Step App, a fitness finance (FitFi) platform, announced a partnership with Usain Bolt, an eight-time Olympic gold medalist and eleven-time World Champion, on Thursday, July 21, in conjunction with the debut of its private beta for a gamified fitness metaverse.
FitFi is the newest trend on Web3 and leverages the $100 billion USD fitness market. It introduces the “Move-to-Earn” (M2E) economy, in which people who engage in physical activity are rewarded with cryptocurrency.
StepN, the first successful M2E game, was debuted in 2021 and paid users for walking, jogging, or running in the real world, as opposed to rewarding players for virtual participation in a project or game.
Adding decentralization to the mix, Step App’s M2E platform aspires to be the next frontier in the metaverse and GameFi markets, combining physical experience with digital reality.
Built on the Avalanche blockchain, Step App is the first product in the Step blockchain ecosystem designed to help deliver FitFi to the public. According to the firm, third parties can use the Step Protocol SDK to construct within the Step Metaverse.
The statement highlighted the platform’s “ready-to-deploy geo-location technology, NFT minting, trading functionalities, user onramp, and token mechanisms as necessary capabilities” that can be “deployed in a flash by any developer, team, or global brand” to aid in the creation of a Web3 FitFi application.
Bolt, who owns world records in track events such as the 100 meters, 200 meters, and 4 x 100 meters relay, is commonly regarded as the world’s fastest sprinter. He will serve as Step App’s primary ambassador, assisting in the onboarding of millions of users throughout the globe while investigating chances to recruit additional premium brand partners and governmental institutions.
With Bolt’s participation, the platform is prepared to provide access to its private beta; as of July, more than 20 million people had already registered.
The platform will “convert every fitness activity…into social activities and/or competitions with other users in the community, motivating people to earn while exercising towards economic emancipation.”
Bolt stated, “Exercise has always been and continues to be an integral part of my life.” “In the past, I’ve stated that we must strive to inspire, and via Step App, I hope to encourage as many people as possible to live better and happier lives.”
According to the firm, the app will introduce pre-registered users to the brand’s “SNEAKs,” or digital footwear that can be purchased, traded, and worn digitally on the site. By enabling users to exercise, socialize, and play and earn, Step App enables users to earn KCAL tokens with each step, so unleashing “economic opportunity” in expanding markets in the United States and beyond.
Step App CEO Kirill Volgin stated, “Our mandate is to inspire people to exercise daily so they feel better physically and mentally, and we feel we will achieve this by incentivizing their exercise by paying them in crypto,”