The NFT sector has long been the talk of the town. While many NFT projects lost money due to a bear market, other businesses have started employing NFTs to address real-world issues. NFT membership models are now being used to address problems facing the fitness sector.
NFTs for subscription-based models, membership-based brands, and loyalty programs are particularly growing steadily. This idea was emphasized in Forrester’s research on 2023 NFT and Metaverse predictions, which observed that in that year, brands would turn their attention to NFTs related to consumer commitment, brand image, and close relationships. Let’s take a look at more details.
NFTs in Wellness Clubs
Although the idea of using NFTs for membership systems or loyalty schemes is new, mainstream industries are starting to see their possibilities. A few modern gym owners have indeed started experimenting with NFT-based memberships, suggesting that the lucrative fitness industry could be the next to adopt this model.
A blockchain-based fitness company called Global Fit Club, whose founder is Deni Zulic, will soon provide NFT memberships to give customers access to a full range of fitness facilities. This will guarantee that members are entitled to more advantages when they have an NFT subscription.
Zulic stated that Global Fit Club collaborates with prominent training centers like F45 Training and Anytime Fitness. This is more than simply a gym subscription. He said, “Global Fit Club has a variety of partners queued to supply this, so NFT holders will receive reductions on fitness-related activities like supplements, private lessons, and tools.”
Zulic also mentioned that Global Fit Club would use its move-earn system to reward NFT owners with cryptocurrency when they exercise. This move is taken to encourage members to work out. Zulic asserted that an NFT membership structure could address many issues the fitness sector is currently confronting. For instance, he mentioned how changing gym membership costs could make it challenging for gym users to pay their fees.
“Many gyms have been open for years, and they formerly had $6 monthly membership offers. Currently, memberships at these identical gyms cost $50 per month. Users with $6 membership prices are allowed to keep their subscription even if they do not use it, saving them money if they wish to visit the gym again. Or, certain members can be required to pay more dues due to factors like rising inflation.”
Zulic believes that an NFT membership could be the answer to this issue. Since members may purchase the NFT at its minimum rate and continue to receive the advantages for the remainder of their lives, gym members can fully control their memberships using NFTs. They can fix a price and then trade their membership if they desire.
Zulic makes a valid point, as seen by a poll that revealed 67% of members rarely use their gym subscription. Additionally, according to recent research, Americans spend almost $397 million annually on unneeded gym memberships. This issue might be resolved by an incentive scheme that accepts cryptocurrency payments. Zulic mentioned that the Global Fit Club is scheduled to debut in 2023’s first quarter.
It is yet unclear if NFTs will genuinely address issues related to conventional gym subscriptions or not. Industry professionals in the fitness sector are beginning to notice the possibilities of NFT membership models in the interim and are experimenting with them lately.