Gym wallet is a 2-sided marketplace, which allows fitness professionals, gyms and brands to create virtual fitness challenges and allows exercisers to participate in those challenges - using the most popular fitness machines in the industry - to earn digital assets like Ether, Aurora, Stablecoins and NFT’s.
Anyone can create fitness challenges and anyone can participate in them. Challenges are open, highly customizable, can be monetized in a variety of different ways and can handle many types of reward distribution models.
One of our core features is our minting and payout function, which uses data from fitness machines to trigger minting and payout events. This approach allows creators to offer NFT based rewards (gym memberships, coupons, ect.) and use data from fitness machines to automatically mint and distribute them.
For example: Peloton could create challenges for their community, offer Peloton branded NFTs as rewards and use the data from their machines to trigger minting and payout events. Additionally, web3 fitness startups like SWEAT coin could also create fitness challenges for their community and issue SWEAT coins as rewards when a certain amount of steps is achieved.
Gym wallet earn revenue every time a challenge is created and every time someone buys tickets to participate in challenges.
We are currently implementing anti-cheat mechanisms to ensure fair play and improving UX
We are organizing future challenges
Highlights:
hosted 2 major challenges
rewarded winners in stable coins, ETH nd NFTs
uncovered new problems that are worth solving
became compatible with concept2 fitness machines
formed relationships with other connected fitness equipment companies
Compare results with initial milestones.
Milestones
Incentivize people to participate in challenges
Add support for many machines
Incentivize people to create challenges
Integrate rainbow bridge in mobile app
Develop a new type of information exchange for fitness data
We are still on track according to our previous milestones. However, we are in need of help from the Aurora community to grow Gym wallet. Our ask is for help with sponsorships for upcoming challenges, any help with design, branding and marketing.
@techdir : Gym to earn app in the form of a wallet with a built-in workout tracker. An ambitious project. It is not clear what the liquidity of the token will be based on, what its utility will be. It was implemented on the market through a Ponzi scheme.
So you will be supposedly training on simulators with an application connected via NFC and earning tokens. There’s some kind of system to distribute funds based on effort spent. There are competitions around the world to attract new users. There is no way to evaluate it yet.
We do not have plans to launch a gym wallet token. Our reward model comes from entry fees paid to participate in virtual fitness challenges. Entry fees can be paid in Eth, Aurora, stable coins or NFTs.
A % of those fees go into reward pools, which are then used to payout the winner. Payouts happen automatically when data from the fitness machines are sent to our contracts. All rewards will be deposited into gym wallet accounts. Challenges can also be pre-funded, which allows brands to sponsor challenges, adding more rewards to pools.
Many cardio focused fitness machines sold today are internet enabled and so our primary goal is to provide wallet infrastructure for connected fitness machines. By doing so developers can build their own move-to-earn games and other types of web3 apps and deploy them on these machines.
The first brand of machine that we are using is concept2 and have plans to onboard more.
Ok Thank you for the clarification.
Why don’t you place this or similar text on your application page?
And some questions from your potential users:
This is strange. People need to pay in the gym or for the fitness machine and also have to pay a fee to enter your competitions??? Crazy)))
What % exactly goes to reward pool and how is the rest distributed? In the process of contributions and competitions, do participants see the number of rewards in the pool?
Has your wallet been audited for the safety of storing funds, why don’t you use popular wallets as the metamask, near wallet or trust wallet?
That’s a great idea. We are working towards adding a FAQ section on our website.
Thanks for sharing, all great questions –
Currently, in order to participate in fitness challenges, fitness machines are required (we are compatible with concept2 machines and plan to support more). They can be expensive to own and therefore a gym membership might be more practical which could also be expensive. We hope this opens the door for further discussions around how to make fitness more accessible. When it comes to entry fees, its also standard for in person fitness challenges to charge entry fees (5k races, ironman, olympic events, ect.). As of right now this is how we are able to make money while at the same time distributing most of it back to the community.
Our current contracts are set to take 10% of entry fee revenue and 90% will go to the winner(s). Entry fees are designed to be dynamic – they could be >$1 or <$1. All contributions (entry fees) are also verifiable on chain. In the future we do intend to make every aspect of the challenges fully customizable (entry fees, types of workouts, reward & distribution structure, ect.) so that anyone can design a fitness challenges how they want and deploy them across many types of fitness machines found in commercial and home gyms. (i.e. make it easier for developers to launch move-to-earn games for connected fitness equipment)
Our wallet has not been audited yet. If there are any firms that can be recommended to help us with a proper audit that will be helpful. Initially we did use metamask and other web3 wallets. None worked well for our model. We needed more features like bluetooth and customization with the UX. Also, when looking at most move-to-earn apps, they have their own mobile wallet. Most, if not all, use GPS data. Gym wallet focuses on fitness machine data (treadmills, spin bikes, indoor rowers, ect.)
The currency presented for rewards is dynamic and depends on what the creator of each challenge wants. For example our core gym wallet team can create challenges and charge entry fees in Aurora tokens. A brand could choose to use ETH for entry fees but reward winner(s) with branded NFT’s where their utility is determined by the brand. NFT’s can also be used in-replace of entry fees, so that NFT holders can access 1 or many fitness challenges.
