Chevrolet announced its plans to auction a Corvette NFT. Aside from receiving the NFT itself, the winning bidder can also take home an actual sports car inspired by the artwork!

What are the details of Chevrolet’s Corvette NFT auction?

Artist Nick Sullo, known online as xsullo, created the Chevrolet NFT. The artwork depicts a bright green Corvette Z06 speeding through a cyberpunk landscape. During the auction it will be paired with a real 2023 Corvette Z06 custom painted in a color to match Sullo’s art.

Chevy’s new Z06 is the first Vette to feature a naturally aspirated 5.5-liter V8 engine located directly behind the driver. Additionally, it’s a hardcore sports car with more focus on tacks than its predecessors. Additionally, it will be the only car to be painted the Minted Green color as Chevy promises not to apply the color to other Z06s.

Ultimately, the highest bidder will receive both Sullo’s NFT and the “Minted Green” Corvette. The auction will take place on SuperRare from June 20th to 24th. According to Chevy, they will donate all proceeds to DonorsChoose, an education charity.

The NFT auction comes at a difficult time due to the current state of cryptocurrency. However, Chevy does not seem to be affected by the market fluctuations. According to Steve Majoros, Chevrolet VP of Marketing, their NFT Own the Color is an “important stepping stone for Chevrolet into future digital initiatives for our customers.”

Car companies enter Web3

Chevy isn’t the only automaker on the Web3. In fact, Hyundai, Lamborghini and McLaren have developed their NFTs. Nissan and Toyota have also made preparations to enter the Metaverse. All of these auto companies looking into NFTs are demonstrating the benefits of the emerging technology for both brands and consumers.