This is exclusive information that we provide you here. O2feel, a French brand innovates in the world of cycling. To our knowledge, 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 experience of another French company, O’Code. We explain it to you.
Before talking about O2feel, NFT in two-two
NFTs (Non Fungible Tokens) have been in the news for a few months (4-5 years to be precise). This technology, which is based on the principle of the blockchain, had not yet found its useful application in the world of cycling. With O2feel and their electric bikes, here it is. Let’s first try to explain to you what NFT technology is.
Simply translating the non-fungible token into its exact non-fungible active translation and leaving you on won’t get you much further. Therefore, a non-fungible good is a unique and non-interchangeable good. It is unique because it has its own precise identifier. Your passport could, in theory, be a non-fungible asset. Unique and tamper proof.
Except that a well-equipped and unscrupulous forger can copy your passport with relative ease (and with these risks and dangers) your passport once, twice, three times … With blockchain technology, a non-fungible asset is a product that becomes unique, since his ID code changes all the time (literally all the time). Only its owner has the digital key to manage his NFT.
Fields of application of NFTs
Appearing less than 5 years ago, NFT technology is an application of what is called Web 3.0. The world of sports, games, luxury and art is immersed in the NFT. For example, the Roland Garros tournament sold 5,000 tokens (“RG Game, Seat & Match”) in 2022, representing a virtual numbered seat on Philippe-Chatrier’s center court.
Each non-fungible token was exposed to a unit sale price of 200 euros. We did not check if the 5,000 units were sold. If so, that’s 1 million euros in turnover. Still in sport, the French company Sorare1 it’s hot right now. He just signed a partnership with the NBA (read our post on LeBron James if needed). In the world of art2luxury3consumer goods4 NFTs are a new Eldorado.
The logic of NFTs?
Initially, NFT mainly applies to digital and virtual products. It is also a technology that allows to identify (and protect) products with high added value. A bottle of vintage Cheval Blanc, a Louis Vuitton bag, a Cartier jewel … Products that must be safe, authenticated, impossible to copy, impossible to steal.
Oh wait! Products that must be safe, authenticated, impossible to copy, impossible to steal, with a high added value (of service), wouldn’t they look furiously like your bicycle? Well if. And of course the French company O2feel has understood this well.
And so concretely for O2feel, what are these NFTs for?
Bike theft, this brake
An identified and recurrent obstacle to the possession (and therefore to the use) of the bicycle is the theft of the same. Theft, concealment. In France it is even a kind of baptism, dubbing. You are a true cyclist only if you can proudly announce that at least one bicycle has been stolen. It’s pathetic.
The public authorities are trying to find solutions with some veloboxes positioned here and there, 10 safe parking spaces for bicycles at the foot of the station, with the construction of a gas plant around the Bicycode and the obligation to mark your new bicycles. . The manufacturers of Bicloune offer connected bikes (which are not very frequent, they only have a tracker and a small app). A set of essential but not entirely effective devices.
What if your bike became an NFT?
It is in a sense the O2feel proposal. Their bikes remain very real. On the other hand, from this month and little by little, they will integrate NFT technology through a French supplier, OCode, on every bike that comes off their production line, from the design and manufacture of the bike. Specifically, for you, the bike owner, you will have a unique and tamper-proof digital passport tied to your bike.
What is the O2feel NFT digital passport?
“It is first of all a recognition of ownership“says Chloé Lapadu, the brand’s communications and press relations manager. This blue O2feel iVog in size 54 left the factory on 20 September 2022, which you bought in the shop” Les rois de la petite reine “on Saturday 29 October. 2022 is yours. The Blockchain technology proves it. If it is stolen, however, it is theoretically unsellable. The day this bike returns to the After Sales Service system, for electronic maintenance, it is automatically and immediately recognized as stolen.
“predictive and preventive maintenance of the bike”
In addition, the digital passport is a way for O2feel to know exactly, without possible errors, the life of the bike. Its maintenance in particular. If, unfortunately, a series of bicycles equipped with this technology has a design defect (eg the rear light connectors must be changed), O2feel can send a message to the owner: “Urgent, for your safety, contact your bicycle dealer“.
Ultimately, this O2feel digital passport will allow, and this is comparable to what is happening in the car world, to have predictive and preventive maintenance of the motorcycle. The bike dealer “Les rois de la petite Reine” will know exactly what to do on your blue iVog that you bought on October 29, 2022. Exactly maybe not, he’ll still have to check the tire pressure!
A digital passport is not …
This is attested by Xavier Moleux, marketing director of the brand; it is not an intrusive technology. “We will never communicate ourselves with the user and the owner of the bike, on the other hand we will be able to communicate with the bike, nuance.“; Adds:”And then in France there is the GDPR law that prohibits it. The data of the owner are anonymous and protected.“.
On the other hand, and this is also where it is interesting, “if the owner wishes to communicate with us, through his digital key, he can do so “. Also, since the entire history of the bike is tamper-proof, when you resell it, it doesn’t have a talkative value, but a value based on its history. And when you buy it, you know you’re not buying a stolen bike.
But then, techno NFT, what to think about it?
As always, especially in digital, an innovation, a pause can be perceived as a step towards even greater uselessness. In the end, it’s just about applying innovation.
Today everything and anything is likely to be traded in NFTs (you have to buy them in cryptocurrency, but US dollars are often accepted as well). For example, the first tweet from Twitter founder Jack Dorsey was valued before the sale (April 2021) at $ 48 million. It was eventually acquired for the sum of $ 2.9 million.
One year later (April 15, 2022) its owner cannot sell it for more than $ 7,000. Big deal !
Long live progress?
Equally difficult to understand is the interest in spending nearly $ 3 million to own the first tweet in history; as we understand the interest of NFT technology to specifically combat counterfeiting and concealment.
When we see O2feel’s proposal, we tell ourselves that this technology may have found a useful application in our little queen universe. In this case, let’s say a big yes. It is not yet known whether your iVog O2feel will be interesting in the metaverse. We are investigating this.
1 Sorare, their site is there. NBA news here.
2 Want to know more about the NFT business in the art world, an article from Le Figaro is here (subscriber).
3 an NFT application in the world of luxury, Givenchy, for example.
4 In the world of FMCG, Budweiser lands there