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{"id":8025,"date":"2022-06-15T14:40:13","date_gmt":"2022-06-15T14:40:13","guid":{"rendered":"https:\/\/scienceandnerds.com\/2022\/06\/15\/chevy-is-auctioning-off-a-corvette-nft-and-the-winning-bidder-gets-the-car-too\/"},"modified":"2022-06-15T14:40:14","modified_gmt":"2022-06-15T14:40:14","slug":"chevy-is-auctioning-off-a-corvette-nft-and-the-winning-bidder-gets-the-car-too","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2022\/06\/15\/chevy-is-auctioning-off-a-corvette-nft-and-the-winning-bidder-gets-the-car-too\/","title":{"rendered":"Chevy is auctioning off a Corvette NFT, and the winning bidder gets the car, too"},"content":{"rendered":"

Source: https:\/\/www.theverge.com\/2022\/6\/14\/23166278\/chevy-corvette-nft-xsullo-auction-blockchain-web3-crypto<\/a>
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Chevrolet is the latest automaker to jump on the non-fungible token bandwagon, but it\u2019s taking a slightly different approach. Chevy announced plans to auction off a Corvette-themed NFT, but the winner bidder won\u2019t just get recorded on the blockchain, they\u2019ll also get the actual sports car inspired by the artwork. <\/p>\n

The NFT, which depicts a lime green Corvette Z06 blasting through a cyberpunk landscape, was created by artist Nick Sullo, who goes by xsullo<\/a> online. The upcoming auction pairs Sullo\u2019s NFT with a custom-painted 2023 Corvette Z06 color-matched to the art. <\/p>\n

In case you need a refresher, the new Z06 is Chevy\u2019s shot-across-the-bow for all the other supercar manufacturers out there with Italian names. Its the first \u2018Vette to feature a naturally aspirated 5.5-liter V-8 mid-engine, located directly behind the driver. And it\u2019s a more hardcore, tack-focused sports car than its predecessors. The Z06 is expected to go into production summer 2022, and will be on sale as a 2023 model. <\/p>\n

The winning bidder will not only get xsullo\u2019s NFT but also the \u201cMinted Green\u201d Corvette (get it?), which will be the only car painted in that color \u2014 Chevy vows to not apply the Minted Green color to any other production Z06. Not only that, but the car will carry the option code RFN, which will \u201cforever associate\u201d the car with the NFT auction. And the Corvette\u2019s VIN number will be in binary because NFTs are digital and computers use binary and you get it. <\/p>\n

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The auction, which is being overseen by NFT marketplace SuperRare<\/a>, will be held June 20\u201324, and bids will only be accepted in Ethereum. (Most NFTs are purchased with Ethereum.) Chevy says all the proceeds will go to DonorsChoose, an education charity. <\/p>\n

The NFT auction comes at a time of extreme volatility in cryptocurrency. Prices are plummeting<\/a>, along with NFT values. Ethereum has dropped 64 percent since April 1st, while the most lauded NFTs<\/a> have seen their floor price \u2014 price for the lowest one on the market \u2014 drop more than 70 percent. In response, some cryptocurrency firms are scaling back; Coinbase announced it was laying off 18 percent of its workforce<\/a>. <\/p>\n

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