You may have heard of a project called STEPN which took the world by storm upon its launch in March of this year; if not, you may be in for a ride. FitFi is an emerging scene that is targeting the world of fitness — an $80B+ industry — and it seems to have caught everyone’s attention in the process.
But when a door opens in crypto, you’re not led to a room — rather, to a field that stretches to the horizon. When new possibilities are realized, they snowball down a hill of pre-existing ideas and gather momentum towards new and exciting opportunities. Such is the case with FitFi and what it means for the music NFT scene, so let’s dive in and see what it’s all about.
What is FitFi?
As briefly described above, FitFi brings blockchain technology to the realm of fitness and sports. It incentivizes healthy living and habits by utilizing reward mechanisms for users who perform various tasks and activities commonly found in a active lifestyles.
Famous examples of this includes the newly-coined “Walk-to-Earn” (W2E) or “Run-to-Earn” (R2E) subcategories of FitFi, which reward users based on the amount of steps they take in their walks and/or runs.
FitFi dApps utilize NFTs to determine reward conditions, rates and other variables that users must take into consideration before acquiring their virtual gear. These NFTs are usually portrayed as snickers, but they’re not necessarily limited to that format.
Between the various NFTs, exercises, events, and tasks, there is no shortage of possibilities to keep users occupied and engaged with an emerging phenomenon and a healthier lifestyle.
But it Gets Better
Imagine being able to import your music NFTs and utilize them alongside your FitFi ones. Like the various supplemental NFTs found on FitFi dApps that provide buffs to users, music NFTs can play the same role to not only enhance the user experience, but also to amplify the rewards.
The effects of music on exercise performance are well known, and millions of people around the world rely on the works of artists to power through their workouts — but how often are these artists appreciated for this role? With music NFTs and FitFi, artists can earn money every time their song is used in conjunction with a workout! The same concept also applies to gyms and fitness centers for instance; where the club may play various music NFTs for its members, to in turn receive rewards in crypto.
The possibilities are endless; and as FitFi develops further, so too shall other areas of the blockchain industry. Here at MozikNFT, we explore the innovations in the crypto and DeFi space and utilize new and inspiring ideas and technologies for the world of music and audible art.