No bids on Chevy’s first NFT, even though it came with a free Corvette Z06

Chevy’s first foray into non-fungible tokens was a non-fungible dud. The automaker got zero bids on its first NFT at auction last month, though the digital drawing came with a free 2023 Corvette Z06, according to Corvette Blogger.

Depicting a lime green Corvette Z06 blasting through a cyberpunk landscape, the NFT was created by artist Nick Sullo, who goes online through xsullo. The winning bidder would also have received a unique “Minted Green” Corvette Z06, the only car painted in that color, and an option code RFN, which will forever associate the car with the NFT auction. And the Corvette’s VIN number will be binary because NFTs are digital and computers use binary and you get the idea.

But alas, there was no winner to attribute to the blockchain, as the mighty Chevy went wild. The automaker only accepted bids in Ethereum (most NFTs are bought with Ethereum), the price of which has been extremely volatile in recent weeks. The cryptocurrency is down more than 64 percent since April 1, while the most acclaimed NFTs have seen their bottom price — price for the lowest in the market — fall by more than 70 percent.

Basically, they drew a Morbius.

The auction took place from June 20-24. SuperRare, the NFT marketplace that oversaw the auction, tweeted on June 24 that it would reopen bidding for 24 hours because some users “missed” the window. But apparently that didn’t work: the auction closed again with zero bids. Basically, they drew a Morbius.

Trevor Thompkins, a Chevy spokesperson, shook off the disappointment in a statement to Corvette Blogger. “Our first step into Web3 was educational and we will continue to look for ways to leverage technology for the benefit of our customers,” said Thompkins.

The real loser in this story isn’t Chevy, of course, who will no doubt move on from the experience being a little older and a little wiser about Web3’s volatility. The real loser is DonorsChoose, an education charity, which Chevy named as the beneficiary of the auction.

This could be a warning to other automakers who are tempted to dip their toes into the NFT market: swim at your own risk.

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