Gate.io Blog Fitfi, a web 3 burn-to-earn platform that rewards users for burning fat

Fitfi, a web 3 burn-to-earn platform that rewards users for burning fat

10 October 17:48

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TL: DR

Fitfi is simply a Web-3 version of fitness apps and games using integrated geospatial technology to measure distances while featuring augmented reality.
Users of the FitFi apps receive cryptocurrency rewards for burning fat by moving around and completing fitness-related challenges.
Step App (FITFI) is the native coin of Step. App mobile application which provides a metaverse fitness experience, rewarding users for physical activity.
The three ways to earn from the Fitfi game process include microtransaction, staked play, and tournament gaming.

Introduction

FitFi is a new asset class taking the Gamefi and the entire Web 3 world by storm. Exciting move-to-earn projects encourage users to exercise and get in shape in exchange for monetary rewards. FitFi cryptocurrencies are gradually but steadily taking over the world, demonstrating a unique use case for blockchain technology. The Step APP and its native token, FITFI (short for Fitness Finance), have been the groundbreaker of this quickly evolving industry. FitFi platforms use geolocation data, physical sensors, NFTs, the Metaverse, and various other blockchain technologies to help people connect with fitness and sports. Move-to-Earn projects, like Play-to-Earn projects, are attempting to expand their user base, making fitness more fun, healthier, and profitable.

What is Fitness Finance (Fitfi)?

Fitness finance (Fitfi) is a market economy that combines digital and physical elements. It allows participants to convert physical activity into FITFI Tokens or NFT collectibles. The industry uses integrated geospatial technology to measure distances and features in augmented reality. The combination of these technologies enhances the experience by allowing for better immersion in the narrative. Fitfi is simply a Web-3 version of fitness apps and games.

A rapidly expanding FitFi industry and move-to-earn projects are defining points in bringing the massive fitness market to people in a way that allows them to profit from it. Numerous FitFi projects are available, with the Step App at the top of the list.

Fitfi and Industry Trends

The idea of encouraging people to earn by moving is not new. Sweatcoin has been rewarding users for walking through its app since 2018. You are compensated using the sweatcoin token, which you can exchange for goods and services such as fitness apparel, nutritional products, gadgets, entertainment sub_script_ions, yoga memberships, and so on. However, there is a drawback to sweatcoins: they cannot be cashed out or used to earn money. The innovations of Fitfi all began with GameFi games, which are hundreds of billions of dollars in market value. Web3 has enabled everyone to earn a share of the market in which they participate. It has become a reality with the advent of gaming, decentralized finance (DeFi), and play-to-earn projects. This rise of play-to-earn games that pay users in cryptocurrency for their participation paved the way for move-to-earn apps to appear. Users of the FitFi apps receive cryptocurrency rewards for simply moving around and completing fitness-related challenges. These cryptos can also be converted into fiat currency to improve the earlier move-to-earn concept.

What is Step.App and Fitfi Token?

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Step App is a Web3 project that falls into the move-to-earn category, including Green Metaverse Token and Green Satoshi Token. The app provides a metaverse fitness experience, rewarding you for physical activity. The goal is to inspire people to live healthier lifestyles. The FITFI token, which facilitates payment and rewards on the platform, is the project's official cryptocurrency. Dharpan Randhawa, a former executive at British motor racing group McLaren Racing, leads the Step App team. Kirill Volgin, former CFO of DeFi investing platform Zerion, is the project's CEO.

FitFi token is the governance token for the Step App ecosystem. FITFI is a utility coin in the Step App that benefits from ecosystem fees. Users can stake FITFI tokens to earn up to 50% of the token's market value.

Step App (FITFI) is the native coin of the Step.app mobile application, with a market cap of $26 million (at the time of this writing) and a trading range of $0.061 - $0.065. KCAL is another token in the ecosystem used to purchase SNEAKs, NFTs tokens built into the network.

Features of Fitfi

Buy-backs: 50% of revenue from play is used to acquire FitFi tokens.
Burns: Management can vote to burn up to 50% of its purchased tokens.
Staking Rewards: FitFi involves staking, and stakers receive up to 50% of tokens purchased on the open market.
Locks: Staked FitFi tokens require a 10-day cooldown, costing 12% of the initial investment.
Liquidity Incentives: Liquidity Pool tokens are worth 50% of staking rewards.

Furthermore, the StepApp project does not accept venture capital but follows the DAO (decentralized autonomous organization) protocol to ensure the project is as open-source as possible.

How does Step App Fitfi work?

Step App pays players in cryptocurrencies simply for exercising or working out. Within the Metaverse, the Step app connects your reality with virtual reality. The Move to Earn system works by interacting with NFTs, in this case, sneakers (SNEAK), geolocation technology via the step counter app on your mobile phone, and Metaverse's advanced step technology. After its successful launch, the Step App plans to attract athletes and influential sports influencers on its way to mass adoption.

There are three ways to earn from the Fitfi game process:

1. Microtransactions:

These are non-SNEAK purchases using credit cards and crypto

2. Staked Play

It involves competitions between players using governance tokens - FITFI

3. Tournament Gaming

These are in-competitions at the global level, including regional leaderboards. Users need participation tickets, while collected funds go to a prize pool.

There is also NFT income from the NFT Marketplace. Users complete fitness quests, which pump up and improve their avatars (metaverse characters), improving their physical fitness and social skills during competitive matches.

How to buy FITFI?

Step 1: Sign up for the Fiat-to-Crypto exchange

Go through the exchange fee policies and other features in detail.

Step 2 - Purchase USDT with fiat money.

Once you've completed the KYC process, you will be prompted to enter a payment method.

Step 3: Send USDT to an altcoin exchange. After purchasing USDT, go to an Altcoin exchange that supports FITFI ( Gate.io)

Step 4 – Deposit USDT to the exchange

Step 5: Buy FITFI

Conclusion

GameFi is already a known collaboration between the Fi suffix in decentralized finance (DeFi) and games. Fitness and move-to-earn projects appear to be the following milestones in the rapidly growing crypto industry. Analytically, FitFi seems to be on its way to becoming the next frontier in tokenized earnings.

This exciting new crypto industry is capturing the attention of investors and cryptocurrency enthusiasts worldwide. The Step App project has a wide range of appeal. The project is related to the $300 billion fitness and gaming industries and popular investment themes like DeFi, Web3, and the Metaverse. Although the cryptocurrency is only worth a few pennies now, it could be worth several dollars in the future.

Author: Gate.io Observer: M. Olatunji

Disclaimer:

* This article represents only the views of the observers and does not constitute any investment suggestions.

*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.

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