Chevrolet Corvette Z06 NFT Flops After Receiving No Bids

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Chevrolet Corvette Z06 NFT Flops After Receiving No Bids
Chevrolet Corvette Z06 NFT Flops After Receiving No Bids

Chevrolet entered the realm of NFTs in mid-June by creating a special piece of art for the 2023 Corvette Z06 and hoping to auction it off with a real-life Z06. However, no offers were placed in the online auction.

Due to the declining cryptocurrency market, consumer interest in NFT projects has dwindled, and anybody wishing to acquire the Z06 ‘Own the Color’ NFT would have required to part with at least 206 ETH ($228,000 at the time of writing), the opening offer for the piece of art.

Corvette Blogger points out that the auction initially concluded with no bids on Friday. However, SuperRare, the crypto firm selling the piece, quickly stated that it was extending the sale for a further 24 hours, stating that consumers “missed the Corvette Z06 NFT auction window” due to the recent NFT.NYC event. However, even extending the auction did not result in any offers.

Chevrolet’s Trevor Thompkins described the initiative as “educational” for the manufacturer.

Chevrolet Corvette Z06 NFT Flops After Receiving No Bids
Chevrolet Corvette Z06 NFT Flops After Receiving No Bids

“Our initial move into Web3 was informative, and we will continue to explore ways to harness technology to help our clients,” said Thompkins. “The ‘Own the Color’ initiative has allowed us to build contacts and learn from industry heavyweights like xsullo, SuperRare, and The Crypt Gallery on how to approach the dedicated NFT community in an honest way.” We’ll use what we’ve learnt to future initiatives.”

Chevrolet intended to manufacture the rare 2023 Corvette Z06 in a one-of-a-kind colour called Minted Green. The Z07 Performance Package, a commemorative plaque, and carbon fibre wheels were also planned.

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While the Z06 NFT did not sell well, the much anticipated 2023 model is likely to generate a lot of interest when orders begin. Although no pricing information has been released, most sources believe it will start around $90,000.

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