In a recent survey, over 80% of respondents said they would be motivated to exercise more if they were paid in cryptocurrency for their efforts.
The survey was conducted by fitness website FitRated. They asked 1,001 Americans for their thoughts on blockchain-related fitness technology.
In the survey results, FitRated found that a staggering 40% of people surveyed would be willing to cancel their current physical gym membership for one in the Metaverse. In addition, 81% of respondents would be more motivated to stay fit if they were incentivized by cryptocurrency payments.
The survey results do not bode well for traditional brick and mortar gyms. However, it remains to be seen if they will launch their own metaverse projects to meet this new consumer preference.
Previously, a study conducted by the National Bureau of Economic Research concluded that money alone was not enough to motivate people to go to the gym. According to FitRated’s research, however, blockchain-based financial incentives might just do the trick. 63% of respondents agreed that fitness motivation was a “primary benefit” of blockchain technology. There are several move-to-earn projects trying to capitalize on this opportunity.
Gamified Exercise experiences are preferred
The concept of “gamification” was found to be the primary reason behind why people may prefer blockchain-based financial incentives to standard monetary ones, with 83% of respondents saying that they liked the fact that blockchain-based fitness applications gamified physical activity.
When asked what types of fitness they would undertake to earn crypto, 49.1% of respondents said that walking would be the exercise of choice. This was closely followed by cycling, with swimming coming in third.
Bitcoin, Ethereum and Dogecoin are the cryptos people want to be paid for exercising
When it came to looking at what cryptocurrency people wanted to be paid in, Bitcoin (BTC) was overwhelmingly the preferred choice of respondents. Etherereum (ETH) was a distant second followed closely by Dogecoin (DOGE).
STEPN and Step App, the future of fitness?
Blockchain-based fitness apps are currently on the rise. A Web3 move-to-earn application called STEPN, gamifies the experience of walking, jogging or running outdoors by providing users the ability to mint unique non-fungible tokens (NFT) sneakers. STEPN has been a pioneer in the move-to-earn fitness space and they recently announced an NFT sneaker launch in partnership with Asics.
While STEPN may be one of the more well-established move-to-earn projects in the metaverse fitness world, it certainly isn’t alone. Another move-to-earn app called Step App, which runs on the Avalanche blockchain, emerged as a competitor, signaling the push of Web3 companies looking to tap into the $100 billion fitness industry. This Step App FITFI review discusses their social, GameFi and augmented reality features in greater detail.
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