In June, Chevrolet hoped to cash out a cryptocurrency jackpot that saw Lamborghini Aventador LP 780-4 Ultimae Coupe’s last package, a non-fungible token, created by Steve Aoki and sold for $ 1.6 million. I was there. Therefore, we provided a unique automobile-themed NFT.
Chevrolet combines a digital image of the Corvette Z06 in a Blade Runner-style cityscape with a real 2023 Vet custom-painted to match the artwork. The Detroit car maker Acid Green duo did not receive a single bid, even after the sale was extended by one day. Corvette spokesman Trevor Thompkins characterizes this effort as “very educational.”
Chevy will eventually return to digital assets, says Thompkins. So far, the blunder continues to be a prominent example of the spectacular volatility of the NFT market.
On July 14, Ethereum NFT’s average selling price fell to $ 391, down 84% from the May average of $ 2,436, according to Cryptoslam data. According to Dune, sales of OpenSea, the world’s largest NFT market, have fallen 75% since May.
Still, pumped brakes do not mean that the ride is over. If you google for the name of the car manufacturer with the term “NFT”, you’ll notice that you’re swimming in art. Porsche, Bentley, Rolls-Royce, BMW, Hyundai, Lotus, Nissan and others have announced the project.
Falling prices can question the long-term usefulness of NFTs in companies built on real-world tangible assets, but the urge to make money, whether cryptocurrencies or not. Will not disappear. Chevy’s neon-bright attention story shows that automakers have to make some simple photos by fresh artists and do more than expect a plunge.
Jonathan Victor, Business Leader of NFT.Storage and Head of NFTs at Protocol Labs, which builds Internet tools, said:
“We’re definitely in the winter of cryptocurrencies,” says Alex Micol, who founded the online ad developer Scalers Agency and the NFT-based community Divergents Key in 2021.
According to experts, smart brands use NFTs to build a community of fans and collectors. Getting a specific NFT should feel meaningful.
“Automotive companies need to focus not only on collectibles, but on the value users get from NFTs,” says Micol. “You don’t just give your car to the highest bidders. You need to provide real value, such as invitations to exclusive events and F1 tickets. You need to provide access to the community.”
Small souvenir NFTs like those offered at sporting events do this well. They are called Proof of Attendance Protocols or POAP, and you can, for example, brag that someone has used them to go to all Dallas Mavericks games.
Limited edition runs and authenticators of merchandise (including cars) also apply. Fashion houses already use watermark-like NFTs to protect luxury items such as bags and watches. Access to special events, VIP privileges, and other exclusive content accessed through NFT ownership also creates a sense of friendship.
“As a brand that knows what consumers like, do you really understand how to create an experience that can show them that this is part of their identity?” Victor? Mr. says.
The Mercedes-Formula One fan NFT Ticket Stub’s AMG racing collection does this. The brand has created 2,500 numbered ticket stubs each for most races. In five races, there are 1,000 rare editions in collaboration with various artists, for a total of 14,888 NFT. Fans registered for free on the FTX platform to get stubs and unlocked gate access to releases and physical prizes. The idea was to collect the entire Mercedes F1 collection. The minimum price was 0.04 SOL (about a penny) and Thursday’s average sales were $ 8,124.
Greater ambitions may need to be reduced.
Porsche succeeded in selling the first large-scale NFT for about $ 90,000 in August 2021. (Ether tokens are currently worth $ 60,000.) The carmaker then announced the entire NFT program at its March annual press conference.
Lutz Meshke, then Vice Chairman of the Board of Porsche, said: “I am looking forward to a very moving Porsche quality product.”
Since then, the Porsche NFT site has been headlined “coming soon”.
“Currently, there are no live NFT auctions or additional activities planned at Porsche. As Meshke said, something is being created now,” a spokesman added.
Meanwhile, Bentley is approaching the 208-piece Genesis NFT drop in September this year with an open mind. Bentley spokesman Jeff Coolman said this was the brand’s first foray and ultimately other cryptographic applications such as games, blockchain operations, and NFTs directly associated with each vehicle’s VIN. Will be included.
Updated: July 16, 2022 4:00 am