Chevrolet’s First NFT Launch - A Flop?
Global companies, retail chains, and even automakers are getting in on NFTs. The latest entry into an NFT event is Chevrolet’s first NFT launch. The launch promised to throw in a brand new Chevy Vette Z06. The NFT is a depiction of the car in a bright lime-green color, a masterpiece by artist Nick Sullo. It’s a monster car in every sense of the word and looks to be the epitome of a luxury sports car.
The launch took place on SuperRare, an NFT marketplace built on the Ethereum blockchain. The opening bid for the NFT was set at 206 ETH, which is about the equivalent of 235,550 USD. If you managed to snag the NFT, you’d also get the real-life Z06 painted in a unique lime-green like the NFT. It would be the only one released in that shade.
However, the launch was not a success the way the auto brand hoped. This speaks volumes about the engagement in the NFT community as of now as a potential recession hits, and the auction saw 0 bids in the first 5 days.
Aside from the bear market in NFTs and crypto at the moment, other contributing factors to the lack of interest in Chevrolet’s NFT could possibly include the fact that the car has not yet been manufactured (you’d be bidding for a vehicle that will go into production after the auction and delivered around September 2022).
Then there is also the fact that you can only bid in Ethereum, which is one of many cryptocurrencies out there. There have been some offers since its initial launch, but the bids are nowhere near as much as the starting bid before, with the highest offer at only 6.9 ETH (around 8,000 USD).