General Motors subsidiary Chevrolet has partnered with non-fungible token (NFT) marketplace SuperRare to auction a single digital collectible representing the upcoming 2023 Corvette Z06. The project, titled “Own the Color”, represents Chevrolet’s first “appearance” in the Web3 space. The auction winner will also receive a physical version of the car.
The NFT artwork was created by digital artist xsullo and depicts the car in minted green. To make the auction and its products more exclusive, the Corvette Z06 will not be available for sale in minted green this year.
All proceeds of the NFT auction will be donated to DonorsChoose, a charity that financially supports teachers in need. As the auction will only accept Ethereum’s cryptocurrency as payment, the donation will also be made in crypto.
Combining the physical and digital realm ensures that the project is about the car and enhances the product’s futuristic and technological branding.
“Corvette is a halo at Chevrolet. It’s the pinnacle of performance and staying cutting-edge means getting into new territories as a bit of a pioneer,” said Steve Majoros, VP, Chevrolet Marketing. “This is our company’s first NFT. We see ‘Own the Color’ as an important stepping stone for Chevrolet into future digital initiatives for our customers.”
Other auto brands are also attempting to use NFTs to evoke futuristic and advanced branding. A good example is Lamborghini, which managed an NFT project linked to space exploration and digital space keys.
Audi launched an NFT as fractions of a single piece of art and Hyundai Motors launched a digital collection and collaborated in play-to-earn games. In contrast to Chevrolet’s approach, all three of these initiatives have loose ties to the company’s main product.
There are also examples where the blockchain campaign was more closely linked to the cars. Volkswagen’s South African subsidiary used NFTs in an advertising campaign for a new car, McLaren plans to enter InfiniteWorld’s metaverse with a collection based on its luxury cars, and Porsche auctioned an official sketch of one of its cars as an NFT on SuperRare.