Chevrolet's First NFT Draws Zero Bids Even Though It's Accompanied by a Corvette

American automaker Chevrolet has seen (nearly) zero interest in its first non-fungible token (NFT) event, even though it's promised to come with a free 2023 Corvette Z06.

Dubbed "Own the Color," the NFT displays a lime green Corvette Z06 and was created by digital artist Nick Sullo, who goes by xsullo online.

The auction started on June 20 via the NFT marketplace SuperRare. According to the auction description page, the opening bid was ETH 206 (USD 235,550). 

The potential winner would have also received a unique “Minted Green” Corvette Z06, which would be the only car painted in that color, as well as an option code RFN, which would “forever associate” the car with the NFT auction.

As intriguing as it sounds though, the auction netted zero bids during the first period between June 20 to June 24. 

Subsequently, SuperRare announced that it would extend the auction for an additional 24 hours, saying that “due to the craziness of NFT.NYC event” some users "missed the Corvette Z06 NFT auction window.”

However, the auction closed again with zero bids after 24 hours.

Notably, the promised Corvette Z06 that comes with the NFT is not currently in existence. According to the terms of the NFT Auction, the vehicle was planned to be created after the auction and delivered by September 2022, subject to change.

The lack of interest in the NFT can be largely attributed to the overall sour market conditions. The automaker was only accepting bids in Ethereum, which is currently (8:41 UTC) down by nearly 77% compared to its all-time high, according to CoinGecko. It is unchanged both over a day and over a week, trading at USD 1,141.

In a comment to Corvette Blogger, the automaker reportedly said that their first foray into NFTs "has been educational" and that they "will continue to explore ways to leverage technology to benefit" the customers. 

They added:

"The “Own the Color” project has enabled us to establish relationships and learn from leaders in the space, such as xsullo, SuperRare and The Crypt Gallery on how to authentically approach the passionate NFT community. We’ll take what we’ve learned and apply it to future projects."

Over the past 10 days, there have been five offers for the NFT, according to SuperRare, the first and lowest of which is ETH 0.77, and the last and highest is ETH 6.9.