NEW KIDS ON THE BLOCK

Last year saw an explosion of blockchain-based initiatives in the world of cycling. Richard Abraham investigates how and why the sport fell in love with cryptocurrencies and NFTs

- Richard Abraham

Earlier this year, Rally Cycling issued a statement on its website announcing the launch of its own cryptocurrency, WattCoin. The idea was that fans could apparently earn WattCoin by riding on their online training platforms and spend them on items on the Rally Cycling website.

“For too long cycling has been dependent on flawed revenue models, and while we are fortunate to have an incredible family of sponsors behind the team, some other organisations are not so lucky. Now, through WattCoin, we can start building a sustainable economic ecosystem,” read the statement, quoting Rally founder Aaron Charles.

The story started to unravel when Charles was asked, by a ‘reporter’, whether he fully understood the crypto-economy.

“Well, no. No, I don’t [understand],” he said. “But I don’t have to. Crypto is the future. It sounds to me like you don’t understand crypto, pal. WATTCOIN IS GOING TO THE FREAKIN’ MOON!”

It’s about here for the reader that the penny drops and a closer inspection reveals the story to be an April Fool. But it certainly had some people fooled.

But why not? Why not launch a cryptocurrency? This ‘launch’ was typical of the sort of ventures found in the blockchain economy: bold, brash and full of promise. In creating a witty April Fool, Rally unwittingly provided a neat summary of the state of play.