Why Chevy canceled to build this Unique Car??

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Chevy’s first attempt to enter the Web3 failed, and now it’s canceling to build its one-of-one car.

The famous car company Chevrolet announced its collaboration with artist xsullo last month. Xsullo is known for designing unique NFTs (non-fungible tokens) and had made one for Chevy. This NFT would have been auctioned along with Chevrolet’s one-of-one Corvette Z06 equipped with the Z07 package and painted exclusively in a Minted Green color.

The auction was organized by SuperRare, a crypto-focused organization that has already sold several of xsullo’s artworks successfully before. Unfortunately for Chevrolet, no one showed up at the auction, and not a single bid was placed. SuperRare claimed that another NYC event acted as a distraction due to which the bidders had “missed” their window and extended the bidding period for another 24 hours. 

All these efforts were futile as no one showed up. The unique Crvetter was supposed to be owned by the NFT owner, and as the NFT failed to sell, Chevy is not assembling this car anymore. 

One reason for the failure of the auction might be the complicated auction process. The process required bidders to have an e-wallet full of Ethereum cryptocurrency and a SuperRare account to bid. The opening bid was valued at around $240,000 to $250,000, equivalent to 206 ETH, which is a reasonable amount for a one-of-a-kind Corvette. 

The Web3 world is still evolving and is very predictable. It is hard to predict what the NFT enthusiasts would appreciate and what they won’t. Chevy’s spokesperson said it was a learning experience for them, and they will apply what they have learned now in their future attempts. As far as xsullo’s artwork is concerned, nobody knows what will come of it.

It’s a shame that Chevrolet had to cancel building such a beautifully unique car. What are your thoughts about the cars being sold with NFTs? Do you think cryptocurrency is the future? Share your thoughts in the comments below!

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