Many large companies enter the non-fungible token (NFT) sector with varying levels of success, hoping new collections serve as a way to engage fans and consumers, while also highlighting a new sector.
General Motors Company GM had a rough go at it with their first NFT auction.
What Happened: A recent auction for an NFT from GM's Chevrolet brand didn’t hit home with bidders.
An auction for a NFT that included a physical 2023 Corvette Z06 received zero bids according to the Corvette Blogger.
The NFT featured artwork from Nick Sullo, also known as xsullo online. The winner of the auction was set to receive a physical Corvette Z06 in the “minted green” color, which would be the only one of the model car to be painted that color.
The auction was hosted on SuperRare and accepted bids placed in Ethereum ETH/USD. After the five-day auction window closed, SuperRare opened bidding back up for 24 hours for users who “missed” the window.
There is of course a catch. While the auction didn’t sell the NFT, the opening bid was set at 206 ETH, or around $238,000. Days after the auction closed, bids of low amounts are being shows on the auction page with an opening bid of 0.77 ETH. The currently listed high bid is 6.9 ETH or around $7,524. No word on if Chevrolet will reach out to that user.
Why It’s Important: With a growing number of brands entering the NFT space, the Corvette NFT auction could be a valuable lesson
Chevrolet doesn’t seem too concerned with the failed auction.
“Our first step into Web3 has been educational, and we will continue to explore ways to leverage technology to benefit our customers,” Chevrolet spokesperson Trevor Thompkins told Corvette Blogger. “We’ll take what we’ve learned and apply it to future projects.”
Along with Chevrolet losing out in the failed auction, charity partner DonorsChoose misses out. The education-based charity was designated to receive portions of the sale prior to the start of the auction.
Other automotive companies including Ferrari RACE seem content on utilizing the NFT sector to reach new and existing fans.
Time will tell if General Motors comes back into the NFT space soon or puts things to rest for awhile.
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