Velon, the business group that represents a chunk of the WorldTour, has announced the launch of "cycling's first fan universe", an online platform named Road Code.
The platform, created in collaboration with the 10 Velon teams including Ineos Grenadiers, Bora-Hangrohe, Soudal-QuickStep, UAE Team Emirates, and Jumbo-Visma, is proposed as an alternative to more traditional, centralised social media channels.
Road Code will be built on the Hedera public network which, after translating the tech jargon, appears to be a cryptocurrency/blockchain-related venture - described by Velon as a Web3 universe.
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The "next generation of platform" will offer Velon's usual on-bike footage and live data already familiar to cycling fans as well as a new ranking system and, yes, "digital collectibles and team access tokens, all stored securely in a personal digital vault," according to the press release issued by Velon.
There will also be a fantasy cycling game based on the new ranking system, which is set to come with prizes throughout the year and "premium features" including said digital collectibles. It's unclear exactly what sort of access the 'team access tokens' will offer.
The new ranking system is based on head-to-head results rather than the allocation of points per result like the UCI's rider, team and country rankings.
"This approach recognises the strength of your opponents, rather than just the outcome of the event," Velon say, adding that a Strava-like feature will be available at some point in the future.
"In time, amateur riders will be able to directly compare their hard-earned performances with those of the top riders in the sport, providing valuable insight and motivation for continued improvement."
In addition to the teams listed above, the five other teams which make up Velon – EF Education-EasyPost, Intermarché-Circus-Wanty, Team DSM, Trek-Segafredo, and Lotto-Dstny – are also part of the project.
"The community of road cycling fans is a great one and I hope that they'll be very happy with Road Code giving them a new place to enjoy the racing," said Bora-Hansgrohe sprinter Sam Bennett. "I'm looking forward to seeing the fans brought closer to the action and the teams on this unique platform."
Team DSM climber Romain Bardet added, "It's cool that simply by engaging on Road Code, fans contribute and can earn access to exclusive assets, prizes and offers" while several bosses of the teams involved also voiced their approval of the venture.
Road Code, which launches for the start of the upcoming 2023 season, looks to be another attempt by the Velon collective to generate more income beyond the traditional commercial avenues available to teams.
Previous attempts to disrupt the business model of the sport include the seemingly defunct Hammer Series of races, which were last held in 2019, as well as the ongoing use of live data and on-bike video.
Both have been the subject of a European Commission anti-trust complaint filed by Velon against the UCI, with the latter alleging in 2019 that the UCI had "implemented existing regulations and sought to introduce new ones that are designed to favour the UCI's business interests to the detriment of the teams".
Road Code is far from the cycling world's first venture into the hazy world of blockchain, cryptocurrency and NFTs. Blockhain-based cryptocurrency company NextHash was a co-sponsor of the Qhubeka team in 2021 before the team collapsed due to a lack of sponsorship months later.
Last year, Colnago auctioned an NFT of its flagship C64 bike for around £5,000 via online auction, while Wout van Aert sold NFTs of his three biggest victories last November, fetching £40,000. The NFTs are now worth approximately £3,200 and £12,700 at the time of writing.
In 2020, Peter Sagan denied his involvement in a cryptocurrency scam after a website falsely claimed that the Slovenian had appeared on TV to endorse a particular crypto platform.
Elsewhere, Outside, owners of cycling publications Velonews, PinkBike, Peloton, and CyclingTips, runs an NFT marketplace "dedicated to the outdoors" and is set to launch its own crypto coin.
