You’ve seen the big ideas. But why is RaceCoin needed and how exactly is it going to revolutionize motorsport in the years to come?
What are the biggest problems facing motorsport today?
To find any solution, first you have to fully understand the problem. Motorsport today is at a bit of a crossroads. Even the revenue and viewing figures for Formula 1 – the very peak of the sport – have been dropping.
The reasons are several and well-documented: political correctness, increasing environmental legislation, rising costs, minimized exposure. All this makes it harder for racers at hobby level to find sponsorship, tightening the vicious circle. But what’s undoubtedly increased is the digitalization around the whole sport: and that’s evident in every area – from pitlane telemetry, to on-demand television coverage, to live timing. This follows the worldwide trend as we embrace the digital age: young people these days aspire increasingly towards the latest gadgets rather than the latest cars, particularly as the sharing economy and electrification of the automotive industry gathers pace. So, it’s very clear to see where the future lies: or in other words, which direction to take at the crossroads. Motorsport is never going to die, as some pessimists claim, but it does inevitably have to change: a fact that all stakeholders acknowledge.
Esports set to change the face of motorsport
There’s no better example than the meteoric rise of esports. According to Forbes, there are now nine global esports organizations that are worth more than $100 million. And esports intelligence agency Newzoo predicts that the global esports fanbase will reach 165 million by 2018, with revenues increasing to $1.65 billion by the end of 2021.