Survey: People Want to Pay Crypto to Workout in the Metaverse

2022/05/20 15:34

More than 80% of people would be motivated to get more physical activity if they were paid in cryptocurrency for their efforts, a new survey has found.

The survey, conducted by fitness website FitRated, asked 1,001 Americans about blockchain-related fitness technology.

The survey found that as many as 40% of people would be willing to cancel their current gym membership in favor of fitness activities in the Metaverse, with 81% saying they would be more motivated to stay fit if they were incentivized by cryptocurrency payments .

Previously, a study conducted by the National Bureau of Economic Research concluded that money alone is not enough to motivate people to go to the gym. However, blockchain-based financial incentives could play a role, according to FitRated research, with 63 percent agreeing that fitness incentives are a “major benefit” of blockchain technology. Several money-making projects are trying to take advantage of this.

The study found that the concept of "gamification" is the main reason people prefer blockchain-based financial incentives over standard monetary incentives, with 83% of respondents saying they would like blockchain-based fitness apps to combine physical activity games fact.

When asked what types of fitness they would do to earn cryptocurrency, 49.1% of respondents said walking would be the activity of choice. Cycling followed with 47.2%, and swimming came in third with 41.4%.

When looking at which cryptocurrency people want to pay with, Bitcoin (BTC) is definitely the top choice, with 72% of respondents choosing BTC. Ethereum (ETH) comes in second with 35.5%, followed by Dogecoin (DOGE) at 34.6%.

Blockchain-based fitness apps are currently on the rise. A Web3 mobile money-making app called STEPN — which gamifies the running experience by offering 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 established Web3 apps in the fitness space, it's certainly not alone. Another money-making app called Step App, which runs on the Avalanche blockchain, has emerged as a competitor, suggesting a push by Web3 companies looking to break into the $100 billion fitness industry.

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