sSome of us look at the treadmill, sigh heavily, and say, “You can’t Pay me to go to the gym.” However, others can be bribed to work with small amounts of cryptocurrency.
Those in the latter crowd are the target audience of go-to-earn apps, which reward users with cryptocurrency, Irreplaceable icons (NFTs, which are unique digital tokens), or points (like the kind you earn with a credit card) for exercising. On the Sweatcoin app, for example, users earn a cryptocurrency token – or Sweatcoin – for every 1,000 moves they take; It can be saved or exchanged for goods or services. Dozens of similar platforms exist, and the trend appears to be gaining traction: Olympic athlete Usain Bolt recently announced It is a partner with which will be launched soon Application stepwhich will allow users to earn NFTs and cryptocurrency for physical activities such as running or walking their dog.
The concept gives new meaning to gains in the gym. “It’s a really new way to get people moving, and it’s always great to be rewarded for exercise,” says Kevin Harris, a personal trainer based in Redondo Beach, California. “A lot of people would have exercised more if they didn’t think they were missing out on something else, like working hours or time to rest and relax.” He says financial incentives make fitness more attractive.
Read more: The man behind Ethereum worried about the future of Crypto
Stefan Ateljevic, a Serbia-based businessman, has spent months using Steppen, which rewards exercise with cryptocurrencies that can be cashed in or used to upgrade the app experience. Earlier this year, when demand for cryptocurrency outstripped supply, “I was making over $100 a day” from cryptocurrency, Atelevich says. “The idea is great because it forces people out of the house Pokemon Go. There is nothing better for geeks, both mentally and physically, than doing some proper exercise on a daily basis.” In addition to earning a decent amount of cryptocurrency, he says, he lost a few pounds and started enjoying working out.
Move-to-C apps that reward users in cryptography puts a new twist on an old concept. Researchers have long been interested in whether financial incentives for physical activity are effective, ever since Only 23% of American adults engage in the federally recommended amount of aerobic and muscle-strengthening physical activity each week. “We have strong evidence that they are successful,” says Catherine Milkman, a professor at the University of Pennsylvania’s Wharton School who specializes in behavioral economics and behavior change.
According to one dimensional analysis Posted in 2013 in American Journal of Preventive Medicine, financial incentives that ranged from about $2 to $46 per week increased exercise participation for up to six months and were particularly effective for sedentary adults. else Research He found that consistently making small amounts — such as one thousandth of a percent per step — led to increased physical activity.
a study Posted in 2021 in temper nature I’ve found that small financial rewards – such as those collected via “go to earn” apps – can play an important role in motivating people to exercise. In the study, nearly 62,000 American gymnasts participated in various digital programs that encouraged exercise. Participants can earn small financial rewards, such as $1.75 Amazon points for going to the gym, or 9 cents for returning to the gym after missing out on a workout. Almost half of these interventions were able to increase weekly visits to the gym by an average of 9% to 27%.
“When you’re really motivated to achieve some kind of goal, gamification seems to rely on additional motivation,” says Milkman, who co-authored the study. “This is true even if you only earn points, there is literally no value. Even token rewards work.”
Milkman predicts that we will see more incentives for physical activity in the future, perhaps from health insurance companies. “Offering small rewards for something so good for you that should cut costs seems like a clear win,” she says.
Read more: VR Interview with the Director Who Made “Meet in Virtual Reality”
but there is a problem. Some monetization-based cryptocurrency applications require an initial investment: you may need to spend a few hundred dollars to get an NFT in the form of a “digital sneaker,” for example. (Ateljevic remembers spending about $900 on STPN.) These purchases are one of the ways apps go about making money; The creators of the app also usually get a commission on all the cryptocurrencies earned.
Research suggests that putting your money on the line actually deepens commitment. “We know the losses loom larger than the gains,” says Milkman. “So I think it wouldn’t hurt, and it might help.”
But the vagaries of cryptography make these apps a gamble when it comes to habit forming a long-standing practice. For example, in May, Demand for cryptocurrencies has decreasedAteljevic sold the majority of his cryptocurrency and stopped using the app. Now, it works “here and there” – but “when you get paid for crypto to do it, it’s so much better.” Another downside to these apps is that most of them assume at least a certain amount of prowess with cryptocurrency and technology. Those who want to try out go-to-money apps will need a smartphone, maybe a smartwatch, maybe even web 3 A wallet that makes it possible to store, send and receive cryptocurrencies. All these drawbacks ensure that these applications will not be effective in getting a large segment of the population to move more. “The more barriers you put in front of someone, the more complex you are in doing something, the less use and the lower the benefits,” Milkman says. This is not to say that these platforms are not useful, but that they may not be universally attractive – or effective.
