Chevrolet’s first NFT pulls zero bids even though it’s accompanied by a Corvette
American car manufacturer Chevrolet has seen (almost) zero interest in its first non-fungible token (NFT) event, although it has promised to come up with a free 2023 Corvette Z06.
Called “Own the Color”, NFT shows a lime green Corvette Z06 and was created by digital artist Nick Sullo, who runs xsullo online.
The auction started on June 20 via the NFT marketplace SuperRare. According to the auction description page, the opening bid was ETH 206 (USD 235,550).
The potential winner would also have received a unique “Minted Green” Corvette Z06, which would be the only car painted in that color, as well as an option code RFN, which would “forever associate” the car with the NFT auction.
As exciting as it may sound, the auction offered zero bids during the first period between June 20 and June 24.
SuperRare then announced that they would extend the auction by a further 24 hours, saying that “due to the madness of the NFT.NYC event” some users missed the Corvette Z06 NFT auction window.
However, the auction ended again with zero bids after 24 hours.
In particular, the promised Corvette Z06 that comes with the NFT does not currently exist. In accordance with the terms of the NFT auction, the vehicle was scheduled to be created after the auction and delivered by September 2022, subject to change.
The lack of interest in NFT can largely be attributed to the general sour market conditions. The carmaker only accepted bids in Ethereum, which is currently (8:41 UTC) down by almost 77% compared to the highest level ever, according to CoinGecko. It is unchanged both over a day and over a week, and trades at $ 1,141.
In a comment to Corvette BloggerThe automaker reportedly said that their first entry into NFTs “has been instructive” and that they “will continue to explore ways to leverage technology for the benefit of” customers.
They added:
The “Own the Color” project has enabled us to establish relationships and learn from leaders in space, such as xsullo, SuperRare and The Crypt Gallery about how to authentically approach the passionate NFT community. We will take what we have learned and apply it to future projects. “
During the last 10 days, there have been five offers for NFT, according to SuperRare, of which the first and lowest is ETH 0.77, and the last and highest is ETH 6.9.
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