Fittoken
Envisions a decentralized Blockchain-based data repository controlled by the members to ensure optimal security, portability and personal benefits.
Fittoken operates within the burgeoning 'move-to-earn' sector, offering a platform that converts physical activity into digital assets. Established in 2021, the company has developed a utility token, $FIT, designed to incentivize and reward individuals for their fitness endeavors. The project was co-founded by Lucas Leal and Miguel Caballero. Their whitepaper indicates the initial concept was developed by Sarriá Fitness SL in collaboration with RedPill Ventures Lda, with the first implementation in the Slowfit chain of fitness centers. In 2022, Tutellus acquired a 50% stake in the company to spearhead the development of the 'Fittoken Move' application.
The business model centers on rewarding users for their physical activity. Through the Fittoken Move dApp, the platform connects with health data aggregators like Apple Health and Google Health Connect, tracking metrics such as steps, distance, and calories burned. For achieving daily and specific challenge goals, users accumulate FITpoints, which are then convertible into FIT tokens, a cryptocurrency on the Polygon network. This creates a gamified experience that encourages consistent user engagement. Revenue streams are multi-faceted, involving both individual users and corporate clients.
For individual users, the ecosystem is designed to be self-sustaining. Users can earn tokens through movement and then stake those tokens to unlock higher reward rates or participate in challenges. These tokens can be traded on decentralized exchanges or used to purchase partner rewards like gym memberships and fitness gear. The company also serves the B2B market by offering a tokenization solution for gyms, fitness studios, and corporate wellness programs. This allows businesses to reward their clients or employees directly for achieving fitness goals, thereby aiming to increase customer loyalty and reduce marketing expenses. This B2B application has been implemented in various sports centers, including the Slowfit centers and the Resistance Institute training academy.
Keywords: move-to-earn, fitness rewards, cryptocurrency, blockchain, Fittoken, FIT token, digital asset, wearable technology, corporate wellness, tokenization, gamified fitness, health and wellness, dApp, staking, crypto-marketing, physical activity rewards, fitness incentive, gym tokenization, employee wellness, activity tracking