Chevrolet is the latest car company to start using non-fungible tokens, but it is doing things a little bit differently. Chevy said it would auction off an NFT with a Corvette design, but the winner won’t just get their name on the blockchain—they’ll also get the sports car that the artwork was based on.

Nick Sullo, who goes by xsullo online, is the artist who made the NFT. It shows a lime green Corvette Z06 racing through a cyberpunk landscape. Sullo’s NFT will be auctioned off with a 2023 Corvette Z06 that has been painted to match the colors in the art.

In case you need a reminder, the new Z06 is Chevy’s shot across the bow at all the Italian supercar makers out there. It is the first Corvette to have a 5.5-liter V-8 engine in the middle, directly behind the driver. And it’s a tougher, more focused sports car than the ones that came before it. The Z06 should go into production in the summer of 2022 and hit the market as a 2023 model.

The winner of the auction will not only get xsullo’s NFT, but also the “Minted Green” Corvette, which will be the only car painted that color because Chevy has promised not to use the Minted Green color on any other production Z06. Also, the car will have the option code RFN, which will “always” link the car to the NFT auction. And the VIN number for the Corvette will be in binary, since NFTs are digital and computers use binary.

The NFT marketplace SuperRare is in charge of the auction, which will take place June 20–24. Only Ethereum will be accepted as a form of payment. (Ethereum is used to buy most NFTs.) Chevy says that all of the money raised will go to the education charity DonorsChoose.

The NFT auction comes at a time when cryptocurrencies are very volatile. Prices are going down, and so are NFT values. Since April 1, the price of Ethereum has dropped by 64 percent, while the floor price of the most popular NFTs has dropped by more than 70 percent. In response, some cryptocurrency companies are cutting back. For example, Coinbase said it would lay off 18% of its employees.

Scams have also become more common, with some buyers falling for phishing scams that try to steal their NFTs. Because the blockchain and Web3 are not controlled by one person or group, people who are hurt by this have few options.

But the changes in the market don’t seem to bother Chevy. In a statement, the automaker’s vice president of marketing, Steve Majoros, called the “Own the Color” NFT a “important stepping stone for Chevrolet into future digital initiatives for our customers.”

For his part, xsullo says that the Z06 made him interested in the project. He said, “The Corvette Z06 is an ambitious car that I like a lot.” “I’m interested in how technology can make us feel, and I can tell that the people who made the Corvette Z06 did the same thing.”

Chevy isn’t the only car company trying out Web3 right now. Lamborghini and Hyundai are two other companies that have recently tried NFTs. Barrett-Jackson, a company that sells cars at auctions, sold four NFTs based on cars it sold to raise money for charity last year.

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