The fitness industry as a trending lifestyle is experiencing rapid growth and offers a great deal of potential for technology application. Despite its enormous size, the market has yet to reach its limits of the industry, FitFi is a state-of-the-art combination of fitness and Web3 that stands out across all approaches to the industry.
What is Fitness Finance?
Fitness Finance is a market economy based on the value generated by the fitness industry, which totals 100 billion dollars.
Fitness finance combines digital and physical elements. It allows your physical activity to be converted into FITFI Tokens or NFT collectibles. Distances are measured using integrated geospatial technology. It also features augmented reality, which enhances the experience by allowing for better immersion in the narrative.
What are FITFI and industry trends?
The concept of paying people to move is not new. Since 2018, Sweatcoin has been rewarding users for walking through its app. You are paid through the token called sweatcoin, which you can exchange for goods and services, such as fitness apparel, nutritional products, gadgets, entertainment subscriptions, yoga memberships, and so on. But there is a problem with sweatcoins: users cannot cash them out or earn money from them.
However, with the emergence of play-to-earn games that reward users in cryptocurrency for playing them, it was only a matter of time before move-to-earn apps appeared. Users of these FitFi applications are rewarded in cryptocurrency for simply moving around and completing fitness-related challenges. It is also possible to convert these cryptos into fiat currency.
FitFi Monetary Rewards
Researchers and government agencies have long puzzled over ways to encourage people to live healthier lifestyles. Is it possible to use monetary rewards as an incentive? The point of the effort is clear - more than 18% of adult deaths in the US are caused by excess weight.
There is hope that these grave statistics will not persist. Since 2013, several papers have reached the same conclusion. Even the most minor monetary rewards have a profound effect on a person's behavior.
The rewards program increased weekly gym participation from 9 to 27%, and athletes' motivation increased dramatically as a result. The effects of the reward system lasted even after the researchers discontinued the program.
All in all, it appears that both parties will benefit from this. Governments benefit from reduced pressure on health systems, people enjoy healthier lifestyles, and gyms benefit from increased participation.