Fitness Ventures Sports Clubs
Last Updated by Code Sport. Filed under ethereum, videoFitness Ventures Sport Clubs: Business Plan Summary Winner of ETHGlobal’s 2022 DAOHacks…
We enable Sports Team and Health Club Memberships, Competitions, and Event Scheduling. We serve the Health, Fitness, and Participatory Sports industries.
This report explores technical and business aspects of the Fitness Ventures platform. Herein, we discuss and analyze:
Twelve minute demonstration of the Fitness Ventures MVP, version 0.1.0-alpha (April 2022):
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.
NFTs Are More Than Goofy Jpegs.
We see NFTs as tokenized Web Applications. They serve as hybrids which connect the on- and off-chain worlds. This means they are minified programs that consume, generate, and manipulate data.
In short, NFTs serve as tokenized software programs which double as containers of value!
The project’s repo is located at: https://github.com/codesport/fitness-club-dao . The project is running on multiple EVM test nets including Polygon’s Mumbai.
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 have been successfully 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:
We envision offering the Fitness Ventures as a 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 .
Sales Model: We will sell B2B, Upstream Customers multi-seat licenses to our SaaS platform. They will have the option to resell our platform to their fitness and health clubs customers.
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.
Sales Model: We will sell B2B, Downstream Customers single-seat licenses to our SaaS platform. They will use our SaaS platform to create Blockchain based membership, loyalty, and rewards programs.
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
Unlike many digital communities that gained traction over the last few years, [the below] platforms use the internet to unite people offline.
— Fitt Insider Issue 199
Aiming to build the planet’s biggest {Soccer] club, Street FC hosts flashmob-like pick-up soccer games.
Bringing a street basketball format to soccer, the company organizes 5v5 games on underutilized concrete spaces. Then, gamifying participation beyond the court, player profiles track streaks and peer ratings while members connect on Discord.
— Fitt Insider Issue 199
…a basketball-focused lifestyle club. [As] a highly curated tech-enabled platform, [Crosscourt] hosts pick-up games at its LA gym — complete with locker rooms, jerseys, and officials. Expanding its footprint, club format, and sports offering, Crosscourt is eyeing expansion. — Fitt Insider Issue 199
…basketball-based fitness classes and pick-up games at locations in NYC, Chicago, and Michigan
— Fitt Insider Issue 199
In 2021, the fitness industry’s global revenues were approximately USD $475.66 billion. Sports Apparel accounted for over 40% of those revenues.
Including revenues from high-end participatory sports venues (e.g., golf country clubs, yacht clubs, and skiing facilities) adds USD $136.62 billion to this figure. Thus increasing the 2021 market size to USD $612.28 billion.
The industry may be carved into the following 7 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, and bicycle manufacturers.
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-1: 2021 health club and scheduling software revenues (i.e., Mindbody, ClassPass, GloFox, Vagaro, ABC Fitness) which totaled USD $0.7 billion were excluded from this market size analysis.
NB-2: 2021 Bicycle industry market size estimates vary. Fortune Business Insights pegs 2021 market size at USD $78.33 billion. However, GrandViewResearch, puts 2021 global bicycle sales at USD $59.33 billion.
In line with a growing trend since the 1990s, OEMs are using a dual strategy of in-house brand positioning and just-in-time manufacturing. In industry terms this is called vertical supply chain integration. In addition to a brand strategy, these companies run direct-to-consumer ecommerce sites. However, many also leverage selling on Amazon due to its global customer footprint.
NB-3:Grandview pegs 2021 Sports Nutrition industry revenues at a lower $40 billion. However, we’ve adhered to Precedence Research’s USD $44.43 billion because it’s more widely cited within the industry.
NB-4: 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.
NB-5: The Participatory Sports Market inherently includes Fitness Centers (Gyms and Health Clubs). However, for purposes of our market segmentation we extracted Fitness Centers as a separate category
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.
Fastest-Growing Sports Nutrition Brands: from Similar Web’s Ecommerce Intelligence Group
Google SERP: participatory sports market size in 2021