The NFT's for bikes are now officially available for all bikes purchased on the BikeFair marketplace.
We soft-launched our bike NFT’s!
If you're visiting BikeFair for the first time: welcome. We're a bike marketplace with over 3.000 awesome bikes available, where anyone can buy or sell bikes. Except thieves... since we check the bikes for theft.
And today we've added a feature: every bike on BikeFair now receives its own NFT.
How cool is that!?
The first NFT's in existence that are connected to real-world bikes.
While some NFT's are a gimmick, these registrations solve a real-world problem: proving ownership of your second-hand bike.
Statistically speaking every bike owner at some point has their bike stolen, lost or impounded by the municipality. If you’re from the Netherlands - or have lived here for a while - it’s just part of life.
This is annoying for second hand bike owners, since the bike is almost never registered in their name. They struggle to prove your ownership to the police, insurance or municipality. There goes your insurance claim or chance to reclaim your bike.
Which is why we thought, let’s solve this.
With every purchase on BikeFair, the frame number is registered in the new owners name.
It is stored on a blockchain database and becomes an NFT (non fungible token). The record keeps the image and details such as frame number, with no odds of the record being hacked or changed without your permission.
If your bike is ever stolen, lost or impounded and you need access to your certificate - simply log onto your account and pull up the registration, including name and frame number. Instant proof of ownership, boom.
...And there’s more.
For the tech-lovers among us, there's tremendous potential in the NFT's.
Currently, the NFT comes in the shape of a holographic card. You can share it or trade it along with the bike.
In the future, the card will be turned into a 3D asset. Ready to be used in games and virtual worlds: the metaverse. You can ride, show or sell that bike virtually.
It will also show data, particularly on smart bikes, such as travel history, racing history, maintenance history and ownership.
The NFT will always be connected to the bike. But it can create seperate value, especially if the bike is unique – you can now sell its only verified digital copy of it.
In any case, as first movers in this area we can't predict the future, but will let any developments be guided by the needs of the cycling community.
Purchase your bike on BikeFair and it’s completely free. At least for the first 5.000 bikes. Upon confirming the handover you will receive your registration details, including shareable links by email. We’re considering opening it up for a wider audience.
Are you interested, press or just want to know more? Drop us a mail on [email protected].