What happened to all the cycling NFTs?
November 26, 2023
It’s May 2021 and Colnago has just sold a video of a bike for more than US$8,500. Not an actual bike, a video of a vibrantly coloured C64 that just spins around. Anyone can download the video themselves, but one person has just paid a lot of money for documented proof that they own the original copy of that spinning C64.
It’s all incredibly weird. Colnago explains that the video is actually a “non-fungible token” – an NFT – that uses something called a blockchain to track ownership. The Italian bike brand is the first big name in the world of cycling to climb aboard a hype train that’s been building speed around the world in the months prior. escape