Fitmint – To assist a large number of individuals who struggle to break out of a sedentary or largely sedentary lifestyle. Fitmint has created a web 3.0 fitness and lifestyle mobile application to encourage individuals to adopt a healthy and active lifestyle by jogging, walking, or engaging in physical activity. You will comprehend Fitmint better as you read further.
What is Fitmint?
Fitmint is an NFT-based move to earn game that allows players to earn crypto rewards for performing physical activities such as walking, running, etc. Firstly, to be able to make in-app rewards in Fitmint, a player should have minted an NFT in the form of sneakers.
Thereafter, you will be able to make in-game cryptocurrencies by running, walking, or doing other physical activities. The idea behind Fitmint was a result of the numerous challenges people face while trying to keep fit and healthy. Which are:
i. Lack of motivation: People struggle to keep fit because they are not motivated enough to put in the required time and effort.
ii. It’s a boring activity: Research has shown that humans are social beings. As social beings, engaging in solitary activities such as running or walking could be monotonous if not done in groups.
iii. Lack of instant gratification: 95% of humans have grown with the mentality that there is no gain doing something that will not yield an immediate profit.
However, to help address the above challenges. Fitmint has developed a web 3 fitness and lifestyle mobile application that incorporates the following features:
Build a habit of working out
This feature was incorporated to help players build a formidable habit of working out to help improve their health. It is because the developers of Fitmint understand that building a habit takes time. For more reasons, incentives such as rewards were attached as perks to make the journey exciting.
Earn in Cryptos/NFTs
You are licensed to earn in cryptocurrencies by simply walking, running, or working out.
The app was designed in such a way that you do not need any prior training to begin burning calories.
How does Fitmint work?
Before you begin your fitness journey on Fitmint, you must have acquired the sneakers NFT. I mean, how else would you walk or run without a sneaker NFT? You get the point, right.
The 2 basic ways to acquire the sneaker NFT are:
- You can either mint your bespoke sneaker, where you can choose the color and shape of each component of the sneaker-like base, sole, laces, etc.
- You can also purchase a sneaker NFT on the marketplace. Currently, The only accepted currency for the purchase of a sneaker NFT is MATIC (Polygon)
Types of Sneaker NFT
There will be five types of sneakers. Each type will have distinct rarities, attributes, and utilities:
Basic: Basic sneakers will be offered in the closed beta period. When a basic sneaker is created, random values between 1 and 7 will be assigned to the sneaker’s attributes.
Athlete: (under development)
Pro-athlete: (under development)
Legend: (under development)
Unique edition: (under development)
Once you own the sneaker NFT, you can start working out, participate in the game and earn the in-game cryptocurrency FITT. Using these earnings, you can do the following in-game activities:
- Upgrade your sneaker
- Unlock features and rewards
- Repair your sneaker
- Breed new sneakers
- Cash-out the tokens
You can also choose to sell your sneaker on the in-app marketplace where other players can acquire this sneaker to get a headstart in the game.
After purchasing the sneaker NFT, you will receive daily energy, which will determine the maximum amount of time you can work out and earn. You will be unable to earn anything once your energy is depleted, though you can continue your workout.
During the app’s closed beta phase, you will receive 15 energy points per day, which is equivalent to 15 minutes of a workout (1 energy = 1 minute). This energy will be delivered to you in increments of two every three hours.
You will be able to buy more sneakers and increase your daily energy count in the future.
To track your workout activity, they created an in-app tracker that requires the user to manually start and stop the activity. To accurately track your activity data, they will use GPS, a motion sensor, and a gyroscope.
Fitmint will only allow two activities in the beta version of the app: walking and running. That, too, must be done outside. Post-workout, we will show you the data around:
- Calories burned
You will start earning FITT tokens as soon as you acquire the sneaker NFT and start walking or running. The calculation of earnings will depend on the following factors:
Power: Power is one of your sneaker’s stat. Higher power will result in more earnings
Total calories burned: The more calories you burn with the energy allocated to you, the higher the earnings will be.
Game parameters: These are the parameters set by Fitmint developers. Subject to change in the future.
You can upgrade the level of your sneaker to increase its stats. A new sneaker will start from level 0 and can go up to level 50.
On each level upgrade, you will get 4 points using which you can increase any of the sneaker stats. Which stat to increase is a part of the strategic gameplay and depends entirely on you:
Increasing power will give you more earnings
Increasing durability will result in less health decay, thus fewer FITT tokens required for the repair
Increasing Stamina will increase the frequency of energy boosts, thus more earnings
Each level upgrade will require the user to burn some FITT tokens. Higher-level upgrades will require more tokens.
