The current global inflation has brought about a cheaper and more innovative way to contribute to and generate revenue for sports via the introduction of blockchain technology. Various blockchains are beginning to partner with sports bicycle manufacturing companies to offer global solutions to cycling and cyclists. You may be wondering how and what benefits exist in this collaboration.
It is worth noting that there are several benefits to the collaboration of the cycling industry and blockchains. For instance, there has been a massive increase already in the number of investors and fans of cycling. Also, it has spurred the cycling betting industry worldwide, and bettors can now access the best betting sites Germany.
In addition, web3 and its corresponding decentralized technologies are extending their quota with the offerings of NFTs, crypto tokens, and other benefits to cyclers. This point is where Kate Richardson comes in with her theories of sports and technological partnerships and how people can make money from betting on cycling. You can view more of her tips and analysis from her profile here.
In this article, we will elaborate on the extent of growth the cycling world has achieved with the help of blockchain tech. Read on for more information.
What Are The Ways Blockchain Tech Is Influencing The Growth Of Cycling?
- Cycling and NFTs
Non-fungible tokens (NFTs) are unique cryptographic pieces on a blockchain that can’t be replicated. This token can be a song, a book, poems, pictures, digital art collections, or digital media. Unlike cryptocurrencies, NFTs are so unique that you can’t replicate them, as each piece comes with a unique tracking code.
Cycling manufacturers have begun offering users digital versions of specific bicycles they purchase. The bike owners can then sell these collectibles for monetary value or use them for any financial transaction. One significant example is the Italian bicycle manufacturing giant Colnago, which deployed its unique NFT. The NFT is a 3D version of the limited edition C64 road bicycle. The C64 NFT was traded using full validation on the Bitcoin blockchain at 3.2 wETH (wrapped ETH) or £5200 at the time.
Furthermore, Colnago was the first bike producer to connect its physical products to a digital blockchain system. Hence, providing a way of verifying the proof of ownership and validity of new Colnago frames. In addition, Mark Cavendish, the bike rider for Deceuninck-Quick-Step, deployed his collection of NFTs earlier in June. Notably, these NFTs are all signed by Cavendish himself. So, we can rightly say that these cycling experts and brands are making blockchain products and services more adaptable by their fans by indulging in web3 options.
- Crypto for Sweat
Bike riders can mine cryptocurrency tokens by riding from place to place. This provision was brought to reality thanks to the UK-based bike retailer — 50cycles, who provided this possibility in the recent ebike model, the Toba electric bicycle. The Toba e-bike, launched in 2018 by Scott Snaith, claimed that users who purchased the bike could generate “LoyalCoins” by spinning the wheels of their bikes.
Thus, users could generate $26.5 every 1,000 miles by riding a bicycle. After generating these tokens, the users could trade them on decentralized crypto marketplaces or redeem the tokens in unique online shops. Also, the United States pro women and men’s team, Rally Cycling, talked to the public about releasing its cryptocurrency token — WattCoin — in 2021.
While many crypto tokens are created using the Proof of Work consensus mechanism or mining, cyclers will be able to generate WattCoins by cycling with the unique Rally Cycling bicycle. Currently, riders can’t trade WattCoins on any cryptocurrency exchange, but when deployed on exchanges, they’d be identified using the $WATT.
- More Secured Financial Services
Blockchain technology offers several financial advantages. These include advanced security, decentralization, anonymity, faster transactions, and volatility. After cycling to earn crypto token incentives, riders gain access to all these financial benefits in a seamless manner.
Thus, integrating blockchain into bicycles encourages growth in the sector as more cyclists — rookies and pros, indulge in what they love and carry out cycle-to-earn activities.
- Cheaper and a More Profitable Way of Commuting
As we have established earlier, global inflation has caused much change in the global market. With gas prices being unnecessarily high and economies massively declining, users have switched to other cost-effective commuting ways.
Cycling is one of them, and the entry of cryptocurrency tokens and NFTs into the industry has led to an increased usage of specific kinds of sports bicycles by riders.
NFTs can be valued and marketed at NFT collectible marketplaces, either physical or online stores that use these collectibles. This way, riders can sell off unique collectibles earned from their city tours.
The cycling industry has experienced steady and impressive growth since 2018 and was evaluated at $59.33 billion in 2021. The industry is also projected to follow a steady increase until 2030. With blockchain advancements always on the move, every connected sector will experience a positive impact.
Therefore, seeing the various benefits the cycling industry is gaining, you might want to purchase a bike from 50cycles or any recognized bike retailer that offers blockchain integrations.