Amazing hubless chainless bicycle design!

I love this design for a bicycle with no hubs and no chain. The whole thing in minimalist and very beautiful. The question is, could it actually be built? Does anyone want to try it?

Full story here:
http://www.thedesignblog.org/entry/chain-less-nulla-bike-concept-is-a-future-fashion-icon/

Another hubless bicycle design
youtube.com/watch?v=VwHyaiIEgPs