Each level upgrade will take time (in hr) same as the level user is upgrading to.
While the sneaker is in the upgrading process, It can not be used for any other activity apart from working out and earning tokens.
A newly minted sneaker will have full health of 100 points. As you workout, sneakers will wear out thus their health will decay. Health decay will depend on the below factors:
- Total Calories burned
- Game parameters
There will be a penalty on the earnings if the health drops below 75, 50, 25 and 0
- 10% drop in the earnings if health is less than 75
- 25% drop in the earnings if health is less than 50
- 90% drop in the earnings if health is less than 25
- 100% drop in the earnings if health is 0
You will need to burn some FITT tokens to repair the sneaker’s health. The higher the sneaker level is, the more the repair cost will be.
In the breeding feature, you will be able to pair up 2 sneakers and breed a new sneaker
More details on this later
Fitmint Tokens (FITT)
Fitmint will have a native in-game currency named ‘FITMINT ($FITT)’ which will be an ERC20 fungible token.
The goal of $FITT is to create a sustainable economy while aligning the incentives for all the stakeholders of the ecosystem – Community, Builders, Developers, and Investors.
Access to gameplay: $FITT will be the main currency inside the app and will be a medium of transaction for all the gameplay activities – Sneaker upgrade, Repair, Breeding, Competitions
Staking rewards: If you hold and stake your $FITT tokens inside the app, you will be able to earn a handsome interest rate and earn more $FITT tokens
Governance: Once we have built a mature product and ecosystem for all the stakeholders, we will start to decentralize the project and let the $FITT token holders decide the direction and future of Fitmint.
How To Earn On Fitmint
Once you buy the sneaker NFT and begin walking or running, you will begin to earn FITT tokens. The calculation of income will be influenced by the following variables:
Power is one of your sneaker’s statistics. Greater strength will result in greater earnings.
Total calorie expenditure
The earnings will be greater the more calories you burn with the energy allotted.
These are the parameters defined by the developers of Fitmint. To be modified in the future
About Fitmint Team?
The following people make up the Fitmint team:
Rohit Sharma – Product & Finance
Rohit considers all matters concerning Product, Game economy, Tokenomics, and Fundraising.
- A 2014 graduate of the IIT Bombay
- Worked in numerous tech start-ups in Business/Product roles, with the most recent one being Senior Product Manager at OLX People (formerly Aasaanjobs).
- Co-founded Cryptonuke – a news-based cryptocurrency trading tool – with Anurag in August of 2021.
Anurag Meena – Tech
Anurag considers everything associated with the Technology aspect (Backend, Frontend & Blockchain)
- A computer science graduate of IIT Bombay in 2014 Co-founded MovinCart in 2015, which raised approximately USD 100,000 in funding
- In 2020, co-founded Dukaan, a digital retailer for SMBs. The business has raised around 20 million USD in finance to date.
- Along with Rohit, he left Dukaan on 21 March to begin his crypto odyssey and co-founded Cryptonuke.
Viren Baid – Community and Growth
Viren considers all aspects of Growth, Community, and Marketing.
- BE (CSE) from the Manipal Institute of Technology and an MBA (Marketing) from the SP Jain School of Global Management.
- Co-founded Traditions On Chain, an on-chain NFT initiative, in October of 2021.
- Manages his own 10k YouTube community
Does the genesis sneaker provide more value for a beta tester?
No, the genesis sneaker does not provide value for beta testers. But, the fitment team might plan some surprises for the genesis sneaker holder in time to come and give them rewards as first-time users.
What is the value per token?
The public sale price of the token would be in the range of 0.005 to 0.007. But it easily can be 10X, 100X after the time of listing.
What is the max level of a Fitmint sneaker?
For now, the max level of a Fitmint sneaker is 50 and they may be some incentives as you upgrade.
Will more features appear on the app?
Yes, In a slightly long term future more social features will be added to the app. Where players can participate in competitions and challenge their friends.
Do beta users get both NFT and FITT tokens earned?
Yes, the app is already on the main network. Therefore, whatever you are earning, the NFTs are already with you.
When will trading or transferring commence on the app?
Trading or transferring will commence after the token which may be by mid-July 2022.
Fitmint is a web3 move-to-earn fitness app with in-built gaming elements where you can earn rewards in Crypto/NFTs just by walking, running, or working out.
Fitmint seems to be a promising app that will not only encourage users to be fit but will also reward a healthy lifestyle through the “move and earn” model.