NFTs, that’s Non-fungible Tokens for the uninitiated, are beginning to appear in the cycling world, with the Bike Club believed to be among the first to offer up 10,000 unique NFT avatars as part of proof of membership.
Back in May, Colnago raised eyebrows by auctioning off an NFT of its C64, since then announcing use of the technology to validate and verify its new frames from 2022. This proof of ownership using what is best described as ‘digital art’ has been created alongside a fellow Italian specialist, MyLime, which will sync frames to an automotive blockchain service that will digitally store records all the way from manufacture through to sales.
Further inroads into the cycling world come from what is believed to be a first in racing circles – whereby NFTs are handed out as prizes in competition. RGT Cycling, the free to use virtual cycling platform, has unveiled newly minted non-fungible tokens as prizes for victors of the Echelon Racing League.
The league, which has begun just this month, will see 40 teams and 240 riders compete in the pro event, which consists of 8 rounds with teammates working together to compete across a variety of digital parcours.
James Vickers, Head of Brand and Marketing at RGT said of the decision to offer up digital art prizes: “The concept of NFT’s and blockchain technology is exciting and although there may be many other ways for us to utilise this technology, these prizes help us combine our belief in virtual racing and our commitment to pushing the boundaries of virtual cycling.”
NFTs are unique digital assets. They can be used to represent easily-reproducible items such as photos, videos, audio and other types of digital files as unique items. Blockchain technology validates proof of ownership.
Though it’s a hotly-debated subject, it is believed that the assets do have a monetary value and indeed some sought after NFTs are selling for unreal prices.