May 26, 2022
Challenge your friends to live a Healthier Lifestyle! & Be Rewarded to Do so! | Fitcoin | Gamified Daily Step Count
Disclaimer: All information is for educational purposes only and are not intended to constitute legal, tax, accounting, financial or investment advice. I am not a professional financial advisor, attorney or account, nor am I holding myself out to be. There is no guarantee that you will earn any money using the techniques and ideas mentioned in this video. All financial opinions expressed are from personal research and experience. There may be affiliate links, meaning that I’ll receive a small commission when you click on my link. The information, opinions and views contained herein have not been tailored to the investment objectives of any one individual, are current only as of the date hereof and may be subject to change at any time without prior notice. I do not take ownership of the information described here. Your level of success in attaining the results claimed will require hard-work, experience, and knowledge.
If you loved my previous two write-ups regarding STEPN on Solana (SOL) & Step.App on Avalanche (AVAX) , check out Fitcoin which will be launching on Ethereum (ETH).
For those who don’t know what I’m talking about:
What is Fitcoin?
Fitcoin is a fitness and wellness brand that leverages blockchain technology to encourage a healthy and active lifestyle. Fitcoin uses GameFi and SocialFi features to reward users with $FIT, a cryptocurrency that can be cashed out for profit or used within the app to purchase cool products and services, donate to charity, and unlock new features.
Many lifestyle apps have launched in the last few years trying to promote healthy living and fitness by using elements of social media to share workouts and fitness results. Leaderboards display the top amateur athletes on the app and rely on friendly competition to encourage users to work harder and improve their performance. But these features are tailored to a very specific audience and do little to incentivize physical activity other than providing the top users with bragging rights.
At the same time, play-to-earn (P2E) gaming has taken the web3 world by storm. What started as a niche model has become a mainstay of blockchain gaming and expanded across dozens of gaming titles. However, P2E monetizes gaming and incentivizes idle behavior, contributing to a lack of physical activity and unhealthy lifestyles.
Move-to-earn (M2E) is a new crypto-economic model, which incentivizes healthy living by rewarding users for walking, jogging, and physical exercise. By blending P2E game economics with fitness and social media, M2E will revolutionize how people engage in physical activity and work to improve the health and wellness of everyone.
Fitcoin’s vision goes well beyond simply rewarding users through the M2E mechanism. They will be a major fitness company, focused on growing their ecosystem by partnering with and onboarding fitness influencers and professionals to bring exclusive content, such as classes, competitions, and much more to the app. They plan to use the income generated by the app to acquire wellness-specific software and technology companies, open gyms in the real world and the metaverse, and continue to fuel healthy living by creating even more incentives for our users. The growth of their ecosystem will add utility to Fitcoin app users and $FIT token holders and help onboard millions of users to our app.
As a bonus, Fitcoin is uniquely positioned to introduce a broader audience to crypto. Through their easy-to-use app, users earn crypto rewards and get familiarized with crypto. This opens amazing partnership opportunities for both web2 and web3 companies as we onboard millions of users to the crypto ecosystem. Aside from being an influential fitness and wellness brand, Fitcoin is a new gateway to the mass adoption of cryptocurrency.
The Fitcoin App
Game Modes
- Daily Step Goal
Earn $FIT every day by completing the daily step goal set by the app. There will also be streaks where you earn even more $FIT for hitting the goal multiple days in a row.
Users who are unable to complete the daily tasks will still earn a small amount of $FIT for their attempt, but any streaks will be reset.
- Challenges
Everyone loves a little competition. In Challenge mode, you can challenge your friends to a step-off. You can choose either a “first-to challenge” where the first user to reach the specified number of steps wins or you can create a “timed challenge” where the person who has taken the most steps by the contest end date is the winner. You can even wager $FIT on the challenge! Just choose how much $FIT you want to wager and then send the challenge to your friend.
The total $FIT wagered by all participants are put into a prize pool (less a small initiation fee) and held in escrow until the end of the competition.
- Tournaments
Fitcoin will host regular tournaments for all users of the app. A variety of tournament formats will exist including, monthly active streak challenges, weekly competitions, or elimination tournaments. At the end of the tournament, the rewards will be distributed based on the payout structure specified at the beginning of the tournament. Payouts may be structured as winner-take-all or a performance-based ranking.
Tournaments are a great way to allow all users at once to compete against ambassadors in a step-off!
$FIT Distribution
$FIT is the utility token of the Fitcoin mobile app. The token acts as the core incentive in the Fitcoin M2E economy, rewarding users for engaging in physical activity and participating in challenges and tournaments on the Fitcoin app.
The token is also used to pay for all in-app purchases including redeeming the token for real life products in the catalog. The total supply of $FIT tokens will be 1,000,000,000,000 and the breakdown of its distribution is as follows:
- 25% M2E Rewards Pool
Given that the project’s core value proposition is rewarding users for actively participating in physical activity, 30% of the total supply of tokens is allocated to user incentives. The tokens in the M2E pool will be distributed to users daily over the next five years at a rate of ~0.0164% of supply per day. After the initial five-year period, a new reward schedule will be created based on the total number of $FIT tokens accumulated through the app’s tokenomic model.
