BikeFair’s NFT-based bike marketplace gives peace of mind to over 3,000 users

The BikeFair bicycle ownership tracker uses “utility NFTs” to give peace of mind to buyers and sellers. The company has created a used bike marketplace that not only makes it easier to buy and sell, but also tracks ownership and registration records.

Netherlands-based BikeFair aims to create an internationally available bicycle registry using NFT-based ownership records on the BSV blockchain, using the RUN token protocol. In 2020, it raised approximately US$500,000 in seed funding with participation from Two Hop Ventures and launched in early 2021.

Speaking to CoinGeek, BikeFair Chief Marketing Officer Sten Bossong said the platform saw over 2,000 bikes sold and received over 3,000 new user registrations in 2021. It has a net score Promoter Rating (NPS) of 8.9 out of over 100 survey respondents, meaning most of those who have used the service would recommend it to others.

Bike theft is a huge problem wherever used bikes and bike markets are common. In addition to the difficulties and inconveniences caused by the theft of your main means of transport, there are also problems for buyers: how do you know that the person selling you the bike actually owns it? Whether they “seem legit” or not, or even know the history of the bike they are selling, there is always a risk. Unknowingly buying a stolen bike doesn’t just mean losing the bike if its true owner comes forward. This could result in other buyers and sellers with fines or even criminal records.

BikeFair creates an NFT record for each bike when purchased, which includes the bike’s frame number and buyer’s name. Currently, most BikeFair sellers are verified stores with a good reputation.

It’s not just an ownership registry – BikeFair is also a marketplace where bikes can be bought and sold online with just a few clicks. The service sweetens several aspects of a purchase, including additional accessories, an escrow service for payments, and contact management between buyers and sellers. You also don’t need Bitcoin to use the service since BikeFair accepts iDeal and regular credit cards.

Although BikeFair’s services are available worldwide, they are currently marketed exclusively in the Netherlands. The country has a strong bicycle culture and an established registration system, which means that any bicycle purchased from a store comes with a registration dossier. This registration and ownership information would also be registered with the police in the event of a bike being stolen.

Bossong said the company’s first goal was to gain a larger percentage of the Dutch market before promoting itself in other countries. However, all the adjustments needed to make BikeFair a global service are already planned, so it will be easy when the time comes.

To have an entry in BikeFair’s NFT registration registers, a bike must be bought/sold. While it’s ideal for users to add their own record records without this process, at this time, purchase records are the most reliable way to ensure data accuracy. Users can always consult or ask BikeFair to modify their own personal data.

“If the bike was purchased from a bike shop, it’s still registered,” Bossong said. “You can use BikeFair with any bike (unless reported stolen). In fact, once added, we automatically check the bike for theft. If it has not been reported stolen, you receive digital proof of property.

Will users eventually be able to edit their own recordings? Bossong said this is something the company would like to see, but such a system is still under development.

“At the moment, our development team can modify the content of the NFTs, so it’s not decentralized. However, we are looking for partners who can help us decentralize the process and create an individual connection (which works through our interface ) for end users to get and keep full control of their NFTs.

So if the police and bike shops already have a registry system, what is the benefit of using blockchain and NFTs? First, the latter method is much more secure and efficient, and makes the relevant information available to anyone using the service. Additionally, BikeFair is international and standardized, which means that any bike that crosses an international border after being purchased (or stolen) will always have the same provenance records.

Features listed as “coming soon” on the BikeFair site include full tracking of a bike’s strengths, purchases and repairs in a way that any user can see (a bike may be more valuable if it has already won a major race or belonged to a celebrity). He hopes to one day include maintenance records that let users know when their bike needs service, and maybe even a 3D digital image of the bike that could be used in video games or augmented reality apps. .

While NFTs on the BSV blockchain and other networks are still primarily used for art collections and speculative trading, BikeFair is leading the way by demonstrating that unique digital tokens have more advanced and economically advantageous uses. This fits with the idea that an NFT – rather than being the item of value itself – works better as a digital representation of a real-world item of value. The token itself has value based on what it represents and the security/convenience it provides as part of a larger ecosystem. Since BSV has unlimited scalability and fast transactions at minimal cost, it is the ideal blockchain for tracking global business records, from individual bicycle ownership to company-level contracts. business and government.

Watch: CoinGeek New York Panel, The New World of NFTs

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