In a first for Web3-based fitness ecosystem in India, Bengaluru-headquartered move-to-earn startup Fitmint has announced that it is going to launch an ‘Initial DEX Offering (IDO)’ aka ‘token sale’ for its native crypto token named ‘FITT token’. As a part of Fitmint’s upcoming three-day long token sale activity, they will be putting out 300 million FITT tokens for public sale with the aim to create an open, decentralized and community-driven game economy. The token sale, which shall commence from 30th August 07:00 UTC onwards and run till 2nd September 07:00 UTC, will be mainly directed towards attaching a fair value to the FITT token and unveiling its real-world utilities.
This token sale entails 3% of the entire FITTnomics (tokenomics) reserved for the Public Share by the move-to-earn project Fitmint. Notably, Fitmint’s token sale will take place via Copper, a permissionless Fair Launch Auction (FLA) launchpad for open, transparent, and user-friendly participation in IDOs. A community based price regulatory system has been put in place on Copper, wherein the price of the token starts high and falls gradually, and then it rises each time FITT is purchased. This means that a curve is created, allowing the community itself to decide the fair price; anyone can buy in or sell out of the Liquidity Bootstrapping Pool (LBP) mechanism of Copper that enables projects and ideas from across the world to distribute value from individuals. This makes the token price truly regulate itself as anyone can freely participate in the sale conducted by Fitmint, which will start with an initial price of $0.015 per FITT token.
Speaking about the token sale, Viren Baid, Co-founder, Fitmint said, “We at Fitmint are thrilled to announced public sale (IDO) of our in-game utility token FITT. Owning FITT will give one complete access to the game, and also allow them to unlock the real-world utility of the token as well as to win staking rewards. By participating in our token sale, we essentially are giving everyone a chance to be the early believer and grow with us together.”
Rohit Sharma, Co-founder, Fitmint added, “Earlier the users earning $FITT in app were not able to withdraw or sell because FITT didn’t have a value attached to it. However after this token sale, the real world utility aspect will be added that is also going to be one of our key focus areas beginning this quarter. The users will be able to redeem $FITT for vouchers of different fitness products and services at a higher value compared to selling the tokens and then purchasing the same products or services.”
Fitmint is aiming to target over 15k people to participate in the sale, in a bid to discover a fair price of the token, and onboard the token buyers on the app. In the long run, Fitmint has plans to move towards being a Decentralized Autonomous Organisation (DAO) once the product and the ecosystem are mature enough.
The interested individuals for Fitmint’s upcoming token sale can register themselves on the official website, by entering their email address. Once the sale goes live, the registered users will be provided with a participation link, and they would be required to create a Metamask wallet in order to purchase the tokens from USDC.
Owning FITT token(s) will enable a plethora of advantages, including but not limited to: accessing FITT-exclusive offers with brands across categories like gyms, health insurance, and merchandise etc.; redeeming FITT for vouchers of different fitness products and services; winning FITT staking rewards such as free sneaker NFTs and minting tickets, among others.
Fitmint, officially started in January 2022, is a move-to-earn fitness platform (mobile app) with in-built NFT gaming, Web3 and SocialFi elements where one can earn rewards in crypto/NFTs just by walking, running or exercising. Through its flagship app, Fitmint helps people to become physically active, workout consistently and get fit while in parallel helping them to earn in crypto/NFT and thus tapping into the burgeoning Web3 economy. Fitmint’s long-term mission and vision is to nudge people to adopt a healthy, fit and active lifestyle.