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Non-fungible tokens (NFTs) are continuing to gain popularity, and automakers are starting to join in on the development. Recently, Chevy auctioned off a Corvette-themed NFT. But there’s a twist to why they did it. In addition to the NFT, the winner of the auction also received an actual Corvette Z06! The car, which is painted “minted green” to match the NFT, is customized, and the color won’t be used on any other Corvettes. The auction took place in June, and proceeds went to an educational charity.
There are some specifics about the 2023 Z06 that make it unique to the auction. In addition to not using the color on another vehicle, the Corvette’s VIN will be in binary. It will also carry the option code RFN, which will associate it with the NFT forever. Bids for the car could only be made in Ethereum, as that’s how most NFTs are purchased.
While the auction raised a lot of money for DonorsChoose, which is the charity Chevy has designated to give the money, it happened during a time when there’s a lot of volatility in the cryptocurrency market. A lot of these digital currencies are scaling back, laying off parts of their workforce, and seeing their prices and values drop significantly, as well. Scams involving NFTs are on the rise, too, with some people losing their NFTs entirely. Without central regulation of cryptocurrency, there’s no recourse.
Despite all of that, there are still many people who want to own NFTs and other types of cryptocurrency, and for the Corvette enthusiast the auction was a big draw. Whether people bid with the idea of getting a car along with their NFT, or an NFT along with their car, the end result was the same. One lucky winner has both, and an educational charity got a lot of money from Chevy, which sounds like a good deal.
At The Estate Planning & Legacy Law Center, we can help you evaluate and incorporate your digital assets and cryptocurrency in your overall estate plan. To learn more and to schedule a consultation, contact us today!