Imagine your daily workout routine or simple morning jog rewarding you with more than just good health. Welcome to the future of fitness with the Step App’s Move-to-Earn program, where every step counts – literally! The pioneering initiative pays you in FITFI tokens for every physical activity. From your first cup of caffeine to the last email at night, transform each actively spent minute into digital assets and take a leap towards creating a healthier, wealthier life. Get ready to turn sweat into savings!
The Step App’s move to earn program incentivizes physical activity by rewarding users with FITFI tokens based on their step count and exercise. Users can accumulate these tokens and trade them within the app for various rewards and benefits. It provides a unique way to earn incentives while promoting a healthy lifestyle.
Starting with The Step App and Earning FITFI Tokens
Struggling to keep up with the daily recommended level of physical activity? The Step app is a fitness tracking application designed to help monitor your daily activity levels, set goals, and reward you for achieving them. The Move to Earn program, powered by FITFI tokens, incentivizes users to engage in physical activities and earn cryptocurrencies as rewards.
Think of it like getting paid for doing something you’re already doing: exercising and staying healthy.
Signing Up and Earning your Initial FITFI Tokens
So, how does one get started with this exciting program? Firstly, download the Step app on your Android or iOS device. Next, create an account using either your Google or Facebook account or sign up manually by providing necessary details such as name, email ID, etc.
Once you’ve created an account and verified your email ID, you’ll be prompted to enter a referral code from an existing user. Doing so will grant you a bonus 25 FITFI tokens.
As an example, let’s say John already uses the Step app and sends his friend Jane a referral code. If she uses it to sign up successfully on the Step app platform and starts engaging in physical activities on the Move To Earn program, John receives 10% of Jane’s earned FITFI tokens as a reward.
From there on out, users are encouraged to track their daily activity levels via the app and clock in at least 1000 steps per day to start earning FITFI tokens through the Move To Earn program. These tokens can be redeemed for real-life rewards such as gift cards, online vouchers, or even other cryptocurrencies.
It’s worth noting that any form of cheating or falsely claiming physical activity could lead to disqualification from this initiative.
Having understood how one can get started with Step app’s Move to Earn program let’s dive deeper into understanding how the program operates.
- Reports indicate that fitness app downloads are on a steady rise with 593 million downloads recorded in 2020, which indicates an increasing need for incentive-based apps like StepApp.
- Data from DappRadar shows that as of 2022, the total value locked in fitness-related DApps stands at over $500 million, illustrating the demand and potential growth for tokens such as FITFI.
- In 2022, the market cap of health and fitness crypto tokens was roughly $200 billion, indicating substantial user investment and interest in health-promoting cryptocurrency systems like those utilized by StepApp.
Understanding the Move To Earn Program
Looking for ways to incentivize and motivate healthy lifestyles, solve potential economic barriers and make fitness accessible to everyone? Look no further than Step App’s “move-to-earn” program. As the name suggests, it aims to reward users for their physical activity through its utility token FITFI.
Step App is a mobile application that tracks your daily physical activity and, based on your performance, rewards you with FITFI tokens that can be exchanged for other cryptocurrencies or used within the app. The more physically active you are, the more tokens you stand to gain.
Imagine you set a weekly target of covering five miles of walking/running. The app automatically tracks your progress using GPS sensors and adds FITFI tokens to your wallet in real-time once this goal is accomplished. Now imagine that every time you hit this target, you earn 10 FITFIs; over time, these tokens can accumulate into significant amounts.
The move-to-earn program allows users to monetize their fitness achievements while simultaneously promoting healthier habits.
Utility of the FITFI Tokens Inside and Outside the App
FITFI tokens have utility both inside and outside of the Step app environment. Let’s explore how:
- Inside the app: Currently, users can redeem FITFI tokens for vouchers from well-known health brands such as MyProtein. In addition to this, users can also use tokens to buy goods like workout equipment directly from select vendors partnering with Step App.
- Outside the app: With blockchain-based cryptocurrencies like FITFI gaining mainstream attention, users who earn them through programs like Step App’s move-to-earn initiative can also trade them on exchanges or use them as payment for other products or services that support these currencies.
Think of FITFI tokens as collectibles – digital assets that hold value both on their own terms as well as in the broader economic scope. The higher your token count, the more valuable they become.
Benefits and Incentives of Step App and FITFI Tokens
Step App’s Move to Earn program allows users to earn FITFI tokens by completing a range of fitness and wellness-related activities. Whether it’s walking, jogging or doing yoga, this program incentivizes individuals to lead a healthier lifestyle while earning cryptocurrency as a reward.
In addition to these practical incentives, the app’s gamification elements – such as leveling up, unlocking achievements, and moving up leaderboards – add an element of fun to fitness routines. Augmented reality features enable users to interact with other players and engage in PvP challenges. These qualities combine fitness and finance in a way that provides added value to users by offering unique experiences that integrate both worlds.
