The FitFi (Fitness Finance) Platform Step App has announced the launch of its testnet for private beta users in partnership with one of the greatest athletes of our generation, Usain Bolt — with the official launch of the app set to follow in the summer of 2022.
Bolt, the 8-time Olympic gold medalist and 11-time World Champion, has now become the face of the Step App brand.
As the brand’s core ambassador, Bolt will help onboard millions of users worldwide and attract other premium brand partners and governmental organizations who share in Step App’s vision of creating a healthier world through Web3.
“Exercise has always been, and still is, a massive part of my life. When I learned what the team at Step App was building, I was instantly inspired and wanted to be part of this incredibly important global movement,” said the former athlete. Bolt is passionate about finding ways to mix financial technology with fitness, which makes Step App a perfect opportunity.
“I’ve said in the past that we need to aspire to inspire, and through Step App, I would love to inspire as many people as possible to live a healthier and happier life. We are just getting started!” Bolt added.
This app is designed to become a dominant FitFi app from the get-go and onramp mass of retail to the Step Metaverse, aiming to build a massive network for both fitness influencers and athletes alike as the global brand ambassadors of the Step App and the underlying protocol, as well as its metaverse.
Exercise toward economic freedom
With this app, the Step team aims to expand the blockchain economy beyond the realm of finance by seamlessly incorporating lifestyle, fitness, and play elements into the space. This platform transforms everyday activities like daily jogs or walking the dog around the park into exciting social activities and competitions with friends and strangers.
The app has three main features: augmented reality, where users’ metaverse characters grow and evolve as they fulfill fitness quests; gamification, where player-vs-player matchmaking enables people to combine their fitness with social experiences at the local, regional, or global level; and rounding out the trio, the earning element will empower users to combine their fitness goals with novel income incentives.
Step App users are exercising their economic freedom, as the platform encourages consumers to take a healthy approach while simultaneously allowing them to earn.
“We are not just building an industry-leading Web3 platform, but more importantly championing a global movement to get millions of people around the world to become healthier,” said Kirill Volgin, CEO of Step App. “Our mandate is to inspire people to exercise daily, so they feel better physically and mentally, and feel we will achieve this by incentivizing their exercise by paying them in crypto.”
The app is a stepping stone and core potential partner to mainstream, crypto novice brands and corporations who are seeking to branch out into the value potential of the trillion-dollar crypto user base.
Ultra-fast, low-cost foundation
Step is a development protocol for FitFi (Fitness Finance), with Step App being the first application on this protocol, built by the core team.
The Step App team sees FitFi as the defining point in bringing the massive fitness market to the people in a frame where they can earn from it.
FitFi is a culmination of a physical experience — fitness — within the metaverse through the use of NFTs and geo-location technology. Participants earn from the value generated by the $100 billion fitness industry in this market economy.
Step App, however, is not the first FitFi product. In fact, there are already a few popular names out there, such as Stepn and Genopets — but both of those have been built on their native systems, which thwarts the output capacity of FitFi experiences, boosts development costs, and divides the fitness market across a dotted range of FitFi projects.
With this in mind, the Step App aims to address this bottleneck by building on the Avalanche blockchain. Avalanche is a rapid, low-cost blockchain that is rich with composable intellectual property and grounded with a native metaverse, ready-to-deploy SDKs for smart contract solutions, NFT infrastructure, and much more.
The Step Protocol SDK will allow third parties to build within the Step Metaverse and deploy all the functions such as NFT minting and trading functions, user onramp, token mechanics, and more all in a snap.
As a foundation of the FitFi market, Step App aims to leverage its early mover advantage to ensure that the protocol and associated SDK can become the industry norm — a powerful technology and metaverse to power the FitFi economy.
The game economy
With this highly anticipated beta launch, Step App will provide more than 20 million pre-signed users with access to exercise, socialize, play, and earn through the platform’s advanced tech.
The team is also introducing the brand’s ‘SNEAKs’, digital footwear that users can buy, trade, and wear digitally on the platform. For this, the platform has an NFT marketplace which will charge an industry standard of 2.5% on all NFT trades made within the app.
In its game economy, users will also be able to make non-SNEAK purchases, such as map styles, character skins, etc. with crypto or credit cards, compete with each other on a regional and global scale, and participate in limited edition SNEAK sales.
Step App will have two tokens — the governance token FITFI, which benefits from ecosystem fees, and the in-game token KCAL, which is used to buy SNEAKs and is earned by fulfilling quests such as running while staking a SNEAK.
By allowing users to earn KCAL tokens with each step they take, the app will unlock economic opportunities in developing markets both within the US and around the world. The token economy of Step App covers staking, locks, liquidity incentives, buybacks, and burns.
The platform has also introduced unique perpetual staking under which you only have to stake once in order to gain access to any opportunities like Lootboxes, yield, sponsored SNEAK drops, and much more.
Interestingly, in line with its community-centric approach, the Step App is kickstarting its staking campaign with Lootboxes by offering its first NFTs for free to early adopters.
With the private beta of Step App now open, those staking on the platform can sign up for exclusive access. Public access will soon be available on both iOS and Android devices.
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