Chevy announces NFT auction for IRL Corvette Z06

American automaker Chevrolet will drop a unique art NFT on SuperRare that matches a real 2023 Corvette Z06. Chevy’s NFT auction, titled “Own the Color,” will run from June 20-24, and interested buyers will be required to pay with ETH.

Chevy’s NFT has a high-definition image with a bright green Corvette Z06 hurtling through neon-lit streets. Chevy asked prominent digital artist Xsullo (aka Nick Sullo) to create his first art NFT.

Chevy promises that the winning bidder will receive the only IRL Corvette Z06 with a “Minted Green” paint job – the same color as pictured in the NFT. The GM subsidiary also said its “Own the Color” NFT grants holders a binary VIN, a special plaque and the option code RFN.

According to news week, Xsullo will be showing his “Own the Color” NFT during the NYC.NFT festival. Anyone in the Big Apple could see this NFT at the Crypt Gallery in New York.

Whatever GM picks up from its first NFT auction will go to the nonprofit DonorsChoose.

Buying cars on the Blockchain is becoming more common

The ‘Own the Color’ auction may be Chevy’s first step to Web3, but many other automakers have auctioned NFTs related to literal vehicles. Indeed, just a few months ago, Rarity Sniper reported on Lamborghini selling a historic Aventador LP 780-4 Ultimae Coupe with an NFT designed by Krista Kim and Steve Aoki.

Interestingly, the DeLorean Motor Company says it will use NFT technology to sell the ownership rights for its limited-edition Alpha5 electric vehicles. In addition to verifying car ownership, DeLorean suggests the upcoming NFTs will be “playable” across many popular metaverse platforms.

Speaking of NFT cars in the metaverse, McLaren Automotive recently announced an NFT partnership with the company InfiniteWorld. This deal aims to offer McLaren exclusive NFTs to fans on InfiniteWorld’s metaverse platform. However, it is unclear whether McLaren plans to sell its physical vehicles with NFTs.

Alfa Romeo is another car manufacturer that uses the blockchain in its business operations. Specifically, Alfa Romeo says that people who order a 2023 Tonale SUV will receive an associated NFT that serves as a “digital certificate” and will record maintenance work on the blockchain.

There is even a crypto-friendly marketplace called “CarForCoin” that sells IRL luxury vehicles linked to NFTs. Whoever wins the car NFTs on CarForCoin gets the physical vehicle and a QR code that helps verify both NFT and car ownership.

Even if car companies don’t sell NFTs with their vehicles, many accept transactions over the blockchain. For example, Ferrari recently made headlines when it sold a 1989 Ferrari 640 for $3.6 million paid in crypto.

It may not be long before customers can purchase a vehicle using blockchain technology.

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