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Chevy’s first NFT is a total bust, closing with ZERO bids

by | Last updated on Jul 1, 2022 at 12:50PM | Published on Jul 1, 2022 | Crypto

No one bought Chevy’s first NFT even though it came with an actual 2023 Chevrolet Corvette Z06. 

The ‘Own the Color’ NFT went up for auction on June 20 and when it closed four days later, had a total of zero bids. 

SuperRare, which housed the Chevrolet NFT auction, then extended it by another 24 hours, but it again closed with zero bids.

Not even the bonus prize of a real Corvette could get the Chevrolet NFT across the line. 

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The NFT, designed by artist xsullo, was a futuristic artwork with a bright green Corvette Z06. 

Corvette also made big promises with the bonus car. 

The brand said the Z06 would be equipped with a special performance package and custom carbon fiber wheels. 

It was also going to come in a special Minted Green color, which Chevrolet promised not to apply to any other production 2023 Corvette Z06. 

There are a couple of reasons people are giving for the auction bust, but what stands out is the price. 

The bidding for the NFT started at 206 ETH, which put the starting price at $238,960. 

That’s a whopping $148,960 more than the $90,000 2023 Corvette Z06 would actually cost off the lot.

So, unless someone was really keen to own that piece of artwork, it was a lot to ask of any buyer. 

Chevrolet said the company’s foray into Web3 was “educational”. 

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“We will continue to explore ways to leverage technology to benefit our customers,” Trevor Thompkins told Corvette Blogger

“The ‘Own the Color’ project has enabled us to establish relationships and learn from leaders in the space. 

“We’ll take what we’ve learned and apply it to future projects.” 

The bust was also a let down for DonorsChoose, the non-profit charity GM said all proceeds of the auction would go to. 

But in some could-be good news from the auction, the custom Minted Green color could now be made available to normal Chevy customers.

We’ll wait to see what happens.

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