Fitmint Announces Funding as They Launch Move-to-Earn App
A new, impressive player has entered the move-to-earn space. Fitmint, the Indian-based start up, is looking to make waves in this emerging market as it launches its social fitness app. The app will allow users working out and going about their daily routine to earn real-world value for their efforts. Fitmint’s mission is to get the world exercising by incentivising them through a mixture of Game-fi, Social-fi and financial rewards.
$1.6 Million to Build the ‘Fitverse’
Fitmint has announced a huge raise of $1.6 million to coincide with the launch of their app – which is available to download now. The raise is led by international venture capital firm General Catalyst, with participation from a wide range of other Web 3 investors, including iSeed, Kearny Jackson, 1947 Rise and Dweb3. The backing shows the confidence the market has in Fitmint’s app, and the potential for it to take the move-to-earn space to the next level.
The app has already launched, but the raise will help Fitmint build out their already impressive team and deliver the roadmap they’ve set out, as well as helping optimize the tech that underpins the enterprise. Fitmint’s community is already large and is showing impressive growth, with over 100k+ followers on Twitter and Discord. This raise and the app’s launch looks set to propel that further, as users worldwide get to grips with Fitmint’s offering.
The Importance of Community
The community is so important as Fitmint grows, as the team intends to place Social-Fi at the heart of what they’re trying to achieve. Within the Fitmint app, users will be able to create competitions between friends and even strangers to win prize pools for the person who works out the most and hits their goals. A key part of motivations for exercise is the sense of being part of a community of like-minded achievers, Fitmint intends for its app to be an ‘fitverse’ hub where users can meet, chat, and grow stronger together.
How Fitmint Works: NFT Sneakers
To earn in-game, users will first purchase a pair of NFT sneakers, called ‘OG Basics’. These sneakers will be the key to the Fitmint’s fitverse. Once obtained, users will earn $FITT tokens whenever they work out.
Sneakers will have different levels and different stats, which will offer different rewards. Some sneakers will allow users to exercise and earn for longer, while others will earn more $FITT tokens for all exercise done. The NFTs can be levelled, too, improving the rewards they offer. Sneakers can even be ‘bred’, with combined sneakers yielding new, more powerful sneakers that can then be sold on the secondary market.
How Fitmint Works: The $FITT Token
That secondary market will be a key way for Fitmint’s early adopters to earn extra value through their efforts. By committing to the grind and levelling up their NFTs, they will then be able to pass them on for profit to newer users who want to make the most of their exercise right off the bat. The secondary marketplace, combined with the social elements, aims to create a hub in which exercise fanatics can gather, compete, socialise and trade.
The $FITT token that users earn for working out can be used to level up the sneakers, repair them when they break, and open up new tiers within the app. The $FITT token can also be traded for $MATIC once the beta ends. Fitmint takes advantage of Polygon’s lightning fast transaction times to be able to consistently and steadily reward users $FITT for every minute they exercise, helping to maintain the incentive to get out there and work out.
When Fitmint finalises integration with various smart devices, users will be able to do the type of work out they want, rather than being restricted to certain types (as with other move-to-earn apps)
Healthier, Wealthier, and Happier
Move-to-earn is a nascent space in the Web3 ecosystem. However, considering how important exercise is, and how valuable incentivising it can be – it may well be the key blockchain utility that introduces it to the wider general public. We all know we should move more. With Fitmint, we finally have a reason to.