Domain Daily: No Bid

The Dose

  • Chevy Strikes Out With Its First NFT

  • Meta Quits Crypto

  • Smart Contacts

Chevy's First NFT Goes No Bid

The company tried to sell an NFT (as well as a real-life Corvette) on the SuperRare marketplace. Unfortunately for the automaker, the sales gimmick garnered exactly zero bids.

The Point: Obviously, Chevy's timing wasn't great. Crypto prices have crashed, and NFT demand is in the gutter. But there was still good reason to think someone, anyone, would show some legitimate interest. That's because this wasn't just an NFT auction. The artwork, depicting a Corvette speeding through a city, "came with" an actual car. That car, a Corvette Z06, would be the only one made in the exclusive Minted Green color scheme this year. The idea was that the NFT would serve as proof of this exclusivity. For its part, General Motors says it's using this as a learning experience. "Our first step into Web3 has been educational, and we will continue to explore ways to leverage technology to benefit our customers," said a Chevy executive. "We'll take what we've learned and apply it to future projects."

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Meta Shuts Down Its Crypto Wallet

Meta is giving up on Novi, its digital payments wallet, after less than a year. The tech giant told users they'd no longer be able to access Novi after September 1st.

The Point: Meta/Facebook's move into cryptocurrency has been a long, strange trip. Initially, the company tried to launch a stablecoin known as Libra. That project met immediate resistance from regulators who feared that a private currency issued by a tech giant could threaten the traditional financial system. The company then pivoted to a much more modest project known as Novi. Novi is a digital wallet that uses an existing stablecoin (a cryptocurrency that has a set value) to let users send free and instant payments. Now it's also giving up on Novi, less than a year after its launch. In its announcement, Meta did not explain its decision. It's easy to chalk this up to the recent turmoil in crypto markets. And that's probably part of it. But given everything that has ensued since it first announced Libra, it's also probable that the company has grown tired of the scrutiny its crypto ambitions have engendered. 

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Forget Smart Glasses; Smart Contacts Are Already Here

Mojo Vision, a California-based company, announced it has a working prototype for smart contact lenses

The Point: We've highlighted a lot of so-called "wearables" over the last few months. Apple, Alphabet, and Meta are all cooking up devices. But Mojo's looking to skip ahead by going from glasses to lenses. Going off this demonstration, the company has made significant progress. However, the current iteration of the device still requires users to wear a "relay" device around their necks (that's where the actual computing happens). So, no doubt, it's going to be years, if ever, before Mojo's lenses hit the market. But this news is just another indication of how much work is being put into making wearables the next big thing.

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*Domain Money Advisors, LLC, an investment adviser registered with the U.S. Securities and Exchange Commission and an affiliate of Domain Money, has (as of this writing) the following assets mentioned in this communication as part of its managed portfolios: GM, META, AAPL, GOOGL