Unless you’ve been under a rock lately, you’ve likely seen images of a swanky “Minted Green” Z06 Corvette tearing up some illustrated street in a very Manga-style artwork. Dubbed the “Own The Color” auction, GM has joined with creators and co-signors of the “metaverse” to create a Non-Fungible Token (NFT) centered around the upcoming and highly anticipated Z06 Corvette.
If you thought Chevy was focusing on a younger market when it introduced the C8 Corvette, hold onto your hats as we explain how this auction works and what an NFT really is, or isn’t. First, we understand that those who have the means to obtain one of the latest and greatest Corvettes will always desire a way to set themselves apart from the rest of the crowd. GM understands this and in fact, an NFT fits into this mindset perfectly.
An NFT (Non-Fungible Token) is a digital representation of an item that is unique and cannot be replaced with something else. It is a digital identifier that cannot be copied and is recorded in a blockchain which is used to certify authenticity and ownership. It is unique, so far as it is the only “official” one in a digital existence. Seems like it would make for a perfect match for those Z06 early adopters, right? GM thinks so too!
We surmise that is exactly why Chevrolet joined the NFT market and is offering enthusiasts an opportunity to bid on a 1-of-1 piece of NFT artwork created by Nick Sullo, AKA, “xsullo”, along with a first—and only—of its kind 2023 Corvette Z06 in Minted Green. The auction was scheduled to occur on the SuperRare NFT marketplace from June 20th, 2022, 9 AM EST to June 24th, 2022, 3 PM EST.
The Ups And Downs Of “Owning The Color”
At first glance, you’d think you’re purchasing the artwork, and the 2023 Corvette Z06 goes along as the subject that was used. In the listing of the NFT terms, Chevy explains, “The NFT is a unit of data on the Ethereum blockchain representing a digital file in existence at the time of the auction… For the avoidance of doubt, all references to the NFT do not refer to the Artwork.” So, we’re guessing you don’t really own the artwork either, just the stack of ones and zeroes somewhere that represents the artwork online? I mean, how can you Copywrite an image that has been previously circulated around on the internet? Upon conclusion of the auction of the NFT, GM agreed to grant the winning bidder a limited, non-exclusive, non-transferable license to display the artwork for personal, non-commercial use. Again, hard to explain the benefits of owning, or how these NFTs work.
As mentioned, owning the NFT (and getting the Minted Green Z-car to go with it) is the only way to officially “own” what is to be the only 2023 Z06 painted this color, which will be applied by a GM-approved third party. That brings in a few other considerations, such as, “the Vehicle will be transferred “as is” without any other specific warranty, express or implied,” by GM. Also, there is no provision against another enthusiast digging the color and having their C8 or a Z06 Corvette wrapped in a similar color.
Three days into the auction, the price of buy-in still resided at the initial bid of 206 “ETH” which is short for Ethereum, a form of cryptocurrency and the only type of currency accepted for the auction. The current value of an “ETH” is $1,095.39, which makes the initial bid for this NFA and the attached (with strings attached) Z06 somewhere in the range of $225,650.34. A real bargain considering what Rick Hendrick has paid for several other “first of” Corvettes.
Auction Ended Early, And Extended
Checking in before the scheduled closing of the auction, we noted that the auction ended six hours prior. The auction had 18,195 views but as far as we can tell, had no bids willing to give up their crypto for the Minted Green ride. Checking back after the auction’s official ending time, we noted that it was back on. SuperRare shared a tweet, stating “Due to the craziness of NFT.NYC, we had users express disappointment they missed the Corvette Z06 NFT artwork auction window. We’re opening the auction for 24 more hours for all collectors.”
Due to the craziness of https://t.co/ShvX5bq8r8, we had users’ express disappointment they missed the Corvette Z06 NFT artwork auction window. We're opening the auction for 24 more hours for all collectors.https://t.co/jgRVIiVN9u pic.twitter.com/WcZQlFkr8K— SuperRare 💎 (@SuperRare) June 24, 2022
As the bidding fired up again, there was one bid from belgianpov2 of .77 ETH, which currently turns out to be a bid of $938.89. That was the only bid during the auction. As such, one has to ask if Mr. belgian actually wins the NFT and its accompanying Z06 Corvette? This one may take a little time to sort everything out, but we’d be happy to take the keys of a minty-green C8 Z-car for under a grand!
The idea of the mid-engine Corvette took decades to come to fruition and perhaps NFTs just need a little more germination time for folks to warm up to them. Forward thinking has given us so many benefits in the automotive world and maybe in time, NFTs will come into their own as well. Only time will tell, but for now, like apparently all other Corvette enthusiasts, we’re going to continue living with an actual wallet, to buy things we can then bring home. Our real home, not someplace on a cloud service or remote blockchain somewhere.