A new fitness-focused cryptocurrency project called FitScrypt uses geolocation on mobile devices to pay app users cryptocurrency for working out at their local gym or fitness facility, and in the future will provide the ability to earn crypto at home in an entirely new and untapped way – in the Metaverse. The fitness market presents a massive opportunity for the FIT token: one in four Americans attended a gym, exercise club, or fitness studio in 2019, and that number increased by 27% by the end of 2020.
The tagline for FitScrypt is “Mine your way to fitness” which could also be termed as “Proof of workout”. Much like a cryptocurrency mining device completes mathematical calculations to earn cryptocurrency, FitScrypt app users can earn by working out at the gym. The beta version of FitScrypt will launch with thousands of gyms and fitness clubs in the database, which will continually be expanded upon with additional app updates. A strong community has already formed around the idea of FitScrypt with over 4000 Telegram community members and several pro sports athlete influencers onboard to promote the project.
Users who earn FIT tokens by exercising at the gym will be able to transfer their earnings to an exchange and convert directly into their preferred currency. FitScrypt users can bank FIT tokens and use their earnings to pay for part or possibly even their entire monthly gym membership after a future increased value of the FIT token is realized. FIT token is not another “memecoin” project as it provides real-world utility that crypto buyers are looking for in the current market while the involvement of the Metaverse fitness angle is unique and compelling.
The team behind FitScrypt has several models for revenue generation to support the FIT token and the FitScrypt app itself. Targeted relevant ads can be delivered to app users while they check in to “level up” their rank in FitScrypt and continue to earn FIT tokens. Partnerships are planned to be developed with health club chains where FitScrypt users earn a bonus percentage of FIT tokens for attending a partner gym. As total app downloads and the active and engaged user base grows over time, the value of FitScrypt is anticipated to increase. Token holders will be rewarded with bonus token earnings for their workouts by holding a required minimum number of tokens to qualify for an earnings boost, and users who “stake” or lock up tokens will be rewarded additional earnings bonuses for their gym sessions.
While initially FitScrypt will focus on “burn to earn” using geofencing at the gym, the roadmap for the project includes expansion into the Metaverse. FIT tokens will be earned by working out in a virtual reality environment in the Metaverse. Heart rate tracking with wearables will allow for FIT earnings based on the intensity of the exercise. The global market for the Metaverse is expected to exceed over $750 billion USD by 2026 according to Global Research and Markets Inc. and FitScrypt is poised to capture an untapped segment of the Metaverse market related to interactive workouts and cryptocurrency.
FIT token launched on the Binance Smart Chain on Thursday, March 10th at 6:00PM EST. FIT is available to buy and trade on Pancakeswap. The initial beta release of the FitScrypt app will be available for download on iOS and Android soon. Learn more about FitScrypt and FIT token at www.FitScrypt.com.