Bicycle company Colnago recently auctioned off an NFT of one of its C64 fikes. And it sold for more than the actual bike. The NFT, which sold on OpenSea for 3.2 wETH — roughly $8,500USD. The actual Colnago C64 frame sells for closer to $6,000.
While many in the cycling world had a strong reaction to the sale (“everything’s fine and humanity is definitely going in the right direction” said one article) the sale was not a huge shock to NFT fans. An officially sanctioned rendering of a popular bike at this moment in time is exactly what crypto was made for.
The value of collectible NFTs
Many struggle with the idea of collectibles in general, but adding the blockchain seems to make it worse. The benefit of NFTs like the Colnago bike isn’t in having a physical object that will degrade and depreciate over time. The point is to have something permanent and unique as a marker of this moment in time.
A Colnago C64 may sell for less, but no matter how well-kept it is, it won’t last forever. More importantly, anyone buying one is just buying one of many — as special as a JPEG. The Colnago NFT is a 1-of-1 edition, direct from the creator. There is only one, and will only ever be one.
Colnago’s NFT a rousing success
If Colnago was looking for an indication as to whether or not its NFT gambit would pay off, it has its answer. While $8,500 isn’t a huge amount when compared to other recent sales, it’s still an impressive take for a niche product. If they were to make drops into a regular practice, they might find themselves with an interesting new market to explore.
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This article is educational material.
As always, make your own research prior to making any kind of investment.