Chevy Will Auction Off a Corvette NFT by xsullo and Give-Away a Matching, NEW Z06!
Chevrolet has just announced that it plans to auction a non-fungible token of its upcoming 2023 Corvette Z06. Here’s the twist – the winner of the NFT also receives a real 2023 Corvette Z06!
Chevy has officially named the upcoming auction as the “Own the Color” auction. The NFT, created by artist xsullo, features a Z06 Corvette finished in “Minted Green.” Per Chevrolet, the “Minted Green” color showcased in xsullos work will be recreated on the actual car….and will be the only 2023 Corvette Z06 finished in that color. That doesn’t mean that the color is a one-and-done on all future Corvettes. It could very well show up in 2024….but for this year at least, the winning bidder will get something fairly unique.
Chevrolet introduces this unique auction during a volatile time in the cryptocurrency market. Most of today’s “coins” are severely depreciated in value, and the market as a whole is struggling to keep its head above water. Truth be told, the only item of any actual value in this auction is the Corvette itself, but who are we to judge the rationale of the company that gave us America’s Sports Car?
For anyone that’s looking for details, here’s what we know so far: The auction includes the Corvette Z06, powered by the game-changing 5.5L, 670 horsepower, naturally-aspirated V8 engine. The car will come with a plaque, the Z07 performance package, and carbon fiber wheels. The will be accompanied by a unique .jpg file containing the NFT art by xsullo.
Chevrolet doesn’t seem concerned about the poor market performance of NFTs or crypto-currencies…in fact, Chevrolet see this auction as a “stepping stone into future digital initiatives for (their) customers.” As published in the Verge:
The NFT auction comes at a time of extreme volatility in cryptocurrency. Prices are plummeting, along with NFT values. Ethereum has dropped 64 percent since April 1st, while the most lauded NFTs have seen their floor price — price for the lowest one on the market — drop more than 70 percent. In response, some cryptocurrency firms are scaling back; Coinbase announced it was laying off 18 percent of its workforce.
There has also been a rise in scams, with some buyers falling for phishing attempts to rip off their NFTs. And thanks to the decentralized nature of the blockchain and Web3, victims are left with little recourse in such situations.
But Chevy doesn’t seem dissuaded by the market fluctuations. In a statement, Steve Majoros, vice president of marketing at the automaker, called the “Own the Color” NFT an “important stepping stone for Chevrolet into future digital initiatives for our customers.”
For his part, xsullo says he was drawn to the project by the Z06. “The Corvette Z06 is an ambitious car that I totally vibe with,” he said. “I’m drawn to how technology can make us feel, and I can tell the designers of Corvette Z06 draw from similar inspiration.”
The auction will be hosted on the NFT trading site SuperRare and is scheduled to be run between June 20 and June 24, 2022. Here’s one more twist: bids will only be accepted in Ethereum coins. Chevrolet has no intention of keeping any of the proceeds from this auction. All proceeds will be donated to the educational non-profit DonorsChoose. At the conclusion of the auction, the winning bidder will be able to say they “Own the Color” — Minted Green, a reference to minting NFTs.