Chevy’s first NFT auction closed with no bids

Chevy’s five-day auction which featured its first-ever NFT artwork by Nick Sullo (known by his alias, xsullo) and a custom-coloured mint-green Corvette Z06, closed with zero bidders. 

The bidding opened on June 20 and ended on June 24 with zero bids despite a real-life 2023 Corvette Z06 being included in the package for the ‘would-have-been’ winning bidder. The Corvette Z06 ‘will be the only car painted in that colour’ and comes with an option code RFN. 

SuperRare, the NFT marketplace which hosted the auction had extended the auction by 24 more hours after the closing time due to some users missing out the bidding window. However, the second auction ended with zero bids again.

The auction only accepted bids in Ethereum, which was volatile during the week of the auction. The second largest cryptocurrency by market cap dropped below US$ 1,000 two days before the auction and stabilized to US$ 1225 on the auction’s last day. 

According to a report by The Verge, the real loser of the auction was ultimately an education-focused charity called DonorsChoose, which was supposed to receive portions of the sale from the auction.

Chevy spokesperson, Trevor Thompkins, addressed the event with a statement that noted their first foray into Web3 has been an ‘educational’ experience and they will continue to seek better ways to benefit their customers. 

‘Our first step into Web3 has been educational, and we will continue to explore ways to leverage technology to benefit our customers,’ he said. ‘We’ll take what we’ve learned and apply it to future projects.’

Photo: Chevy