 20th to June 24th. Due to the “madness of NFT.NYC, we had much express sorrow who missed the Corvette Z06 NFT artwork auction window,” SuperRare tweeted on June 24.
Even though the auction ended at 5 p.m. Eastern Time on June 25, there were no offers. If the auction had been a spectacular success, the winner would have received this mint-condition green Corvette Z06.
As a result of their decision to exclusively take Ethereum as a form of payment, Chevrolet may have hosted the auction at an inconvenient time Only two days before the auction, the price had dropped below $1,000, yet it was now selling for $11,160 at the time of this writing. On the last day of the auction, the price of Ethereum was trading at $1225.
Prospective bidders need to register for a super rare account and attach a crypto wallet that is paid with ETH to participate in the NFT auction. NFT’s starting price range is $238.960 to $252,350, according to the information supplied by Corvette Blogger.
If DonorsChoose had been included in the auction, they would have gotten a portion of the revenues.
To clarify, General Motors (GM), the firm that makes Chevrolet vehicles, said in a statement: “The Vehicle is not now in existence, and will not be constructed, fulfilled, or delivered until after the conclusion of the Auction.” The conditions of the deal were altered by GM.
Even though the auction had ended five days ago, bids ranged from 0.77 ETH to 4 ETH.
NFT failed, but it was an “instructive” first excursion into Web3, and “we will continue to investigate strategies to harness technology to benefit our consumers,” said Trevor Thompkins of Chevrolet. We were responding to Corvette Blogger’s question on the unsuccessful NFT effort. Due to the efforts of our team, we’ve been able to connect with industry heavyweights such as xsullo and SuperRare and learn from them how to engage the eager NFT community. As time goes on, we’ll be able to put what we’ve learned to use.
The fact that the actual automobile hasn’t been built makes it likely that Chevrolet will withdraw from this project.
Although Bentley is planning a one-time NFT release in September that does not include an actual car in the bundle, it is a similar situation. Whether or if Bentley’s NFT drop is a success may be influenced by the performance of the cryptocurrency market.