This is exclusive information that we provide to you here. O2feel, a French brand innovates in the cycling world. As far as we know, it is the first bicycle manufacturer in Europe to equip its bicycles with this NFT technology with the proposal of a digital passport (based on the expertise of another French company, O’Code. We explain it to you.
Before we talk about O2feel, NFTs in two-two
NFTs (Non Fungible Token) have been in the news for a few months (4-5 years to be exact). This technology, which is based on the principle of the blockchain, had not yet found a useful application in the cycling world. With O2feel and their electric bikes, there it is. First, let’s try to explain what NFT technology is.
Simply translating non-fungible token to the exact non-fungible active translation and leaving you with that won’t get you very far. Thus, a non-functioning asset is a unique, non-exchangeable asset. It is unique because it has its precise identification. Your passport could theoretically be a non-fungible asset. Unique and fraud-resistant.
Except that a well-equipped and unscrupulous counterfeiter can relatively easily (and with these risks and dangers) copy your passport one, two, three times… Due to blockchain technology, a non-fungible asset is a product that becomes unique, because it contains identifiers. changes all the time (literally all the time). Only the owner has the digital key to manage his NFT.
Application areas of NFTs
NFT technology, which appeared less than 5 years ago, is an application of what is called Web 3.0. The worlds of sports, gaming, luxury and art are immersed in the NFT. For example, the Roland Garros tournament has 5,000 tokens (“RG Game, Seat & Match”) up for sale in 2022, representing a numbered virtual seat on the Philippe-Chatrier center court.
Each non-fungible token was displayed at a unit sale price of 200 euros. We have not verified whether the 5000 units have been sold. Then that is 1 million euros in turnover. Still in the sport, the French company Sorare1 is hot now. She just signed a partnership with the NBA (read our post on LeBron James if needed). In the art world2luxury3consumer goods4 NFTs are a new Eldorado.
The reason for NFTs?
Initially, NFT mainly applies to digital and virtual products. It is also a technology that makes it possible to identify (and protect) products with a high added value. A bottle of vintage Cheval Blanc, a Louis Vuitton bag, a Cartier jewel… Products that should be safe, authentic, impossible to copy, impossible to steal.
Oh wait! Products that should be safe, authenticated, impossible to copy, impossible to steal, with a high added (service) value, wouldn’t that look furious on your bike? Well if. And the French company O2feel has of course understood that very well.
And so concretely for O2feel, what are these NFTs for?
Bicycle theft, this brake
An identified and recurring obstacle to the possession (and thus use) of the bicycle is its theft. Theft, concealment. In France it is even a kind of baptism, dubbing. You are only a real cyclist if you can proudly report that at least one bicycle has been stolen. It is pathetic.
The government is trying to find solutions with a few velo boxes here and there, 10 secure bicycle sheds at the foot of the station, with the construction of a gas plant around the Bicycle Code and the obligation to mark your new bicycles. Bicloune manufacturers offer connected bikes (which is not very often, they only have a tracker and a small app). A set of essential yet not quite effective devices.
What if your bike becomes an NFT?
It is, in a sense, O2feel’s proposal. Their bikes remain very real. On the other hand, starting this month and little by little, on every bike that comes out of their production line, from the design and manufacture of the bike, they will integrate the NFT technology through a French supplier, OCode. As the owner of the bicycle, you will receive a unique and fraud-resistant digital passport linked to your bicycle.
What is the O2feel NFT digital passport?
“It is primarily an acknowledgment of ownership” says Chloé Lapadu, communication and press relations manager for the brand. This blue O2feel iVog in size 54 left the factory on September 20, 2022, which you bought on Saturday October 29 in the store “Les rois de la petite reine” 2022 is yours. Blockchain technology proves it, if it is stolen from you anyway, it is theoretically unsaleable.The day this bike returns to the After-Sales Service system for electronic maintenance, it will be automatically and immediately recognized as stolen.
“predictive and anticipatory maintenance of the bicycle”
The digital passport is also a way for O2feel to know exactly, without possible errors, the lifespan of the bicycle. His maintenance in particular. If a series of bicycles equipped with this technology unfortunately has a design flaw (for example, the connectors of the rear light need to be replaced), O2feel can send a message to the owner: “Urgently, go to your bicycle dealer for your safety“.
Ultimately, this digital passport from O2feel will make it possible, and this is similar to what is happening in the car world, to have predictive and anticipatory maintenance on the bicycle. The bicycle dealer “Les rois de la petite Reine” knows exactly what to do on your blue iVog that you bought on October 29, 2022. Perhaps not, he will still have to check the tire pressure!
A digital passport is not…
Xavier Moleux, marketing director of the brand, certifies it; it is not intrusive technology. “We will never communicate ourselves with the user and the owner of the bicycle, on the other hand we will be able to communicate with the bicycle, nuance.” ; he adds : “And then in France there is the GDPR law that forbids it. The owner’s data is anonymous and protected.“.
On the other hand, and this is also where it’s interesting,”if the owner wants to communicate with us, through his digital key, he can do that”. Since the entire history of the bicycle is tamper-proof, when you resell your bicycle it has no talkative value, but value based on its history. And when you buy it, you know you’re not buying a stolen bike.
But then, the NFT techno, what about it?
As always, especially in digital, an innovation, a pause can be seen as a step towards even more futility. It is ultimately a matter of applying the innovation.
Nowadays, anything and everything is probably exchanged in NFT (you have to buy them in cryptocurrency, but US dollars are often accepted too). For example, the very first tweet from Twitter founder Jack Dorsey was valued at $48 million for sale (April 2021). It was eventually acquired for USD 2.9 million.
A year later (April 15, 2022), the owner can’t sell it for more than $7,000. Big deal!
Long live progress?
Likewise, it’s hard to understand why it’s important to spend nearly $3 million to own the first tweet in history; because we understand the importance of NFT technology to fight counterfeiting and concealment in particular.
When we see O2feel’s proposal, we tell ourselves that this technology may have found a useful application in our universe of the little queen. In this case, we put a big yes. It is not yet known if your O2feel iVog will be cool in the metaverse. We are investigating this.
1 Sorare, their site is here. NBA news here.
2 If you want to know more about the NFT business in the art world, an article from Le Figaro can be found here (subscriber).
3 an NFT application in the luxury world, for example Givenchy.
4 In the world of FMCG, Budweiser lands there