Survey results show that blockchain technology may motivate people more for exercise than traditional monetary incentives.
People would be more likely to increase their physical activity and improve their health if they could earn cryptocurrency for their efforts, according to a recent survey.
The survey which was conducted by FitRated, a fitness website, surveyed 1,001 people in the United States about their views on blockchain-related fitness technology.
Among those polled, 40% said they would be willing to give up their physical gym membership in exchange for one in the Metaverse, and 81% said they would be more inclined to exercise if they received cryptocurrency payments for doing so.
Money alone is not enough to get people to the gym, according to a study by the National Bureau of Economic Research. In contrast, FitRated’s research found that 63 percent of people agreed that financial incentives based on blockchain technology could help motivate people to exercise. Move-to-earn initiatives are taking advantage of this trend.
People may prefer blockchain-based financial incentives over traditional monetary ones because of the “gamification” concept, according to a survey in which 83% of respondents said they liked the way blockchain-based fitness applications gamified physical activity.
49.1 percent of respondents stated that walking would be their preferred mode of exercise if they were attempting to earn cryptocurrency. At 47.2%, cycling came in second place, and swimming was third with 41.4 percent.
72 percent of respondents chose Bitcoin (BTC) as the cryptocurrency in which they wanted to be paid, making it the most popular choice.
With 35.5%, Ethereum (ETH) was in second place, closely followed by Dogecoin (DOGE) with 34.60%.
The popularity of fitness apps built on the blockchain is currently on the rise. There is a blockchain fitness app called STEPN that allows users to mint unique NFT shoes based on their activity levels. This app has been a pioneer in the blockchain fitness space.
Although STEPN is a well-known Web3 fitness application, it is by no means the only one. Competitor Step App, which runs on the Avalanche blockchain, is another move-to-earn app, signaling the push of Web3 companies looking to tap into the $100 billion fitness industry.