By integrating blockchain technology into fitness routines, Step App creates an ecosystem that allows for direct payment based on user engagement within the system. The use of NFTs which are unique digital assets has seen interest grow towards the development of President SNEAKs Club as influencers tag along resulting in a surge in token prices.
Imagine logging onto the app and seeing that through the Move to Earn program you’ve earned 50 FITFI tokens for walking five miles this week. You could then redeem those tokens to access various fitness-related services like wellness coaching, personal training, supplements or entertainment in the KCAL Utility Marketplace.
Drawbacks and Considerations of Step App and FITFI Tokens
While the concept of earning cryptocurrency for exercise is exciting, there are some potential drawbacks. The first is that there are compatibility issues with other blockchain networks: Step protocol supports neither POW nor POS consensus algorithms. This means that many investors can’t participate using their hardware or sell off tokens on exchanges they already hold wallets for since new wallets needed are ERC-23 compatible.
Another consideration involves taxation; although gains from cryptocurrencies are considered taxable events federally, determining how taxes apply on taxes is less clear with IRS statements accounting for limited scenarios.
Finally, currency volatility is another consideration. The price of tokens can vary considerably in a short period, making estimating the value of rewards challenging. Additionally, to retain users, apps need to keep token values stable and convenient with rewards viewed as valuable, even if not necessarily tradable for legal tender. Despite this challenge though, experts suggest that tokenization of exercise will only grow and thrive in the near future.
Compatibility Issues with Other Blockchain Networks
As with any blockchain network, interoperability and compatibility are major areas of concern. As per the details available about the FITFI token, it currently operates on the Ethereum network, which means holders have to keep these tokens in an Ethereum wallet that supports ERC-20 standard. Any exchange or service that doesn’t support this standard would be unable to interact with the token.
Consider a user trying to transfer their FITFI tokens from an Ethereum wallet to a Bitcoin wallet. If the Bitcoin wallet doesn’t support ERC-20, conducting this transaction would become difficult. Similarly, if an individual plans on using FITFI tokens on a platform that doesn’t accept ERC-20, they might need to swap their tokens for another cryptocurrency first.
While there haven’t been any specific reports of compatibility issues with FITFI tokens and other blockchain networks, it’s essential to acknowledge their concerns and limitations when working with cryptocurrencies.
Understanding the Token Utility Marketplace
Utility Tokens like FITFI offer specific benefits within their respective ecosystems and can provide traders valuable investment opportunities. It’s crucial for traders and investors alike to understand their role in these utility marketplaces before considering investing.
Imagine being at an amusement park where each ride requires its own specific ticket; that’s where utility tokens come in – as tickets granting access to specific platforms or services connected to that token’s ecosystem.
Top utility tokens like Ethereum (ETH), Cronos (CRO), Chainlink (LINK), Polygon (MATIC), The Sandbox (SAND), Arbitrum (ARB), and Ecoterra (ECOTERRA) offer unique benefits within their respective blockchain ecosystems. For example, CRO is native to the Cronos blockchain ecosystem, allowing users access to benefits across various Crypto.com products. In contrast, SAND is the only currency acceptable for transactions in The Sandbox.
Investors can use FITFI tokens not only as a mode of payment within the ecosystem but can stake their tokens to earn rewards. Additionally, FITFI tokens are tradable in cryptocurrency exchanges like Crypto.com app, where traders can buy and sell based on market demands.
Now that we have familiarized ourselves with utility tokens let’s understand how traders can invest in FITFI and use it within the ecosystem.
- Utility tokens like FITFI provide specific benefits within their respective ecosystems and can offer valuable investment opportunities. Traders and investors need to understand the role of utility tokens in these marketplaces before considering investing. Utility tokens act as tickets granting access to specific platforms or services connected to the token’s ecosystem, similar to different rides requiring specific tickets at an amusement park.
Prominent utility tokens such as Ethereum (ETH), Cronos (CRO), Chainlink (LINK), Polygon (MATIC), The Sandbox (SAND), Arbitrum (ARB), and Ecoterra (ECOTERRA) offer unique benefits within their blockchain ecosystems. For example, CRO provides access to various Crypto.com products within the Cronos ecosystem, while SAND is the only accepted currency for transactions in The Sandbox.
Investors can use FITFI tokens for payments within the ecosystem and stake their tokens to earn rewards. Additionally, FITFI tokens are tradable on cryptocurrency exchanges like Crypto.com app, allowing traders to buy and sell based on market demands.
To summarize, understanding utility tokens and their functionalities is essential for traders interested in investing in tokens like FITFI.
Keith Rumjahn is CEO and founder of Dustland. He is an expert on fitness and a speaker on move to earn at multiple conferences.