The fitness metaverse offers exposure to booming industries, including physical fitness and mobile video games. With that in mind, the interactive fitness market is projected to grow by $6.88 billion from 2020 to 2025 at a compound annual growth rate (CAGR) of about 8.4%.
These FitFi platforms combine physical sensors, geolocation data, and various blockchain technologies to better engage with people through fitness. Moreover, most M2E platforms provide their users with additional utility for their tokens, fueling the demand for new participants.
With that information, here are five of the most promising FitFi cryptos that are part of the M2E trend. However, given the volatility in the crypto space, potential investors need to be extremely careful with digital asset investments.
Dotmoovs (MOOV-USD) is a peer-to-peer (P2P) sports competition platform that stands out from its peers due to its focus on freestyle soccer. It features a fully functional mobile app that allows users to compete against others in freestyle soccer performances. The platform also includes various social-fi and metaverse sports games.
MOOV-USD is the native token to the platform that users receive as a reward for winning. The Dotmoovs network utilizes artificial intelligence (AI) to judge player performance for MOOV-USD rewards.
The platform has recently launched dance battles on the International Dance Day. It also aims to become the network for dance competitions.
Overall, Dotmoovs is trading flat for the year. However, it has surged more than 220% from its March lows. Its market capitalization (cap) of $9.2 million positions the fitness crypto among the top 900 altcoins in the crypto space. In other words, it is still a very small token.
Launched in November 2021, Genopets (GENE-USD) is the first move-to-earn NFT game in the world. The project is built on the Solana (SOL-USD) blockchain. It utilizes the popular play-to-earn model, combining users' step data from their mobile device with P2E economics.
Individuals connect their Fitbit — part of Alphabet’s (NASDAQ:GOOG) (NASDAQ:GOOGL) Google — to their Genopets account to earn GENE-USD coins for collecting NFT monsters called Genopets. Players can use the tokens to upgrade the look and performance of their Genopet and purchase valuable items.
Participants also need tokens to compete in mini-games, battling their Genopets against others for additional rewards. GENE-USD is also a governance token that allows investors to vote on proposals regarding the project's future.
Genopets has lost 3% year-to-date (YTD). It has soared more than 100% from its late February lows. Its market cap of $40 million positions the altcoin among the top 500 altcoins in the crypto market.
Hong Kong-based OliveX (DOSE-USD) is a spinoff of Animoca Brands, a leading gaming and blockchain company valued at $5.4 billion at its funding round in January. Launched in November 2021, OliveX offers a fitness metaverse that improves workout experience through gamification and play-to-earn mechanics. The platform allows players to work out at various places and earn real-life revenue through gaming activities.
The fitness metaverse operates within the Sandbox (SAND-USD) metaverse. DOSE-USD is the native token for the fitness ecosystem. Individuals receive DOSE-USD tokens for participating in various workout challenges offered by the platform. This digital token also allows players to purchase NFTs, unlock items or participate in special events.
OliveX has plummeted almost 80% YTD. Its market cap of $2 million positions the fitness crypto among the top 1500 altcoins in the crypto space.
Step (STEP-USD) offers daily crypto rewards for walking. Launched in January 2022, the mobile app is available for users on iOS and Android devices.
Users are rewarded in Binance Coin (BNB-USD), while these rewards are generated from the transaction fees the platform collects from STEP-USD trading. The maximum amount users can receive in a single day is $10, which can be earned by taking 30,000 steps.
Users need to buy at least 20,000 STEP-USD tokens to start earning rewards. However, the tokens carry a 5% purchase and a 15% sales tax.
Step reached an all-time high of $0.066 in late April but has since declined more than 80%. Nevertheless, it has appreciated almost 600% above its launch price. Its market cap of $4.5 million positions the fitness crypto among the top 1100 altcoins in the crypto space.
Our last FitFi crypto, StepN (GMT-USD) was launched in March 2022 as a Web3 lifestyle app. It allows players to generate earnings by walking, jogging, or running outdoors.
The Solana-based project requires players to purchase shoes in the form of NFTs before players can earn rewards. The platform has an NFT marketplace where users can buy different shoes, each offering various levels of income. A basic shoe NFT costs roughly 12 SOL-USD, worth around $700 at the current price level.
GMT-USD reached a high of $4.10 in late April but has since declined almost 65%. Nonetheless, it has still gained around 900% from its launch price. Its market cap of $900 million positions the token among the top 70 altcoins in the crypto space.
On the date of publication, Tezcan Gecgil did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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