Chevrolet Eyes NFT Auction for Its New Corvette, Winner Receives Physical Car

Automobile manufacturer Chevrolet recently announced its plan to enter the NFT industry. For this particular project, Chevy will be auctioning off a lime green Corvette Z06 NFT designed by artist Nick Sullo — known as xsullo online. The NFT will also feature the digital artwork cruising through a cyberpunk landscape.

Chevy’s new Z06 Corvette is the first of its make to have a naturally aspirated 5.5-liter V-8 mid-engine, which is located directly behind the driver. The automaker also made it a more track-focused sports car compared to its predecessors. Chevy plans the Z06 to go into production in the summer of this year, which will then be on sale as a 2023 model. Currently, the projected starting price for the vehicle is around $90,000.

The winning bidder at Chevy’s auction will own both the NFT and a unique, physical Minted Green Corvette. Chevy has, likewise, promised that it will not apply the Minted Green color to any other production of the Z06. The auction will be on June 20–24. NFT Marketplace SuperRare will manage the auction, and only bids in Ethereum will be accepted.

Chevy’s move, however, appears to be coming at a difficult time given the current state of cryptocurrency. Nonetheless, Chevy Vice President of Marketing Steve Majoros believes its “Own the Color” NFT serves as an “important stepping stone for Chevrolet into future digital initiatives for our customers.” Artist xsullo furthered that “the Corvette Z06 is an ambitious car that I totally vibe with,” which attracted him to take the project. “I’m drawn to how technology can make us feel, and I can tell the designers of Corvette Z06 draw from similar inspiration,” added Sullo.

The automaker also affirmed that proceeds from the auction will go to the education charity DonorsChoose. Chevy joins Hyundai, Lamborghini, and McLaren among the car companies diving into the NFT industry. Additionally, Nissan and Toyota are getting ready to enter the metaverse as well.

Sources: The Verge, NFT Evening