RGT Cycling has unveiled newly minted non-fungible tokens (NFTs) as prizes for victors of the Echelon Racing League.
The league, which begins on 20th November, will see 40 teams and 240 riders compete in the pro event, which consists of eight rounds with teammates working together to compete across a variety of digital parcours. Races will be contested on courses that emulate those raced during the in-real-life Echelon events, including races from the US premier calendar.
Last year’s event attracted teams including Rally Cycling, Canyon eSports, Tibco Silicon Valley Bank Pro Cycling, Butcherbox and the USA National Team. The Echelon Racing League will also be inclusive of community events and a para-cycling series, which is being developed in collaboration with the Paralyzed Veterans of America and USA Paracycling. The para-cycling series, which has a unique set of rules and regulations, will see the launch of adaptive bikes and avatars representative of the para community.
The organisers of the series will also be hosting a community combine, a concept inspired by the NFL draft where amateur riders can participate in talent events with a view to being scouted and recruited into the pro teams to participate in the pro league.
NFTs are unique digital assets. They can be used to represent easily reproducible items such as photos, videos, audio and other types of digital files as unique items. Blockchain technology validates proof of ownership. RGT and Project Echelon Racing will issue NFTs as prizes, each of which will be represented by a one-of-a-kind digital work of art. These will have both monetary and intrinsic value.
James Vickers, head of brand and marketing at RGT, said: “The concept of NFTs and blockchain technology is exciting and although there may be many other ways for us to utilise this technology, these prizes help us combine our belief in virtual racing and our commitment to pushing the boundaries of virtual cycling.”
Eric Hill, Project Echelon, added: “We chose RGT Cycling as the platform for the series because of their big ideas and their progressive attitude towards eSports and technology with this concept being no exception. Issuing NFTs adds to the prizes and as they are awarded equally for winners of each series, we hope they will serve to introduce a new path for supporting and rewarding athletes.”