- 15% Treasury
Tokens in the treasury will be used to pay for marketing, app and business development, and other operational expenses. The best use of these tokens will be determined by the team to operate and grow the business.
- 15% Staking Rewards
Token staking will be used to reward users for believing in the long-term vision of Fitcoin. Better rewards will be offered together with promotions for staking your $FIT in the early days of the project to further reward those for trust in the project to deliver and execute the Fitcoin Mobile App. After the app is live, the staking rewards will be lowered for sustainability and to compensate for the M2E rewards which have begun distribution.
- 14% OTC Token Sales
As a means of raising additional capital to further the development of the project, 120,000,000,000 $FIT tokens (representing 12% of the total supply) will be sold to investors over the counter.
- 12% Team (Heavily Vested)
Fitcoin will hold 120,000,000,000 $FIT (12%) to deposit into Uniswap and to provide liquidity to other exchanges in the future.
- 12% Liquidity
To promote the success of the project, tokens have been set aside for the team. Team tokens will be used to ensure that founders and early contributors working on building Fitcoin are motivated to see the project succeed at the highest levels.
Team tokens will vest at 1,000,000,000 $FIT (1% of the total supply) at the end of every calendar month after launch.
- 5% Advisors and Partners
Advisor and partner tokens will be used to strategically recruit experts within the blockchain and game development space. They will also be used to secure big name partners, who add a lot of value to the company ensuring Fitcoin’s growth.
- 2% Incubating Company (DREAM)
Fitcoin was just an idea when the founding team approached DREAM (thedreamchain.com), a launchpad for promising crypto projects with a purpose.
DREAM believed in the team’s vision and felt the idea aligned well with their mission. DREAM provided them with an interest free, working capital loan to get the project started and will be helping with many aspects of the project including marketing, branding, utility, launch strategy, etc…
In return for Dream’s help, the company is allotted 2% of the total $FIT token supply.
$FIT Tokenomics
To ensure the long-term success and growth of Fitcoin, a thoughtful strategy that connects an increase in popularity to replenishing the M2E, staking, and company reserve tokens must be present. Thus, multiple mechanisms of funnelling tokens into the Fitcoin treasury exist within the M2E economy.
Below is a list of ways that tokens will be added to the treasury:
- All funds spent by users on in-app purchases
- 5% tax on wagered tokens in Challenge Mode and Tournament Mode prize pools.
- 5% tax on all real life goods and services purchased through the catalog
- All profit from advertising revenues on the app will be used to purchase $FIT tokens, which will then be placed in the treasury
- Some funds from profitable partnerships and business initiatives
Here is a rough breakdown of how funds from the treasury will be used:
- 70% will be allocated to the company reserve to allow the team to pay developers to build additional features in the mobile app, pay for marketing and advertising expenses, and all other operating expenses
- 30% will be dedicated to the M2E pool to replenish the tokens used to reward users for using the Fitcoin app.
The Team
Andrew Shore
Andrew Shore is an investor, entrepreneur, and advisor. Shore has immersed himself in the tech industry for the last 9 years and founded his first digital betting platform at the age of 19. Since then, Shore has stayed majorly focused on the tech and gaming industry, as he has founded and developed several successful digital platforms and online games. Most recently, Shore has become a force within the cryptocurrency world, having co-founded and contributed to some of the top-performing coins on the market. While he continues to consult on crypto, NFTs, and blockchain technology, Shore is most excited to join forces with the FCT Inc. team and use his skills to fuse the health and wellness industry with modern technology.
Landon Schiller
Landon Schiller has actively been involved in the crypto space since 2015 after joining a blockchain startup called Blank. An early investor in Bitcoin, Schiller has worked in the tech and e-commerce industry with a focus on growth, marketing, and operations. Schiller has been Head of Marketing for dozens of high-quality cryptocurrency projects. As an ex-professional hockey player, Fitcoin combines Schiller’s passion for the health and wellness space with his passion for cryptocurrency
Michael Zon
Michael Zon has been a crypto investor since 2016. He is currently completing an MD and PhD in biomedical engineering in a program at McMaster that accepts three students per year. Zon has developed and advised on multiple NFT and cryptocurrency projects and manages 65 players and multiple virtual land parcels in Axie Infinity. His favorite personal NFT is CryptoPunk #5207. Zon’s key responsibilities are technology and research.
Ryan Mandel
Ryan Mandel has been a crypto investor since 2017. He is an established entrepreneur who has founded and operated multiple businesses across a variety of sectors including technology and real estate. He also founded and advised on multiple cryptocurrency projects. His favorite personal NFTs are CryptoPunk #3817 and Chromie Squiggle #654. Mandel’s key responsibilities are crypto community engagement, marketing, and investor relations.
GDA Capital
GDA Capital incubates, advises and invests into blockchain, digital asset, metaverse / gaming and web 3.0 companies that are defining new industry niches. The GDA Capital team has significant expertise across the entire blockchain industry including digital asset go-to-market strategies, partnerships, PR, community and tokenomics development. The GDA Capital executive team has a world-leading track record of experience executing for Fortune 500 companies, governments, and venture projects. Our broad network is composed of global partners, industry experts, and entrepreneurs.
