The bike an eccentric bottom brackets and each crank rides on it's own sealed bearings... my friend Arvon built a number of these as replicas and although the wheels look like they are made of wood they are a laminate finish.
I was told this process took a long time to perfect and is a bit of a trade secret.
One could go really nuts with a frame like this by adding period cranks and true wooden rims but would have to own a machine shop to fabricate things like the bottom bracket assembly.
The fixed cog was slipping and I will take care of that tomorrow... and then I can take a spin around the block.
My youngest daughter thinks it is the coolest bike and wants one in her size...