This NFT auction went live on the Web3 marketplace Super Rare on June 20th, with GM offering up a one-of-one 2023 Corvette Z06 finished in the exclusive Minted Green exterior color, along with an associated digital artwork/NFT of the vehicle created by an artist who goes by the name xsullo. The auction currently has a high bid of only 4.0 Ethereum, equivalent to just over $4,100 at the current exchange rate. Bidding for the auction was supposed to close on June 24th, however it seems as though Super Rare users can still place bids on it as of this writing.
A recent report from Bloomberg indicates that sales of Non-Fungible Tokens, or NFTs, have been “spiralling downward” in recent weeks after an initial frenzy in 2021, leading many valuable NFT works to crash in price. An NFT is a piece of digital data that is stored on a blockchain ledger, which makes them uniquely identifiable and therefore irreplicable, or “non-fungible.” As an NFT cannot be replicated, the digital artwork that represents the associated digital data stored on the blockchain can be sold or traded between users on an online marketplace.
All proceeds from this auction, assuming it will still go ahead, will benefit DonorsChoose, a nonprofit organization that allows American public school teachers to request and receive school supplies for everyday classroom work or special student projects.
As an interesting aside, the unique Minted Green paint on the 2023 Corvette Z06 auction prize will not be covered by GM’s factory warranty, as it will be painted by a third-party shop, rather than at the GM Bowling Green plant in Kentucky. The prize vehicle also comes equipped with the Z07 Performance Package and will be delivered to the customer through an official Chevrolet dealership of their choosing.