‘Phyigital’ – It’s a word that’s been chucked around like sunscreen on a hot day, and in practice, the idea of being the only person on the planet with a 1 of 1 item that corresponds with a digital asset is actually pretty cool. And there are few 1 of 1 digital assets as cool as a Chevrolet ‘Minted Green’ Corvette Z06 that grants you access to the real thing. That is, until the real-world – such as legal issues, *imagine that* – start to get hold of your big Web3 ideas, to the point they prevent an ‘owner’ from profiting off the digital investment at all. Yeah, they start to fall a little flat.
If you’re already lost, check out our article explainer on what an NFT is, and then come back just as confused as you were before as we embark on the wild ride of the Chevrolet Corvette Z06 NFT, first reported by Carscoops.
Consumer NFT projects have all but lost interest due to the ever-falling cryptocurrency market, but if you were the cashed-up crypto king that also couldn’t wait to drive around in an obscenely coloured Z06 ‘Vette wouldn’t you want to drop a cool 206 ETH (~$325,500 AUD at the time of writing) on a Phygital? Apparently not, as not a single bid was placed as the ‘Own the Colour’ NFT auction as it ended, with the marketplace, SuperRare, announcing they were extending the auction for an additional 24 hours shortly after. According to the marketplace, users “missed the Corvette Z06 NFT auction window” because of a recent NFT.NYC event. Sure, sure.
24 hours later, with the auction window finally ending, not a single bid had been placed. This led Chevrolet’s Trevor Thompkins to address the situation, stating;
“Our first step into Web3 has been educational, and we will continue to explore ways to leverage technology to benefit our customers… The ‘Own the Color’ project has enabled us to establish relationships and learn from leaders in the space, such as xsullo, SuperRare and The Crypt Gallery on how to authentically approach the passionate NFT community. We’ll take what we’ve learned and apply it to future projects,” he said.
The Fine Print
Reading the fine print uncovers a few issues that would immediately turn any NFT investor away regardless of the market situation. The fine print states “the NFT can be sold separately for personal use only, not as an investment.” It’s worth noting that without any return on investment, the NFT is nothing but a JPEG with some aftermarket paint and a pair of keys that costs more than twice the price of a base Z06.
Some hilarious takeaways from reading the fine print of the auction also include;
- The paint colour (Minted Green) will be applied by a third-party service provider to the Vehicle, and such paint will not be covered by GM’s New Vehicle Warranty.
- Once the auction sale is final, the NFT and the Vehicle are no longer bound together and the NFT can be sold separately for personal use only, not as an investment.
- The proceeds of this auction (including primary sales and royalties on secondary sales) will be directed to the charity DonorsChoose as charitable donations.
- The winning bidder of this NFT is granted a limited, non-exclusive license to display the NFT for personal, non-commercial use.
- All intellectual property, including but not limited to, trademarks, service marks, trade dress (including vehicle body designs), and design patents, remain the exclusive property of GM.
To find out more information about the ‘Own the Colour’ Chevrolet Corvette Z06 auction, check out the link below.