If you’re interested in trying out this concept, here’s what you need to know about three popular applications of turn-to-earning:
metagem
After spending more than 20 years in the fitness industry, including working as a personal trainer, Eddie Lester decided to combine his passion for helping people get fit with his growing interest in cryptocurrency. the result is metagemA futuristic tool launched in 2021 that rewards fitness, sleep and meditation.
To start, users are equipped with human-like NFT avatars that cost between $100 and $300 and are called MetaGym Buddies. “It’s almost like your gym membership,” says Lister. “Purchasing an NFT gives you access to our platform, which has the earning mechanisms but also a lot of other benefits.”
After logging in to the platform, you will connect the app to your smart watch or other Wearable fitness tracker, in addition to the web3 wallet. Once its earning mechanism launched in August, users who perform healthy activities – such as exercise or Meditation—You will earn cryptocurrency tokens that can be used to purchase items such as exercise equipment, or convert them for cash.
For example, recording one cardio exercise would equate to about 40 “heart rate tokens,” or $2-3, while a resistance exercise would yield 20 tokens, or $1-2. Getting a good night’s sleep will fetch another $1 to $2. (Lister notes that as cryptocurrency values fluctuate, these numbers can trend up or down.)
“There is clearly a benefit in having a financial incentive to do a healthy behavior – and that’s a motivator,” Lister says. “But what pleases me the most are the communities we build. MetaGym places a strong emphasis on social support to help people form healthy behaviors and develop friendships,” including through the Discord server that users regularly use to talk.
sweetcoin
Anton Derlyatka – Co-founder and CEO of sweetcoin—Its application is considered a symbol of movement. It’s a free program that uses motion verification technology to track daily steps (which means cheating the system by shaking the phone up and down for example won’t work).
When he launched Sweatcoin – which Derlyatka says now has more than 100 million registered users – he was determined to build a product that could be accessed by people of all fitness levels. His mother, who is 86 and only walks a few hundred steps a day, is his primary test. He adds that if she can use the app, anyone can: “The barriers to entry are really low.”
For every 1,000 steps, users earn 1 sweatcoin (minus the 5% commission that goes to the app). These codes are like credit card points that can be redeemed for products, services, or coupons, or donated to charities. For example, two coins might unlock a $5 Amazon coupon; 10 coins give access to 20% off Garmin smartwatches. In the afternoon, a user participating in one of the app’s auctions bid over 32,000 coins to secure a 65-inch smart TV.
In September, Sweatcoin plans to launch a cryptocurrency called $SWEAT. Users will have the option to hold onto their coins, or convert them to a file blockchainSupported cryptocurrencies.
“The whole idea, how do we determine the value of physical activity?” Derlyatka says. “Because once we do that, and we share it back with the user, it becomes a habit.”
dotmove
Pedro Rent Lourenço’s background lies in biomedical engineering, and he has long been interested in how to improve athletic performance. After studying artificial intelligence, he co-founded it dotmoveIt is a peer-to-peer sports competition application powered by the blockchain. An artificial intelligence algorithm allows the app to record all the exercises within a few minutes.
To get started, users download a free app and learn about the program by watching videos of other people performing challenges. “They’ll watch our analyzed videos with our little dots or numbers pinned above people, and you’ll see their results and learn what they should expect,” says Rinti Lourenco. Then you can decide if you want to play freestyle soccer (football for those in the US) or dance, and do an individual challenge up to three times a day.
Using more advanced versions of the app requires either a purchase or Leasing and NFT. Once you have one, you can challenge other players (both real friends and online strangers) to soccer or dance competitions that are taped to your phone. The winner is awarded a set of MOOV$ tokens, a cryptocurrency that can be saved, cashed in, or used to purchase additional NFTs or other prizes. If you rent your NFT for free, you will share a portion of your earnings with the person who owns it.
“We didn’t want to make another app just for people who are crypto-savvy,” says Rente Lourenço. The idea here is that everyone loves to dance, and everyone will want to play soccer. Then, if you get into the crypto world, you can earn more tokens and get more rewards and that’s even more exciting — but we don’t want to create that barrier to entry.”
More must-read stories from TIME
Discussion about this post