Fitness Ventures Sports Clubs
Last Updated by Code Sport. Filed under ethereum, videoFitness Ventures Sports Clubs We enable NFT-based Memberships, Competitions, and Event Scheduling…
We enable NFT-based Memberships, Competitions, and Event Scheduling for the health, sports, and fitness industries.
This post explores technical and business aspects of the Fitness Ventures platform. Herein, the following topics are analyzed:
Twelve minute demonstration of Fitness Ventures version 0.1.0-alpha:
Fitness Ventures is part of a portfolio of programmable and utility NFT projects that Code Sport is spinning out. These projects are multichain dApps which explore novel, but real-world use cases of NFTs.
At Code Sport Labs, our goal is to bring Blockchain to the masses by aggressively focusing on specific industry verticals. Verticals where Blockchain technology reduces business costs while driving increased customer engagement.
The project’s repo is located at: https://github.com/codesport/fitness-club-dao . The project is running on Polygon’s Mumbai Testnet!
The current version supports:
Feature upgrades for Fitness Ventures are being actively built for Code Sport’s Builder’s DAO project. Having a common codebase across our projects will yield exponential productivity gains.
Priority One: Deploy v0.1.5-alpha to a live website running atop of an NGINX web server
After the website launch, we intend to upgrade Fitness Venture’s NFTs to Programmable Utility ERC-721 tokens. These features are currently being built into our Builder’s DAO project. Features of Programmable Utility ERC-721 tokens include:
tokenURI
to point to another JSON metadata file. An alternative is editing the contents of metadata.json
if it’s stored off-chain. Patrick’s and sjuanati’s implementations are typical solid examplesOther planned features encompass:
Platform Licensing and Royalty Fees are paths to monetizing Fitness Ventures.
Our target markets are B2B and B2C companies in the the health and fitness industries with established and loyal customer bases.
We envision offering the Fitness Ventures as Software as a Service (SaaS) subscription to established businesses. These businesses would pay a monthly licensing fee to integrate Fitness Ventures into their apps and websites. Fitness Ventures would also collect a small royalty fee for each NFT minted or sold.
We plan to market our platform to Health Club Management & Fitness Software Vendors. These are B2B companies. We consider these vendors as upstream customers because they supply software to fitness and health clubs of all sizes. This segment is highly fragmented with over 150 market participants .
We envision B2C companies using the Fitness Ventures platform to increase customer engagement and generate new revenue streams.
In addition to club management software integration, we envision marketing our platform directly to downstream businesses. Downstream businesses follow a direct to consumer (i.e., B2C) sales model. These include gyms, fitness trackers, and sports apparel retailers. We envision B2C companies using the Fitness Ventures platform to increase customer engagement and generate new revenue streams.
Below is a representative list of potential customers:
The global sports apparel market generated about USD $193 billion in revenue in 2021. Rising revenues are forecast to continue and estimated to reach around USD $270 billion in 2028.
— Statista
In 2021, the fitness industry’s global revenues exceeded USD $392.9 billion. Sports Apparel accounted for close to 50% of those revenues.
The industry may be carved into the following 5 global market segments:
The sales estimates below exclude those from Sports Apparel retailers such as Lululemon and Nike as well as sales from Sports Nutrition providers.
Figure 1: Pandemic Era Fitness Industry Revenues by Segment: 2019 – 2021 (USD billions)2
Figure 2: Fitness Industry Revenue by Segment 2019 – 20282
The Fitness Ventures dApp is easily customized to satisfy multiple use cases across a variety of industries. It may be used to mint NFT-based certifications and memberships. To illustrate:
NB: RunRepeat’s calculations for 2021 industry revenues of USD $159.9 billion as well as their 2028 growth rate projection of 171.75% exclude Sports Apparel and Sports Nutrition revenues. However, Statista estimates 2028 global revenues from sports apparel sales will be USD $270 billion. A 40% increase from 2021 levels.
Fortune Business Insights: Global Sports Apparel Market Research
Grand View Research: Fitness App Market Research
Breaking Up With Peloton: NY Times article highlighting shift from working out at home to the resurgence in gym and health club memberships.
Growjo: Revenue stats for privately held companies
GetLatka: Another Provider of revenue data on SaaS companies
Policy Advice: A one-off blog-post on fitness club usage and revenue stats
Wellness Creative: Includes stats on largest gyms and fitness clubs by revenue. Expand the accordion below to view their top 10.