Moonwalk Fitness Secures $3.4 Million for Crypto-Based Step Tracking App

Cryptonews Nia Simpson October 26, 2024

Moonwalk Fitness Secures $3.4 Million for Crypto-Based Step Tracking App

Moonwalk Fitness has raised $3.4 million in seed funding to enhance its app that pays users in cryptocurrency for step tracking. It enables users to engage in friendly competitions based on fitness goals, challenging friends and family while fostering accountability and motivation for healthy habits.

The Moonwalk Fitness app, designed to motivate users to engage in physical activity, has successfully raised $3.4 million in seed funding, primarily from Hack VC with contributions from Binance Labs, Reciprocal Ventures, and Raj Gokal, co-founder of Solana. According to Caitlin Cook, the head of growth for Moonwalk Fitness, the application represents a concept she describes as “gamified accountability,” aiming to help individuals adhere to their personal fitness goals. Moonwalk Fitness differentiates itself from traditional fitness apps through its innovative approach of gamification. Users can challenge their friends, family, or even strangers in daily competitions, specifying the competition’s duration, step goal, and entry deposit, which can be made using cryptocurrencies such as USDC, Solana, or Bonk. Should a participant fail to meet their daily step target, their deposit is forfeited and distributed among those who achieve the goal. Conversely, successful participants recover their deposit and earn a share of pooled contributions from unsuccessful players. This model not only incentivizes physical activity but also fosters a sense of friendly competition among users. The platform is built on the Solana blockchain and is compatible with popular fitness tracking devices such as Garmin, Apple Watch, and Fitbit. Currently accessible via web browsers, Moonwalk Fitness plans to launch a mobile application for enhanced user engagement, allowing transactions through traditional payment methods alongside cryptocurrency wallets. Moonwalk aims to attract users who are not fully familiar with cryptocurrencies by simplifying their experience and alleviating potential intimidation from blockchain technology. By adopting mainstream tokens for rewards as opposed to proprietary in-game currencies, it seeks to set itself apart from existing crypto fitness applications, fostering a broader appeal. Cook articulated, “I think MoonWalk is a little bit different in terms of game mechanics, where it’s very clear where any sort of winnings are coming from, and it’s directly from other players,” highlighting the clarity and liquidity associated with the rewards system. The funding raised will be employed not only to support the development of iOS and Android applications but also to extend the app’s functionality beyond step tracking to accommodate various fitness activities, thus broadening its usability and user engagement. Roshun Patel, a partner at Hack VC, expressed confidence in the app’s potential to bridge the gap between fitness and consumer crypto, facilitating greater accessibility for everyday users, thereby enhancing onboarding and retention in the crypto space.

The Moonwalk Fitness app operates within the growing niche of cryptocurrency-utilizing platforms, particularly in the realm of fitness and personal health. Similar concepts have emerged since 2015, intending to merge physical activity with digital currency rewards. Current trends suggest a rising interest in incorporating blockchain technology into everyday activities such as fitness, gaming, and commerce, allowing users to leverage cryptocurrency for tangible benefits in their lifestyles. Moonwalk’s innovation lies in its commitment to simplifying the user experience and fostering direct interactions among participants, thereby enhancing user engagement through gamification.

The Moonwalk Fitness application not only incentivizes healthier lifestyles through financial rewards but also fosters community interaction through challenges and competitions. Its distinct approach of utilizing established cryptocurrencies as opposed to native tokens may broaden its appeal among users unfamiliar with blockchain technology. The recent funding will allow Moonwalk to expand its capabilities and accessibility, enhancing its position in the rapidly evolving consumer crypto landscape.

Original Source: fortune.com