Fitmint, the Indian-based move-to-earn start up, has just announced a $1.6 million raise to launch their fitness app that rewards users with cryptocurrency for going about their essential daily fitness activities.
The round was led by storied investment firm General Catalyst, with investment from iSeed, Kearny Jackson, Dweb3 and 1947 Rise, among others. The raise is indicative of increased investor excitement in the move-to-earn space, which is seen by many as one of the primary channels everyday users can start participating in the exciting opportunities of Web 3 and unlock real-world utility that puts the general user first. With Fitmint’s raise, many predict they will be at the head of the pack.
How Does Fitmint Work?
Fitmint works by tracking users’ fitness activity, be that walking, running, or working out, and letting them earn $FITT – the app’s native token – for doing so. Other move-to-earn apps restrict the type of workout a user can do, but Fitmint plans to synergise with devices like the Apple Watch so users can do the exercise they want and still earn. $FITT is used to unlock gamified features within the app. Users can level up, participate in competitions with friends and strangers, or be cashed for $MATIC tokens once the app moves past the beta phase.
To start working out to earn tokens, users buy a pair of Fitmint’s ‘OG Basics’ NFT sneakers. These sneakers are the central pillar around which the app is built. A user’s NFT sneakers unlocks the ability for users to earn crypto as they exercise. The sneakers aren’t just simple NFTs, though.
What are Fitmint’s NFT Sneakers?
Rather, as users advance their fitness goals, the sneakers level up, unlocking more of the app’s functionality and letting users earn greater rewards every time they go for a run. Sneakers all come with their own individual stat profiles, with four unique stats: Power, Durability, Stamina, and Comfort.
These stats develop the more a user works out. Power, for example, indicates the rate at which $FITT tokens are earned through exercise, while Durability means you can exercise for longer before having to repair the sneaker. A better sneaker will result in better earnings and more reward for a user’s workout routine. As well as being levelled up and improved, sneakers can also be ‘bred’ – so user’s can build up their collections.
Sell NFT Shoes on the Secondary Marketplace
The excitement here lies in the fact that Fitmint is creating a secondary marketplace for users to sell their levelled up sneakers. This means users who have trained their sneakers can sell them to newer users who want to join the workout revolution, thrusting more value and earnings into the hands of committed, daily users – while also giving a fastlane entry point to newer users who don’t have to time to level up their own NFTs, but who know they can maximise the earnings a powered up sneaker delivers.
This marketplace will come hand-in-hand with the social element on the Fitmint app. Fitmint is focused on making working out fun by creating a space where like-minded individuals can motivate, inspire, and push each other to be the best they can be. Running on your own can be a lonely activity, but Fitmint’s app will give those users a chance to connect to one another. Workout competitions will be at the centre of Fitmint’s social landscape, connecting friends and strangers in collective groups, with everyone aiming to be the best person they be – and earning prizes for doing so.
Exercise to Earn
Helping people find the motivation to work out is one of Fitmint’s driving missions. By combining play, social life, and economic incentive, Fitmint aims to help millions of people around the world find a new joy and a new purpose in their exercise routine.
Fitmint’s app is now available to download, and users everywhere are beginning to log in, sign up, and earn rewards while they burn calories. With this funding, Fitmint looks poised to become a major player in the move-to-earn space, and early adopters who level up their ‘OG Basics’ are likely to earn significant sums by doing the exercise they already want to do.