Chevrolet's Corvette NFT auction gets zero bids
Yahoo Finance autos reporter Pras Subramanian joins the Live show to discuss the underwhelming participation numbers in Chevy's Corvette NFT auction.
Video Transcript
- And Pras, before we let you go, we want to follow up on a story that we initially talked about last week, Chevy Corvette getting into the NFT craze. We talked about the fact that if you buy this NFT, you get a, quote, unquote, "free"-- you're paying for a 2023 Corvette. Didn't see demand. What happened?
PRAS SUBRAMANIAN: You know, talk about a big bust, right? So apparently, apparently, GM got no bids for this NFT tied to an actual Corvette Z06, you see right there, and that special paint job, a one of one model. Surprising when you think about it. But also, not surprising when you think about the fact you have to bid in Ether.
At current pricing, was around over $200,000 in Ether. And that meant, as a buyer, you needed to actually convert the US dollars into Ether, have that exposure, maybe even lose the auction. And you would have this Ether to convert back. With the crypto market kind of in a freefall and sort of volatile, I think it was too much of a risk to ask for someone to do that for bidders who wanted these cars. So, you know, thanks, but no thanks, I guess, from these bidders on the NFT.
- That makes a lot of sense, because when we were talking about it with the NFT space, I was like, this is actually the one that I could see making sense. But that conversion factor, the volatility in the crypto market, explains why we didn't see any demand for that, Pras. Thanks so much for hopping on. Have a great 4th of July.
