10 Main Things You Should Know about FitFi
Fitness Finance (FitFi) is a digital market economy helping participants earn from the fitness industry’s generated wealth. The fitness industry first launched in the late 19th century. However, it needed more than 70 years to gain mainstream adoption. Now, it’s time for it to evolve to the digital world, where web3, blockchain, and NFT technologies can help people earn money while working out.
The global market size of the gym, health, and fitness club industry is close to $100 billion. Meanwhile, the gaming industry market size reached $200 billion in 2022. And by 2026, it should surpass the $320 billion mark. As a result, the two markets combined represent a lucrative opportunity for those practicing both activities through fitness finance.
Below are the 10 main things you should know about FitFi and how to join this highly-rewarding economy model.
- FitFi is Available Almost Anywhere in the World
Fitness Finance aims to provide a physical experience in the Metaverse and help people earn more than health and muscles from their workouts. To this end, it employs some of the most recent and advanced technologies, such as Blockchain, Augmented Reality (AR), Non-fungible Tokens (NFTS), and Cryptocurrencies.
Simply put, FitFi is the web3 upgrade of current fitness apps and tools you may have on your phone. Its use of the above technologies makes fitness finance available in nearly any corner of the world, as long as you have an internet connection.
For example, Step App is a fitness-based social application that will be launched on Step blockchain. People can easily join it and receive an avatar replicating their growth in the Metaverse. The avatar pursues the same fitness goals as its real-world user. And when you reach your fitness or health objectives in real life, your Metaverse presence also develops, enabling you to gain exclusive and valuable NFTs.
- FitFi Helps You Earn Crypto Actively and Passively
Fitness Finance has boundless growth opportunities. This market develops using web3 and Metaverse, two technologies that will embody the internet of the future. In the early days of the World Wide Web, we couldn’t fathom how the online medium would change our lives. And today, it connects most of our activities and is an essential element of the modern lifestyle.
Like the internet, the Metaverse can produce unprecedented tools and applications for FitFi. This medium is also in its early stages of evolution. However, it has a higher potential to remunerate its users for something as ordinary as walking, jogging, or gaming.
Step App is a FitFi application boasting a dual-token economy. The platform allows users to stake the main token, FITFI, for the chance to win loot boxes with SNEAK NFTs or in-game skins. Additionally, NFT holders can stake their assets and earn KCAL, the secondary token in the Step App ecosystem. As a result, they increase their chances of earning higher rewards.
Step App stands out as the FitFi app with the highest staking rewards. For example, the platform allocates 20% of the total FITFI token supply to staking and liquidity. Moreover, it uses up to 50% of NFT trading as staking rewards. Lastly, it distributes up to 50% of market-bought tokens to stakers.
- Step App is Building Awareness for FitFi
FitFi has already produced a handful of applications, such as Stepn or Genopets. However, it could reach a new level with Step App, the first application of the Step Protocol. This product uses geo-location technology, NFT minting and trading, and token mechanics to be a dominant FitFi app from the get-go.
Step App aims to build a massive Metaverse connecting fitness influencers, athletes, and global brand ambassadors with regular users. This gamified ecosystem enables people to earn money while walking, jogging, playing, and working out. The more users it attracts, the broader the awareness for FitFi will be, ultimately bringing more people to the future economic model.
- FitFi Enables You Join a Global Community of Like-Minded People
Fitness Finance can help people adhere to a global community and interact with like-minded individuals. Similar to social media, this new platform model creates quick connections between people with shared interests in gaming, fitness, and health. Furthermore, it allows them to decide together on how to communicate, participate, and work together. This is possible due to the decentralized nature of FitFi and its underlying blockchain-based technology.
Step App is a clear example of a FitFi product bringing people together. This community-centered Metaverse allows everyone from fitness enthusiasts to gamers and NFT collectors to meet virtually and collaborate. Moreover, it even enables players to compete with friends or strangers and socialize locally or globally.
Lastly, Step App gives its users governance powers through the FITFI token. In other words, token holders can vote as much as 50% of the bought-back tokens and have a say in the project’s deflationary purpose.
