Why Bike Club NFT Ditched NFTs

April 13, 2022

After receiving waves of criticism, the world’s first blockchain-based cycling club pivoted away from NFTs. For now.

In the weeks after its launch, Bike Club NFT generated waves of online criticism. Social media users labeled the club a scam and a Ponzi scheme and chastised its founders for tying the club to the cryptocurrency ethereum. Multiple news sources have reported on ethereum’s energy-guzzling operating systems, likening the blockchain’s electricity use to that of Libya. Outside Online