It may sound a bit far-fetched, but Chevy has decided to auction a dedicated Corvette NFT. But that’s not all – the automaker will also award the winning bidder with a brand new car. Nick Sullo who goes by the name of “xsullo” online, is responsible for creating NFT that highlights a green lime Corvette Z06 running across a cyberpunk space.
Brace for the New Auction
The new auction is set to combine Nick Sullo’s NFT and 2023 Corvette Z06 custom-painted to match the art. It is crucial to understand that the new Z06 represents the top-of-the-line car from Chevy and stands out from other supers with similar Italian names.
In fact, this is the first Vette with an aspirated V-8 5.5-liter mid-engine. it might come across as a radical design but the focused and tactile supercar rises above its predecessors. You can expect Z06 to start production in mid-summer of 2022 and will become available on sale as early as 2023.
Perfectly Green Minted
The winner won’t just receive Sullo’s minted NFT – the winning bidder will also get a green minted Corvette. In fact, it would be a one-of-its-kind green-painted car in Chevy’s collection. What’s interesting is that the automobile company affirms that it will not mint the green color to other Z06 production.
On top of all, the new car will come with an RFN option code, which will seal the association of the minted vehicle with NFT. Since non-fungible tokens are digital and computer systems use binary to process them, the VIN number of the new Corvette will be in the form of binary.
SuperRare NFT Marketplace
SuperRare NFT marketplace is overseeing this NFT auction that will continue until June 24, 2022. NFT marketplace like SuperRare has clarified that it will only accept bids in Ethereum. And that’s because most people buy NFTs in Ethereum.
However, with the recent drop in ETH prices, several crypto entities have decided to scale back. The good news is that all proceeds of the auction will be donated to an education charity like DonorsChoose. The elephant in the room is the current crypto market volatility and some might hint that the timing of the auction is far from perfect.
The Decline of Crypto Assets and Devaluation of NFTs
As of now, prices of digital assets have started to hit all-time lows. This, in turn, has devalued some of the best NFT collections. Since the start of April, Ether prices have dropped by 64%. On the other hand, market value toward NFTs is hit rock bottom.
On average, the prices of NFTs have had a market devaluation of over 70% in a few months. It is no wonder more and more cryptocurrency organizations like Coinbase have decided to scale back and lay off a significant chunk of their employees.