Chevrolet’s first foray into Web3, which came via the launch of a 1/1 ‘Own the Color’ NFT and included a physical lime green Corvette Z06, has ended in bitter disappointment – as zero bids were made on the asset’s auction.
For background, the ‘Own the Colour’ NFT features digital artwork of a ‘minted green’ Corvette Z06 (designed by digital artist xsullo), as well as a physical 5.5-litre, V-8 mid-engine 2023 Corvette Z06 counterpart. The car would’ve also been the only one to be painted in a ‘minted green’ aesthetic, and it would’ve also come with the option code ‘RFN’ to forever associate it with the NFT auction.
Despite such an extravagant and unique asset being up for grabs, its SuperRare hosted auction (which ran from June 20th-24th) was received with zero bids, despite SuperRare extending its lifespan for another 24 hours because some users ‘missed’ the auction’s window.
As bids were needed to be placed in Ethereum, the current bear crypto market may be partially to blame for the auction’s lack of participation.
Although disappointing (and rather embarrassing) for the car manufacturer, the real losers in this instance is education charity DonorsChoose, who were set to receive all of the revenue generated from the auction.
