The new player in move-to-earn offering great financial rewards
FitFi is making it easier for people to earn money and stay healthy at the same time, with their innovative new move-to-earn Step App. The platform’s enabling users to get fit in the real world while they engage with the wider crypto community, which is a great perk for anyone in a hurry who wants to pack as much into their lives as possible.
Summary
- The FitFi team only came together in Q4 of 2021. But already, the experienced group of blockchain experts and veterans has created an app and has its Genesis NFT launch in the works.
- FitFi enables all the normal stuff you expect from blockchain, such as socializing, yield farming, playing and earning. But it also encourages people to get healthy in the real world.
- It comes along with a string of other move-to-earn platforms such as STEPN, Genopets and OliveX, that are revolutionizing how the digital and physical worlds interact.
FitFi and its Step App are brand new players in the world of move-to-earn. FitFi as an ecosystem was formed in Q4 of 2021. Since then, they’ve launched Step App on the Avalanche blockchain and are aiming to conquer the health and fitness sector of the metaverse.
What is FitFi?
FitFi, or Fitness Finance, is the meeting point between outdoor health and exercise, and the web3 enabling people to earn money for what they create.
Health and fitness has grown to become a $100 billion industry in the US alone. As modern society becomes more aware of the dangers of a sedentary lifestyle, the drive to get away from a screen and start pounding the pavement has got stronger.
But there are obstacles. People get busy, they get tired, and they find excuses to leave their running shoes untouched and stay on the couch.
This is where FitFi comes into the market. It’s seen the $100 billion fitness industry and given serious thought to how it can combine it with the $200 billion gaming industry.
But whereas blockchain gaming is all about play-to-earn, FitFi is helping to pioneer the move-to-earn sector. Users will earn tokens, which they can exchange for real money, by getting outside and moving about.
Step App is the first app in FitFi’s ecosystem and the company calls it ‘the foundation of the FitFi market’. It’s based on the Binance Smart Chain and it allows users to track their activity, earn crypto for their exercise, and encourages people to stay healthy in the real world.
How to earn in the FitFi ecosystem
There are a few interesting features in FitFi’s economy that sets it apart from its competitors. It’s worth noting that SNEAKs are the in-game NFTs sneakers that users need to purchase before they can start earning.
Here are the three ways that players can earn money within the move-to-earn protocol:
- Microtransactions – players can use their credit cards or cryptocurrency to make micro payments for non-Sneak purchases such as map styles, character skins and Sneak skins.
- Staked play – FitFi plans on building a community and letting them doing battle against each other. Players can challenge their friends by putting their money where their mouth is and staking funds in a winner takes all race.
- Tournament gaming – FitFi has regional and global tournaments with a prize pool for the people who end up on top of the leaderboard. Participants can also win other prizes like unique skins and map designs.
Tokenomics
As with all new-to-market players in the blockchain space, FitFi has plenty of monetary incentives to get new users through the door to contribute to the community. The company has outlined how it will maintain the value of FITFI, the governance token, and how people can earn money from them:
- Buy-backs – 50% of play income is used to buy tokens on the market.
- Burns – governance can vote to burn up to 50% of bought back tokens.
- Staking rewards – up to 50% of market-bough tokens are distributed to stakers.
- Locks – staked tokens require a 10-day cooldown for exiting, and bypassing this cooldown carries a 12% fee on the principal stake.
Within the app, players can also unlock certain SNEAK and avatar skins by staking FITFI. They can also earn royalty fee discounts and it’s good to bear in mind that up to 50% of NFT trading fees are available as staking rewards.
KCAL is the in-game token and players need it to mint SNEAKs. They can earn it by running while their SNEAK is staked and the SNEAK needs to be staked for ten days in order to claim earned KCAL.
The Step App and other move-to-earn platforms
FitFi and their Step App are relative newcomers to the move-to-earn sector. While the concept itself has only come to prominence since the start of 2022, there are a few more established names that have been moving in the space for longer than you might think.
DappRadar has a more in-depth breakdown in this article, but here’s a short summary of the biggest names to watch in move-to-earn:
- STEPN – STEPN launched in August 2021 and since then its community has run over 13,450,000 km. It’s built on the BNB and Solana blockchains and enables people to earn money while doing exercise. DappRadar has a longer article on getting started and earning money with STEPN here.
- Genopets – this game offers a different take on move-to-earn. By doing exercise in the real world, you can level-up your avatar. By leveling up your avatar, you have a better chance of winning in-game battles. Recently launched Genopets Habitats on the Solana blockchain.
- Dustland – this game’s on the Polygon blockchain and is part of the larger OliveX ecosystem. OliveX is building a new interactive world in The Sandbox and offers a holistic ecosystem that with social and health benefits, all while rewarding its contributors.
