BlockFit is set to revolutionizing the health and fitness sector as the world’s first train to earn platform as users are able to earn cryptocurrency rewards for partaking in activities within the BlockFit ecosystem. Users of the BlockFit platform have the ability to reach their personal health and fitness goals, take part in specialist courses in multimedia formats, such as VR, video, and written content, all whilst earning cryptocurrency.
BlockFit is the first Web3.0 health and wellness brand built around the concept of Train-2-Earn. Initially comprising of 10,000 NFTs; 8,500 Standard membership and 1,500 Elite memberships, users, through buying membership NFTs, gain access to footage and online coaching classes in both the BlockFit and community courses. Holders have the ability to level up their NFT memberships to the next tier through burning the native token. Once the standard NFT user reaches level 50, the standard NFT can be burnt for an Elite NFT. The level cap will be 100.
The benefits of Elite NFT Membership
Elite members will receive extra value for their membership, including VR workouts as well as the ability to purchase a studio in the BlockFit metaverse gym. Once an Elite member purchases a studio they are promoted to the highest tier within the community “BlockTrainer”.
Membership system
The membership upgrade centre allows users to upgrade their NFTs (memberships). Through upgrading memberships, users will receive benefits across the ecosystem. Membership upgrade transactions will occur with the TER cryptocurrency. With users earning this token through completing courses, the idea is that they earn through completion, spending their tokens for upgrading to unlock the next tier. Should users wish to fat track this process, they can purchases TER tokens on a DEX / CEX.
For the lower levels, TER will be the single currency required for membership upgrades. As the levels progress, upgrading difficulty/cost will increase. This requires the user to complete more activities or purchase additional tokens. However, this is not money wasted as the underlying floor price of the NFT/membership should theoretically increase with the increased level. Additionally, as the NFT level increases, so will the staking reward.
A Two-Token System
The BlockFit ecosystem has two native tokens: BFIT and TER. A two-token system allows one token to have limited supply and another token to have unlimited supply. The limited supply token is BFIT and allows project stability, the token will increase in value in-line with the value of the project. The unlimited supply token is TER and allows the burning mechanic whilst preventing the token from being burnt out of existence.
The BFIT token acts as the governance token whilst TER can be earnt by under by taking part in BlockFit activities, like watching videos. TER tokens are what are used to level up NFTs and by courses on the BlockFit platform as users make their way towards Elite NFT Membership.
Membership Rental
The membership rental service allows users to effectively rent other users memberships. This is beneficially for many reasons.
Firstly, it allows users to earn from their NFTs: through renting out NFTs, the renter will receive a % of all TER earned. The higher the NFTs level, the increased % the renter receives.
Secondly, it allows low income users to get started. When creating a membership, users require TER which must be purchased. However, should someone with a lower income want to get started, this amount may be too high. The rental scheme provides accessibility to the platform and, through renting, the renter can earn a % of the TER rewarded from completed events, enabling them to go on and mint their own memberships.
From this, wider participation is also encouraged. Should a user only have a level 5 NFT, however they want to participate in a one off level 30 event (and don’t have the funds required for an upgrade), they can conduct a short term rental of a level 30 NFT from the marketplace.
Finally, the rental scheme allows for continued usage of membership. If a user has a high level NFT, although cannot use it due to injury or personal circumstances, they can continues to benefit from their previous hard work through renting out their NFT.
To conclude, the BlockFit platform provides a new and innovative way to get fit whilst also reaping the benefits from developments in Web3.0. To find out more about the project visit the BlockFit Twitter page.
Source: BlockFit
