The metaverse is sneaking its way into various industries, and the reason is apparent. The idea of living in a world without physical constraints appeals to many people, whether they're looking to explore new markets or want an easier life with less clutter around them at all times.
Entertainment and gaming were the first to embrace these innovations, but now other unexpected areas like fitness, fashion, and even artists have started adopting this new trend. The fitness industry is worth billions of dollars and is used by millions around the globe. But even this very physical space has seen increased interest in metaverse gyms, where participants can experience a virtual world while working out.
In a recent survey, more than 80% of surveyed people said they would be motivated to take up more physical exercise if rewarded with cryptocurrency.
The survey by fitness website FitRated asked 1,001 Americans for their thoughts on blockchain-related technology. The responses showed that 40% of people surveyed would be willing to cancel their current physical gym membership for an immersive virtual reality experience, and 81 percent said they would be more motivated if cryptocurrency payments incentivized them.
In a previous study, the National Bureau of Economic Research research found that money alone would not be enough to motivate people. But according to FitRAted's research, the researchers found that blockchain-based financial incentives might do the trick.
With 63% of respondents agreeing that fitness motivation was a "primary benefit" to blockchain technology, it's no wonder why several move-to-earn projects are trying to capitalize on this.
The concept of "gamification" has been proven to be the main reason why people may prefer blockchain-based financial incentives over standard monetary ones. Over 83% of people who responded to this survey said their favorite thing about blockchain-based fitness applications is how it makes exercising fun and engaging with all those crypto points you can earn.
When asked what kinds of exercise they would do to earn crypto, 49% said walking was their pick – closely followed by cycling at 47%. Finally came swimming in third with 41%.
When asked what cryptocurrencies people would prefer to receive a payment of, it's no surprise that Bitcoin (BTC) is the preference of most cryptocurrency users, with 72% opting for it. Second place goes to Ethereum (ETH) at 35.5% and Dogecoin (DOGE) at 34.6%.
The future of fitness is now blockchain-based. Stepn, a web3 blockchain-based fitness app that gamifies the fitness experience by providing users with NFT shoes to mint their very own tokens, has been a pioneer in this space and offers an innovative way for people all over the world; to enjoy running more than ever before!
Another move to earn an app called Step App emerged as a competitor for Stepn, signalizing that push by web3 companies looking for exposure within this $100 billion industry. Avalanche blockchain was used in creating Step App, which offers an incentive structure where users can earn tokens after each workout.