MyLime: an Italian startup is the first in the world to notarize in blockchain and equip a vehicle with NFTs
Colnago, the historic Italian bike manufacturer, has officially started sales of the new C68, the model that best expresses the concept of “handmade in Italy.”
The bike will be equipped with a blockchain-based digital passport, created by MyLime.
The digital passport allows the owner to have the information about his bike at any time at his fingertips in an app. It will also track the entire history of the bike on the blockchain. In addition, the C68s created through the configurator on the Colnago website will be equipped with a Non-Fungible-Token (NFT) uniquely correlated to the bike and containing a 3D image representing the bike with its final features and colors.
“We are proud to be the first company in the world to launch an NFT-equipped vehicle on the market and to realize an industrial application of blockchain. We are also pleased to be able to collaborate with a brand that represents the excellence of Made in Italy like Colnago. This is not a goal, but the starting point of a path that will involve the world of mobility and luxury, enhancing the concept of “ownership experience” and giving life to the concept of “hyper luxury” ” said Elena Moglia, CEO of MyLime.
The solution creates the digital passport of the bike already in the production line, as soon as the assembly of the bike is completed. In particular, MyLime has created a special NFC tag that is installed on the C68 and is inextricably linked to the frame, acting as an entry point for the digital passport. Each owner will be uniquely identified and assigned a blockchain wallet.
The C68s created through the Colnago configurator will be equipped with an NFT, associated with the owner’s wallet, containing a 3D image of the bike with the configuration chosen at the time of purchase and its main characteristics (model, color, size, etc.). This is the first reported case in the world of the sale of a vehicle with an NFT uniquely correlated to it.
The main purpose of the digital passport is to “create lasting value”, i.e. to maintain and guarantee the value of the C68 over time, preserving in an unequivocal and unalterable way the information related to it. The only technology able to do all this is the blockchain.
MyLime, moreover, after evaluating the various types of blockchain available on the market together with Colnago, has chosen Polygon, a second-level blockchain of Ethereum, which best limits the use of intensive computing resources for block validation. This aspect makes it environmentally sustainable and more suitable for industrial-grade applications. Polygon has also stated that it will become carbon negative during 2022.
Thanks to the use of blockchain, in addition to maintaining the value of the bike over time, other important functionalities are unlocked, such as the unique proof of authenticity of the bike and frame (and its attestation of ownership), the enjoyment of unique multimedia content of the processing stages of the purchased bike, and ensuring the transfer of the bike’s information between successive owners through a special process of digital transfer of ownership, carried out with an anti-counterfeiting perspective.
Colnago is the first manufacturer in the world to have uniquely associated an NFT with a vehicle. The decision to release NFTs in a 1:1 correlation with physical assets lies in MyLime’s value proposition: the company’s vision for NFTs is not speculative, and intangibility is not preferred if there is no physical counterpart. MyLime works hand-in-hand with manufacturers to bring the physical experience of craftsmanship into the digital realm.
NFTs through seamless integration between the physical and digital (phygital) worlds, unlock a new concept of unique and exclusive ownership. In this way, products transcend the status of luxury and become a hyper luxury.
MyLime is proud to announce that has partnered with COLNAGO to provide them with the product’s digital passport and become the first cycling manufacturer to adopt blockchain technology.
This partnership will provide customers with proof of validity and ownership, combating theft and counterfeit. Colnago will begin to leverage blockchain technology across its frames starting in 2022.
Additionally, Colnago will make a Non-Fungible Token (NFT) version of each bike available to the owner.
Manolo Bertocchi, Colnago Head of Marketing, stated: “We have been looking at the security provided by blockchain technology to give our customers the confidence to know that the frame they are buying is authentic and to demonstrate the chain of ownership forever.
We will also announce other functions based on blockchain with the new year.”
MyLime will connect Colnago frames to the Automotive Blockchain® where records of any frame’s manufacture, transport, and sale will be recorded. Because the data stored on the blockchain is distributed, it can not be faked or changed once registered, providing ultimate proof of ownership.
MyLime has developed and created an RFID tag that is inextricably linked to the bike frame and grants access to the information in the bike’s digital passport through a smartphone app that is linked to the blockchain. When the frame is sold to a new owner, the transfer of ownership can be managed with MyLime’s certified process. The transparency offered by MyLime’s blockchain solution will lend absolute traceability and will ensure the bicycle’s value over time.
Furthermore, Colnago and MyLime have evaluated the various blockchain technologies that respect sustainability paradigms and have chosen one, among those that are available and reliable, that best limits the use of intensive computing resources for block validation.
MyLime CEO, Elena Moglia said: “We are pleased to make MyLime’s platform available to a brand that represents the excellence of Made in Italy like Colnago.
We also are very honored by the strong involvement of Manolo Bertocchi, who will surely make this partnership benefit from his incredible experience and vision. It is not supposed to be a finishing line, but the starting point of a collaboration, which will progressively propose new features of the digital passport, to create an even closer and more exclusive feeling of relationship between manufacturer and client, what we call ‘ownership experience’ “.