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- Another move-to-earn app, Step App, which operates on the Avalanche blockchain, has emerged as a competitor, indicating Web3 businesses’ drive into the $100 billion fitness market.
- According to the survey, 40% of individuals would be prepared to renounce their current physical gym membership in exchange for one in the Metaverse, and 81 percent of people would be more encouraged to stay active if they were paid in bitcoin.
- According to FitRated’s research, blockchain-based financial incentives may just be the ticket, with 63 percent of respondents saying that fitness motivation is a major benefit of blockchain technology. Several move-to-earn initiatives are attempting to take advantage of this.
People desire to get compensated in crypto for their Metaverse activities: Survey: According to a new survey, over 80% of people would be inspired to increase their physical activity if they were compensated in bitcoin for their efforts. FitRated, a fitness website, polled 1,001 Americans to find out what they felt about blockchain-related fitness technology.
Wellness Motivation Is A Major Benefit Of Blockchain Technology
According to the survey, 40% of individuals would be prepared to renounce their current physical gym membership in exchange for one in the Metaverse, and 81 percent of people would be more encouraged to stay active if they were paid in bitcoin.
Money alone would not be enough to drive individuals to go to the gym, according to a study done by the National Bureau of Economic Research. According to FitRated’s research, blockchain-based financial incentives may just be the ticket, with 63 percent of respondents saying that fitness motivation is a major benefit of blockchain technology. Several move-to-earn initiatives are attempting to take advantage of this.
The concept of gamification was discovered to be the key reason why individuals may prefer blockchain-based financial incentives to traditional monetary incentives, with 83 percent of respondents like how blockchain-based fitness apps gamified physical activity.
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The $100 Billion Fitness Market
When asked what forms of fitness they would do to earn cryptocurrency, 49.1 percent stated they would walk. Cycling finished second with 47.2 percent, and swimming came in third with 41.4 percent. When it came to choosing which cryptocurrency to be paid in, Bitcoin (BTC) was by far the most popular option, with 72 percent of respondents choosing BTC. Ethereum (ETH) came in second place with 35.5 percent, closely followed by Dogecoin (DOGE) with 34.6 percent.
Fitness apps based on blockchain are becoming increasingly popular. In the blockchain fitness arena, STEPN, a Web3 move-to-earn application that gamifies the experience of running by allowing users to mint unique NFT shoes, has been a pioneer. While STEPN is one of the most well-known Web3 fitness programmes, it is by no means the only one. Another move-to-earn app, Step App, which operates on the Avalanche blockchain, has emerged as a competitor, indicating Web3 businesses’ drive into the $100 billion fitness market.