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The winning bidder for the Corvette NFT from the global automobile brand, Chevrolet, will also go home with the real car. This is a real shock especially when it’s being done in a bearish crypto market.

Although other automobile giants like Nissan, Toyota, Mercedes Benz, and Volkswagen have taken steps to explore blockchain possibilities by entering the metaverse, this is the first crypto-related step by Chevrolet. And it’s coming with a rare advantage.

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The NFT and The Auctioning

Nick Sullo AKA xsullo online, an NFT artist, is the creator of the NFT showing a lime green Corvette Z06. And as mentioned earlier, a real-life custom-painted 2023 Corvette Z06 color-matched comes with it.

The car, which will go into production in the summer of 2022 and be sold as a 2023 model, is a rare product as the first ‘Vette to have a naturally aspirated 5.5-liter V-8 mid-engine, placed behind the driver.

Apart from this, Chevy has decided that no other 2023 Corvette Z06 with the same color will be produced, the car will have the option code RFN, connecting the car with the NFT auction, and the VIN number of the Corvette will be in binary.

SuperRare marketplace is the chosen spot for the NFT auctioning which will take place between June 20–24, 2022 with all bids done in Ethereum. Proceeds from the process will be given to DonorsChoose, an education charity.

NFT “Giveaway” in a Declining Crypto Market

It’s surprising to see that such a step is taken at a time the global crypto market has lost so much value: BTC has fallen from $48k to $20k in the last three months while some organizations like Coinbase laid off 18% of its workforce.

Steve Majoros, Chevy’s VP of Marketing said that the project is an “important stepping stone for Chevrolet into future digital initiatives for our customers.” And Xsullo loves the project. “The Corvette Z06 is an ambitious car that I totally vibe with,” he quipped. “I’m drawn to how technology can make us feel, and I can tell the designers of Corvette Z06 draw from similar inspiration.”

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