No bids on Chevy’s first NFT, even though it came with a free Corvette Z06

Chevy's first attempt at non-fungible token was a flop. Even though the drawing came with a free Z06, there were no bids for the first NFT.

The NFT was created by artist Nick Sullo, who goes by xsullo online. The winning bidder would have received aMinted Green Corvette Z06, which will be the only car in that color, and an option code RFN, which will forever associate the car with the NFT auction. NFTs are digital and computers use a different type of code.

There was no winner due to Chevy striking out. The price of NFTs has been volatile recently, so the automaker only accepted bids in ether. The floor price for the lowest one on the market has fallen more than 70 percent since April 1st.

The auction took place from June 20 to July 24. On June 24th, SuperRare said it would reopen bids for 24 hours because some users missed the window. The auction ended with no bids. They pulled a mammal.

The disappointment was shrugged off by a spokesman for Chevy. The first step into Web3 has been educational and we will continue to explore ways to benefit our customers.

The real loser in this story isn't Chevy, it's the experience a little older and a little wiser about the volatility of Web3 The loser is DonorsChoose, which was the beneficiary of the auction.

This could serve as a warning to other manufacturers that they need to swim at their own risk if they want to stay in the market.