The cryptocurrency market has captured almost every industry by storm. With the wide range of advantages associated with cryptocurrency, it was expected that many industries would incorporate cryptocurrency into their existing structures. One such industry enjoying the extensive use of cryptocurrency is the fitness sector.
Understandably, cryptocurrency information is not as widespread as would be expected. There are still many unknown factors relating to the use of cryptocurrency, especially in fitness. This article explores some exciting information about cryptocurrency and its applications in the fitness industry.
5 Applications of Cryptocurrency for Fitness
Exercise And Earn
Cryptocurrency has revolutionized how people earn money in modern times. The days of having to work an 8 to 5 job or run a business for you to make money are long gone. The cryptocurrency market for fitness has introduced numerous applications that can pay you money to exercise. Since these apps pay using cryptocurrency, they provide an additional advantage to anyone who exercises. The main advantage of these apps is that the currency they pay can be traded on the app’s local market or converted into other cryptocurrencies.
Some examples of apps that provide monetary rewards for exercise include ActFit, FitCoin, and LifeCoin. All these apps have unique advantages and disadvantages since some only reward outdoor activities. In contrast, others only provide cryptocurrency after one reaches a specific limit of engagement or exercise points. Therefore, you may need to explore each of them before you identify one that works for you and incorporate it into your exercise routine.
Exercising in gyms is a very personal activity. Therefore, it becomes very troublesome if you share your personal information with the administration of different gyms and exercise facilities every time you pay for your gym subscription. Cryptocurrency has made it simpler and safer for you to make your payment for gym subscriptions. Since cryptocurrency is essentially discreet, gyms can receive your payment without accessing your personal information. This will allow you to exercise without worrying about your details being used without your consent.
In other exercise facilities, you can use the cryptocurrency generated from exercising on their premises to purchase more items to use for exercise. For example, you can use the tokens gathered from exercising on ActFit to pay for fitness consultancy services without using your fiat currency. As such, the more you exercise, the more money you earn to spend on further exercise services.
Different companies manufacturing fitness equipment are also beginning to accept cryptocurrency payments. Buying fitness-related merchandise from retailers accepting cryptocurrency provides certain advantages, including payment efficiency and speed.
NFTs And Exercise
Cryptocurrencies and NFTs have revolutionized how we consider exercise. Using reward-based mechanisms, cryptocurrencies and NFTs influence social lives and motivate people to take up activities they would otherwise not. The model used in platforms such as STEPN has increased people’s thinking about exercise by providing accountability and reward structures based on NFTs and cryptocurrency. The motivation people get from earning a small reward anytime they exercise keeps them on their feet to meet their daily reward targets.
While not many people are aware of the payment they can receive in the form of NFTs or cryptocurrencies for exercise, those that are aware are quickly joining the bandwagon. Do not be left behind. If you want to try out these exercise options, you can research the different entities providing similar services and choose one that meets your requirements. The cryptocurrency market incorporated with NFTs has helped create a buzz surrounding lifestyles that increase general fitness among many people.
ICOs or initial coin offerings are a token used by different companies to promote their services or pool funds for their businesses. By offering such coins, a company can generate a buzz around its product and get money to either fund its business or develop a new service. For example, in the fitness sector, cryptocurrency has provided an avenue for efficiently generating funds through coin offerings. Companies joining the industry can now offer coins to the general market to help create awareness of their products and source funds for business development.
Contrary to popular belief, the cryptocurrency world is not that technical. Using cryptocurrency for marketing is quite simple. First, you must create a coin representing the particular service you want to advertise or market to prospective consumers. After that, you have to make a reward mechanism through which the users of your product will earn the coins. Lastly, you have to create utility for the currency. For instance, you can use the coin to provide discounts to users or also allow them to convert the coins to real-life money.
Exercise In The Metaverse
Ever since the introduction of the metaverse, many people have been finding ways of streamlining the relationship between the metaverse and the real world. One of the ways the fitness industry has achieved this is by creating a way of earning crypto in the metaverse from activities being undertaken in the real world.
Players of the mobile blockchain games provided by OliveX can gain strides in the metaverse and earn crypto by moving around in the real world. The money they earn in moving around in the real world can help them level up in the game as played in the metaverse or can also be traded on different cryptocurrency exchanges or marketplaces.
The cryptocurrency market has become quite popular among many people. Almost every industry is trying to incorporate cryptocurrency, blockchain technology, and web 3.0 into their frameworks. If there is a sector that has succeeded in doing so, it is the fitness and exercise market. The fitness and exercise sector has created ways to incentivize exercise and to make activity appealing to people who are earlier on not interested in exercising.
People can use the coins they get from exercising to buy more services within the platform or buy real-life cryptocurrency, which they can trade on real-life exchanges. Additionally, paying for fitness and exercise services has become safer and more secure. You no longer have to worry about your gym getting your personal information, as before when paying through fiat currency.