A new survey has found that over 80% of people would be motivated to take up more physical exercise if they were paid in cryptocurrency for their efforts.
The survey[1], which was conducted by fitness website FitRated, asked 1,001 Americans for their thoughts on blockchain-related fitness technology.
The survey found that a staggering 40% of people would be willing to cancel their current physical gym membership for one in the Metaverse and that 81% of respondents would be more motivated to stay fit if they were incentivized by cryptocurrency payments.
Previously, a study[2] conducted by the National Bureau of Economic Research concluded that money alone would not be enough to motivate people to go to the gym. However, according to FitRated’s research, blockchain-based financial incentives might just do the trick, with 63% of people agreeing that fitness motivation was a “primary benefit” of blockchain technology. Several move-to-earn projects are trying to capitalize on this.
The concept of “gamification” was found to be the primary reason behind why people may prefer blockchain-based financial incentives to standard monetary ones, with 83% of respondents saying that they liked the fact that blockchain-based fitness applications gamified physical activity.
When asked what types of fitness they would undertake to earn crypto, 49.1% of respondents said that walking would be the activity of choice. This was closely followed by cycling at 47.2% and swimming came in third at 41.4%.
When it came to looking at what cryptocurrency people wanted to be paid in, Bitcoin[3] (BTC[4]) was overwhelmingly the preferred choice, with 72% of respondents opting for BTC. Ethereum[5] (ETH[6]) was a distant second at 35.5%, followed closely by Dogecoin[7] (DOGE[8]) at 34.6%.
Blockchain-based fitness apps are currently on the rise. A Web3 move-to-earn application called STEPN[9] — which gamifies the experience of running by providing users the ability to mint unique NFT shoes — has been a pioneer in the blockchain fitness space.
While STEPN may be one of the more well-established Web3 applications in the fitness world, it certainly isn’t alone. Another move-to-earn app called Step App, which runs on the Avalanche[10] blockchain, emerged as a competitor, signaling the push of Web3 companies looking to tap into the $100 billion fitness industry.
References
- ^ survey (www.fitrated.com)
- ^ study (www.nber.org)
- ^ Bitcoin (cointelegraph.com)
- ^ BTC (cointelegraph.com)
- ^ Ethereum (cointelegraph.com)
- ^ ETH (cointelegraph.com)
- ^ Dogecoin (cointelegraph.com)
- ^ DOGE (cointelegraph.com)
- ^ move-to-earn application called STEPN (cointelegraph.com)
- ^ Avalanche (cointelegraph.com)
