Research Analysis of Web3 AI Fitness App,FitR

FitR /Fit-er/ is a decentralized social fitness platform with rich Gamification and unique Socialization features.

Introduction

Powered by AI technology, FitR provides a full range of indoor and outdoor exercises.

There are three core gameplay elements in FitR:

1) Fitness and move to earn; 2) Gamification Design and NFTs; 3) Social interaction

FitR allows users to find their favorite exercises or discover challenging new exercises. The gamified design makes exercising fun. Users can perform cooperative challenges with friends and family in FitR or battle each other to make exercising competitive. Exercising with family and friends enhances relationships and improves everyone’s physical fitness. FitR also provides players the opportunity to make new workout friends from across their community and the world.

NFTs

FitR introduces 2 types of NFTs –Equipment NFTs and Avatar NFTs. Players can purchase an Avatar NFT as their PFP and acquire and use Equipment NFTs that correspond to the specific exercise they are performing. Like a set of boxing gloves, a yoga mat, or a jump rope.

FitR NFTs have 4 types of Attributes:

1) Efficiency:An NFT’s Efficiency value is used as a multiplier in determining the total rewards for each workout.

2) Resilience:An NFT with a high level of resilience has a strong Durability factor.

3) Luck: An NFT with a high level of luck will have a greater chance of receiving Treasure Chests dropped during a workout.

4) Speed:An NFT with a high level of Speed increases the frequency that the player will receive bonus points when exercising.

Players can spend in-game tokens to Level-up their NFT to earn additional Attributes . This, in turn, leads to earning more rewards when exercising.

Tokenomics

FitR uses a dual token model, including FXT as game token,with unlimited supply; and FMT as governance token,with a total supply of 500,000,000FMT.

In addition to the functions of FMT as a governance token, the consumption mechanism is based on the rich gameplay of the avatar NFT — Exercise Pal in FitR, which burns FMT in many ways in the game, including:

  • Using existing NFTs to mint new NFTs
  • Using low-quality NFTs to create a high-quality NFT
  • Purchasing Treasure Chests to obtain equipment, skins, and pet NFTs that improve an XPal’s attributes
  • Improving the quality of equipment, skins, and pet NFTs
  • Fees for transferring NFT between accounts
  • Gifting FMT to reward their favorite live-streamers.

The distribution of FMT is as follows:

Besides the distribution above, there is only 0.125% for public sale.

All FMT consumed through FitR will be burned, making FMT a deflationary model.The release mechanism of FMT has been carefully designed. In order to protect the interests of players, the token locking period of the teams, advisors and investors is one year.

Investment Background

FitR has disclosed seed round investor for the project. According to the official Social Media, the list of  Investor includes: Alpha Coin Fund, Avalanche Asia Star Fund,HashKey Capital,Kucoin Ventures.

Risk Analysis

As a M2E project, FitR is friendly for non crypto users to join and has made an innovation of online real-time social gameplay.  It is easy for users to invite friends and family to play and earn together. However, the lack of transparent team and funding amount,the only active in specific community, and the code is not open source, are still risks for users to invest in.

The project also has its advantages. The four investment VCs who mainly invest in Asian projects have a good reputation.  After the NFT was released, the Highest floor price rose to about 2 BNB.

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