Photo Credit: Chevrolet
I don’t profess to be a knowledgeable insider when it comes to NFTs, or Non-fungible Tokens that have taken off in recent years. We look at these digital assets much like a collector of baseball cards except that the digital NFTs are unique in the sense that the blockchain behind them carries the unique digital identity of the owner. Artists like creating NFTs as it allows them to be paid or receive royalties on subsequent sales of the same artwork. Finally, another piece is that NFTs can be paired with a real-life asset and that’s what brings us here today.
Chevrolet has announced it will be joining the NFT craze by offering a one-of-one 2023 Corvette Z06 NFT artwork created by the artist xsullo. With the auction, Chevrolet is offering the ability to bid on the NFT with the winner also taking home a 2023 Corvette Z06 that’s color-matched to the same Minted Green as in the NFT artwork. At the conclusion of the auction, the winner will receive the NFT artwork, a color-matched 2023 Corvette Z06, and the right to say they “own” the Minted Green color for 2023.
Chevrolet explains the color ownership aspect here:
“Own the Color” means Chevrolet will not apply Minted Green to another production 2023 Corvette Z06. In addition to a digital certificate of ownership and authenticity for the art piece, the physical Corvette Z06 will carry the option code RFN — which will forever associate the car with this auction and it’s one-of-one status.
This exclusive artwork, the real-life Z06, and the ownership rights to the color will be offered via an auction at SuperRare. The auction will be live to eligible bidders worldwide from June 20-24 and those interested may only place bids in Ethereum. Proceeds from the sale will benefit DonorsChoose, an organization that “makes it easy for anyone to help a teacher in need and move us closer to a nation where students in every community have the tools and experiences they need for a great education.” Terms of the sale can be found at Chevrolet.com/CorvetteZ06NFTterms.
“Corvette is a halo at Chevrolet. It’s the pinnacle of performance and staying cutting-edge means getting into new territories as a bit of a pioneer,” said Steve Majoros, vice president, Chevrolet Marketing. “This is our company’s first NFT. We see ‘Own the Color’ as an important stepping stone for Chevrolet into future digital initiatives for our customers.”
The real-life 2023 Corvette Z06 will be equipped with the Z07 Performance Package, carbon fiber wheels, a commemorative plaque, and the one-of-one RFN RPO code. Further, Chevy says “the VIN for this Corvette Z06 is inspired by binary code, the language of computers, as a further connection between the car and Web3.”
SuperRare was founded in 2018 as a curated marketplace for high-quality NFT artwork built on the Ethereum blockchain. More than $300 million worth of the NFT-based “crypto-art” has been bought and sold on the platform. The artist behind the Minted Green NFT has sold numerous pieces on SuperRare and the collaboration with Chevy allows him to bridge the digital and physical worlds. The artist said “The Corvette Z06 is an ambitious car that I totally vibe with. I’m drawn to how technology can make us feel, and I can tell the designers of Corvette Z06 draw from similar inspiration.”
The “Own the Color” artwork will be available for viewing at The Crypt Gallery during NFT NYC, one of the biggest NFT events of the year. The Crypt Gallery, the first NFT gallery in the hospitality industry, is launching its second location at Dream Hotel Downtown in New York City. Chevrolet and SuperRare will also cohost a Twitter Spaces on June 20, featuring The Crypt Gallery, xsullo, and others to discuss this unique offering.
This will be the third charitable auction for the 2023 Corvette Z06 this year with $4.6 million raised and donated to non-profit organizations.
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