Fitness Industry to Use NFTs for Membership
Organizations inside the fitness industry are turning to non-fungible tokens (NFTs) to address real-world problems, including creating more efficient membership models.
As highlighted in Forrester’s 2023 NFT and metaverse predictions report, the usage of NFTs for subscription/membership-based models, or loyalty programs, is gaining traction, particularly among gym owners.
“Brands will pivot from ‘cool’ non-fungible tokens (NFTs) towards loyalty. In 2023, brands will shift their focus to NFTs linked to loyalty, brand experience, and deepening customer relationships,” the report noted.
While the concept of applying NFT for loyalty programs or membership models is new, mainstream sectors are beginning to understand its potential. The multi-billion dollar fitness industry may be the next sector to roll out NFT-based memberships, as a handful of innovative gym owners have already started exploring this model.
Deni Zulic, CEO and founder of Global Fit Club, a blockchain-based fitness platform, said that Global Fit Club will soon offer NFT memberships to allow users to access a full suite of fitness services. Zulic explained that Global Fit Club is partnering with renowned fitness centers like Anytime Fitness and F45 Training, to ensure that members get access to more benefits when they have an NFT membership.
“This isn’t just a gym membership. NFT holders will get discounts on fitness-related services such as supplements, personal training and equipment, as Global Fit Club has a number of partners lined up to provide this,” he said. Zulic also noted that Global Fit Club will incentivize users to work out through its move-earn platform that pays NFT holders cryptocurrency when movement is recorded.
Expanding use cases for NFTs
Digital collectibles burst into popularity in 2021 with a record transaction volume of over $25 billion. Marketplaces like OpenSea grew exponentially, with new NFT collections flooding the market.
Web3 projects like Axie Infinity and Decentraland incorporated NFTs as an essential component of their ecosystem, while artists turned to the asset class to monetize their art and enjoy provable digital ownership. In addition, luxury fashion brands like Gucci, Burberry, and Louis Vuitton adopted NFTs to appeal to a wider audience.
Aside from these more obvious use cases, NFTs can also be used for a variety of other purposes. For instance, universities can use NFTs to record the academic achievements and credentials of their students, while hospitals and healthcare agencies can use NFTs to store individuals’ medical records without compromising confidentiality.
Moreover, Starbucks recently announced an NFT-based loyalty program. Industry experts have also begun explaining why subscription-based services should implement NFTs to improve relationships between brands and consumers.
In early September, Ticketmaster, a giant ticket sales and distribution company, announced that event organizers can now issue NFTs tied to tickets. These NFTs will act as blockchain-based programmable tickets, pushing the limits of utility for this digital asset class.
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