Gear & Grit Dispatch - 344
Hey, what happened to all those cycling NFTs?
Remember 2021? It’s a bit of a blur now, but in May 2021, the cycling world witnessed something peculiar: Colnago, a renowned Italian bike brand, auctioned a VIDEO of a C64 bike for over $8,500. This wasn't just any video—it was a Non-Fungible Token (NFT), a unique digital asset verified through blockchain technology. This event marked cycling's entry into the burgeoning world of NFTs, a move met with confusion and skepticism.
Fast forward to late 2023, and the landscape has drastically changed. The NFT market has plummeted, partly due to the broader collapse in the Web 3.0 space, including the infamous FTX bankruptcy and its CEO's subsequent fraud conviction. An independent report now states that 95% of all NFTs are essentially worthless, raising the question: is the NFT craze over, especially in cycling?
Looking back, Colnago wasn't the only player in the cycling NFT game. In November 2021, Bike Club NFT emerged, offering blockchain-based membership with perks like industry discounts and chats with pro riders. However, environmental concerns and community backlash led to its rebranding as just Bike Club. Despite Paul Willerton, one of Bike Club’s founders, defending blockchain's environmental impact, the community’s negative sentiment prevailed.
The story of NFTs in cycling also saw Outside's Outerverse, a digital marketplace aiming to blend outdoor activities with blockchain benefits. However, technical issues and poor sales led to its closure, exemplifying the challenging journey of NFTs in this space.
Notably, professional cycling teams and riders dabbled in NFTs. Bahrain Victorious auctioned an NFT of a special jersey, and Movistar sold NFTs of memorable team moments. Even Wout van Aert successfully sold NFTs of his victories. However, these examples were exceptions rather than the norm.
Project Fuerza, led by cycling coach Hunter Allen, attempted to blend biometric data with digital art, but not a single NFT sold. Similarly, race organizers like Giro d'Italia tried their luck with themed NFTs, with mixed success.
Amidst these efforts, the NextHash sponsorship of the Qhubeka team turned sour, illustrating the risky nature of crypto and NFT ventures in cycling.
So, what's the future for NFTs in cycling? Despite the market crash and public skepticism, there's still belief in the potential of blockchain technology. Colnago, for example, has been using NFC tags on its frames since 2022 for ownership verification and theft deterrence. This approach suggests a more practical application of blockchain technology, focusing on utility rather than speculative value. So, no, if you were foolish enough to spend $8,500 on a bike you can’t ride, I don’t think you’ll be back in the black ever… — Kevin
On Gear & Grit this Week
🚴 Ted King's XLent Gravel Adventure: "Ted King's XLent Gravel Adventure is more than just a bike ride; it's a journey through stunning landscapes, challenging terrains, and a chance to connect with fellow gravel enthusiasts." Explore the adventure here.
🚵♂️ 2023 Pan Celtic Race: "Embark on an unforgettable journey of endurance and discovery with the 2023 Pan Celtic Race, a test of resilience that takes cyclists through breathtaking landscapes and historic routes." Join the race here.
🔧 Muc-Off Ceramic Protection Kit: "Revolutionize your bike care routine with Muc-Off's Ceramic Protection Kit, offering unmatched durability and performance to keep your bike in top condition." Learn more here.
🎮 Zwift Fondo Series 2024: "Get ready to challenge yourself with the Zwift Fondo Series 2024, a virtual cycling event that brings riders of all levels together for an immersive and engaging experience." Experience the challenge here.
🛍️ Best Black Friday Indoor Training Deals of 2023: "Discover the best Black Friday deals of 2023 on indoor training equipment, including smart bikes, trainers, and fans, to enhance your cycling experience." Grab the deals here.
🚴♂️ The Doping Potential of Lugworm Hemoglobin in Professional Cycling: "A startling revelation in the world of professional cycling points towards an unconventional source for potential doping: the blood of lugworms, or sandworms, typically used as fishing bait." Read the full story here.
🚴 Guerrilla Gravity is Dead, Canfield Steps Up: "In the wake of Guerrilla Gravity's closure, Canfield Bikes rises to the occasion, offering support to Guerrilla Gravity's customer base and ensuring continued service and satisfaction." Learn about this transition here.
The Gear I Loved this Week
Horse Brand Co Pack Knife with Water Bottle Sheath
🗡️ Horse Brand Co Pack Knife with Water Bottle Sheath: "Designed for the outdoors, the versatile Pack Knife from Horse Brand Co. combines functionality and style, fitting snugly into a custom water bottle sheath for easy access and safe storage." Check it out here.
From Around the Web
🚴 Jan Ullrich's Full Doping Confession: "Yes, I doped," admits Jan Ullrich, the former cycling champion, in a candid confession about his past use of performance-enhancing drugs. Read his full story here.
🌍 Map of the Best: Discover hidden gems and top-rated attractions around the world. Start exploring Map of the Best.
🚦 Ban Right on Red for Safer Streets: Delve into the debate over banning 'right on red' in urban areas to enhance road safety for cyclists and pedestrians. Dive into the discussion here.
🚗 The EV Debate: Beyond Tesla: Explore the complexities of choosing an electric vehicle in a world dominated by Tesla. A thought-provoking opinion piece awaits in The New York Times.
🔭 A Beginner's Guide to Buying Telescopes: Scientific American offers valuable insights for astronomy enthusiasts on how to buy your first telescope. Start your stargazing journey here.
📱 No Bullshit Games for iOS: Discover a curated collection of iOS games free from microtransactions and ads. Pure gaming joy awaits here.
💻 The Impact of Zoom Fatigue: Uncover how prolonged Zoom use affects our brains and hearts. Read the revealing study in The Washington Post.
🔭 Exploring the Universe with the James Webb Space Telescope: Dive into an interactive exploration of the James Webb Space Telescope's capabilities and its mission to unravel the mysteries of the universe. Begin your cosmic journey in The New York Times.
What I’m Reading
"Tomorrow, and Tomorrow, and Tomorrow" by Gabrielle Zevin follows the lives of Sam and Sadie, two college friends as they embark on a creative journey in the world of video game design, achieving fame, joy, and tragedy along the way. The novel delves deep into their relationship, exploring themes of identity, disability, failure, and the healing power of play. Spanning over thirty years, from their youth in Cambridge, Massachusetts, to their adult life in Venice Beach, California, the story captures the essence of human connection, highlighting the need to love and be loved. Zevin's narrative is a compelling examination of the complexities of friendships and creative partnerships, set against the backdrop of the gaming world. Grab a copy here.
Notable Quote
The path to all great things passes through silence.
– Friedrich Nietzsche
