STEPN
The fitness metaverse remains a work in progress.
The news: Move-to-earn app STEPN teamed with adidas to release co-branded NFT sneakers.
Announcing a year-long partnership, the web3 startup teased additional digital and physical assets to promote a healthy lifestyle.
For adidas, this move builds on its workout rewards tie-up with Les Mills, as well as NFT collabs with Coinbase and Bored Ape Yacht Club.
Prove it. Blockchain-based, proof-of-workout companies use crypto to gamify and incentivize fitness. In STEPN’s case, users must purchase NFT sneakers to begin earning rewards for physical activity.
So, partnering with respected brands like adidas and ASICS helps legitimize the app and drive awareness while appealing to runners.
Scheming. Pay-for-fitness platforms surged during the pandemic, with STEPN, Genopets, DEFY Labs, and Walken raising funding.
But, concerns over Ponzinomics and crypto’s volatility, combined with a desire for IRL fitness, prevented move-to-earn from going mainstream.
Looking ahead: Still niche, STEPN counts 5M users while movement economy pioneer Sweatcoin claims 140M users. With room to grow, adidas could revive the category by showing other brands NFTs are worth the effort.
