Sweatcoin amassed over 5million users in one year. Their number of active users totals a whopping 2million! On the other hand, the amount spent on traditional gym memberships reduced by 5% from 2014 to 2016. These statistics prove the fact that fitness lovers now prefer digital options. Wondering why there’s a massive shift towards digital options?
Follow through to clear every doubt.
Millennials are characterized by their massive interest in well-being. This population forms the bulk of fitness lovers. Millennials always look for a means to make their lives easier.
The reward system which the blockchain technology brings to the table is embraced by the fitness industry. Using apps like sweatcoin, users can now “sweat their way” to rewards. With sweatcoin, users earn rewards from exercising. The app converts the intensity at which the user works exercises to sweatcoins.
These sweatcoins can be used for purchases (such as; fitness classes, fitness gear) on the app. Thus, there is little or no need to spend at a traditional gym.
The sweatcoin reward system is built on the blockchain technology. To earn bitcoins, mining is required. To earn sweatcoins, users exercise and sweat.
The limitation time offers to individuals prevent them from partaking in events or amassing experiences. Hence, users tend to embrace platforms that give consumers the ability to have access to content anytime and from any location. The blockchain is the perfect suit for these needs.
Several fitness videos are now available for downloads online. Hosting/streaming solutions are also available for users. Content creators in the fitness industry (such as online gym instructors and fitness experts) are allowed to upload their content on a blockchain network.
Users who meet certain conditions (which could be an online payment) will have access to such content.
They would get the same professional directions or even the best in the world without having location as a hindrance. Renown personal trainers use the blockchain technology often so their online users can have access to them from any place.
Hence, without leaving the comfort of their homes, users can connect to the public blockchain by paying an online access fee. This fee could be the same or even less than what they would pay for a gym membership or a fitness class.
Who says payments have to be the traditional legal tender? People now buy houses and purchase flights using bitcoin.
Using the Ethereum blockchain, GymCoin has created a decentralized peer-to-peer platform. This platform allows gym users make payments; for gym sessions, personal trainers and other gym related items through their phone. The transaction is also made available for users that patronize traditional gyms. Payments are made using gym tokens. Gym coin has amassed a network of 20,000 gyms all around the globe. With this technology, frequent travelers have no worries on how to go about fitness payments.
Many fitness figures are embracing the blockchain technology. They are moving from the brick and mortar operation system and channeling their resources to the blockchain by taking their services there. The content posted on a public blockchain is not facilitated by a third party (like a traditional fitness center). It can be accessed directly by users. Content creators in the fitness industry have the opportunity to charge less for their lessons, yet accrue much higher revenue.
The blockchain community provides content creators compensation for giving their resources to the blockchain. There are various reward token programs designed by these communities. Sometimes, tokens granted to content creators help access other useful content without additional costs.
To Wrap It Up
Blockchain provides the gym/fitness industry with a two-way advantage. It offers benefits to both users and the content providers. Thus, it gives the industry an advantage of growing at a faster rate.
Written by Demi Oye