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Chevy auctions off Corvette NFT

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Yahoo Finance autos reporter Pras Subramanian joins the Live show to discuss Chevy's NFT auction where the winner will receive a physical Corvette.

Video Transcript

DAVE BRIGGS: All right, I want to ask you about the NFT space. Admittedly, not a huge fan of it because in most cases, it doesn't come with the physical, something I could feel, touch, put on the wall. Not the case with this fancy new 'vette. Tell me about that.

PRAS SUBRAMANIAN: When I first read about it, I thought to myself, another gimmick? Come on. NFTs, why aren't we done with this? But you're right, Dave. It does-- it is connected to an actual Z06 limited edition Corvette in that special color, one of one color. That's a really hot car. And actually, it might actually be your only chance to get one of these because they're so hard to get. You might actually have to buy the NFT. I think right now, the opening bids are on-- I wrote it down-- around 200 ish Ether, which is about $220,000 US. So we'll see.

SEANA SMITH: That's a lot of money, but I actually thought you were going to say a lot more than that. Pras, do you think this is a start of maybe a trend in the auto world? Could we see more and more automakers here jumping onto the NFT bandwagon, almost, and offering similar deals to this?

PRAS SUBRAMANIAN: We've seen Lamborghini and Rolls-Royce on the high end hop on the NFT train. I think it could be a cool idea to give people, collectors, right, not only the cool car, but also the little digital artwork that maybe I'm maybe devaluing as an old school car guy. Maybe there is value there. And if they have the car there and a little wallet, my phone has an image of it, I guess that's got some cachet.

DAVE BRIGGS: It might boost the struggling NFT sector as well.

SEANA SMITH: Yeah, there's that, too.

DAVE BRIGGS: Just something to bring up the NFT market.

PRAS SUBRAMANIAN: The old NFT, [INAUDIBLE] make some money, right?

DAVE BRIGGS: Senior autos reporter Pras Subramanian, good to see you, my friend. Thank you.