- The digital value question, has now entered the cycling realm
- Famed Italian brand, Colnago, has produced its first NFT bike art
- Someone has paid a lot of money, to own a 3D digital Colnago C64 road bike
Riders love taking pictures of their bikes. And looking at pretty images, of other bikes.
The flood of cycling content on Instagram is proof of this curated aesthetic awareness. But what if an image of a bicycle, is worth more than the bicycle itself?
In a scenario that could only happen in the era of Bitcoin and cryptocurrencies, someone has bought a Colnago non-fungible token (NFT). For those who aren’t immersed in the cryptocurrency world, an NFT is a digital work (or media) that is guaranteed to be unique. There can never be a copy - ever.
The fundamental law of economics is that scarcity equals value and in the case of this Colnago NFT, it is a 3D rendering of a special edition road bike - that doesn't exist. Amongst the proud heritage of Italian cycling brands, Colnago is revered, and the NFT rendering features its C64 frameset.
A lot of money, for some pixels
Intrinsic value is a challenging concept with anything digital, but the graphic design used on this C64 NFT is guaranteed to never become a reality, in the physical world.
What do those strange colour combinations symbolize? It combines eight revered models from Colnago’s long history of racing.
The C64 NFT has been sold, with full validation on Bitcoin’s ledger system, for 3.2 wETH tokens, or approximately R110 000, if you don’t talk crypto.
Although the new owner of this C64 NFT will never be able to ride the unique bike, because it is digital, there is the reward of knowing, that forever, they’ll be the exclusive owner of its digital attribution.
It doesn’t really make a lot of sense, does it?