- FitFi is Affordable Due to Minimal Transaction Fees
Fitness Finance applications are not free to use, albeit they come at affordable prices. If you have ever used a blockchain-based service, you have paid a fee. That’s because every event on a blockchain network comes at an energy cost. Therefore, even FitFi apps require you to pay something widely known as transaction fees or gas fees.
Fortunately, not all FitFi applications require hefty payments. For example, Step App will be deployed on Step Network, one of the most affordable networks in the blockchain space. Moreover, it enables projects like Step App to grow quickly without requiring their users to pay high transaction fees.
- FitFi Connects You with Global Fitness Ambassadors
In today's interconnected world, getting in touch with athletes, celebrities, and even politicians is easy. Generally, it only takes a quirky tweet to start a dialogue with a famous person. This results from the widespread use of the internet and social media.
Fitness finance is part of the web3 technological upgrade, making this interaction livelier and more lucrative. People will soon be able to interact with their favorite personalities in the Metaverse through augmented reality and other virtual reality. Furthermore, this medium will enable businesses to collaborate, attract capital or fund promising innovations.
Step App is a FitFi app already exploring these advantageous opportunities. The platform launched on DAO Maker, the industry-leading provider of SaaS solutions for nascent and growing crypto startups.
Furthermore, it teamed up with eight-time Olympic gold medalist and 11-time World Champion Usain Bolt. Their partnership enables Step App to address a global community of fitness enthusiasts, health practitioners, sports fans, and NFT collectors.
- FitFi Allows You to Own Digital Assets
Non-fungible tokens (NFTs) represent a future alternative to traditional ownership. Instead of owning material things, such as land, boats, cars, and jewelry, people will be able to keep all their wealth on the blockchain in the form of NFTs.
This trend started two years ago and is now in full swing. Some estimate the global market for NFTs will reach over $230 billion in the next decade. This may be the case as numerous people have started pouring their savings into non-fungible tokens. It’s worth noting that an NFT exists in only one copy on the blockchain and includes a certificate of authenticity, proving its sole ownership.
Financial fitness applications like Step App use NFTs to help users gain more from their experiences. This application’s non-fungible assets, the SNEAK NFTs help holders generate KCAL tokens, which enables them to mint more SNEAK NFTs. This way, they can add more NFTs to their collection and increase their income possibilities. Alternatively, they can trade them in the platform’s proprietary NFT marketplace.
- FitFi Helps You Gain Long-Term ROI
Joining the Financial Fitness sector from its early days could prove highly lucrative later down the road. Generally, this goes for most startups and technologies in their first stages of development. Those who purchased Google stocks for only $85 in 1998 know what we’re talking about.
As FitFi expands into a reliable economic sector, its applications will be more complex and its assets more expensive. For example, a deflationary cryptocurrency launching today will decrease in supply and potentially increase in price over the years. Therefore, buying it now and storing it in your crypto wallet could prove enriching in the future.
This may be the case for Step App and its advanced deflationary mechanism ensuring its FITFI token grows more valuable in the long term. This application uses several tools, including locks, buybacks, and token burns to gradually diminish the total FITFI token supply. Therefore, its decreasing availability should boost its value and generate more wealth for its early adopters in the long run.
- FitFi is the Market Economy of Tomorrow
Financial Fitness is far from being a passive fad. We will most likely be fully immersed in its Metaverse-based platforms for decades to come. This virtual space uses advanced technologies like AR and VR to engage people in physical and fun activities with unprecedented rewards. Furthermore, it has all the attributes to successfully incorporate whatever technologies tomorrow has in store for us.
Joining a FitFi platform is the sensible thing to do for anyone looking to stay with the times. To this end, Step App provides a unique user experience, where people can engage in fitness exercises, running, walking, complete quests, and PVP challenges to build value on the blockchain. Moreover, they can mine, trade, and create NFTs, stake tokens, and play to earn in an enriching environment.
- Getting Started with FitFi is Fast and Easy
Step App is a FitFi application that is easy to use even for the least tech-savviest fitness enthusiasts. You can register on the platform with your email address and get SNEAK NFTs as a welcome gift. Furthermore, the app has a rewarding refer-to-earn feature that enables you to gain FITFI tokens for inviting friends to register.
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