Mavericks owner Mark Cuban launches blockchain fitness app
The NBA’s Dallas Mavericks owner, Mark Cuban has partnered with Lympo to release the “the nation’s first” blockchain fitness app.
The self-titled app, Lympo, uses a crypto token-based incentivisation platform to reward users for leading healthier lifestyles and is expected to revolutionise the sports, wellness and health industry.
By completing walking and running challenges, users will be able to exchange their LYM tokens for premium sports and fitness products specifically within the in-app Lympo Shop, becoming the “first online store” to accept fitness token payments.
Founders Mark Cuban and Lympo CEO Patrick Brown said the app is the first to reward exercise with a token that holds real monetary value.
Cuban describes the concept in the same manner as a person who collects frequent flier miles because of the miles they accumulated while flying.
“In using the analogy of frequent flier miles is the perfect analogy,” Cuban said.
“Just like people will take flights just to lock up those miles, or to get to premium rewards, I anticipate in our partnership (with Lympo) we’ll be able to do the same thing.
“And it’ll be particularly interesting as we have all kinds of wellness programs that originate with the Mavs as we go out into the community because fitness is important to us.
“We want to do as much as we can to encourage Mavs fans across North Texas to be fitter.”
Over time, a broader range of products and services in the health space will become available on the store, such as personal training sessions, gym memberships, diet and exercise plans, or trendy workout accessories.
The token is Ethereum-based to ensure its security and technical stability, which means that its value will fluctuate with variable market conditions such as movements in crypto and traditional currencies.
In a joint statement, Brown called the free application a “revolutionary new concept in wellness and personal technology.”
“Lympo is a seamless tool for motivating people to become healthy and adopt an active lifestyle,” Brown said.
“By improving the well-being of people around the world and providing tangible incentives through our unique technology, we aim to unite fitness and wellness communities everywhere.”
Eventually, Lympo will sync with other fitness tracking apps and allow users to receive tokens in exchange for their fitness data, enabling them to essentially monetise their personal health and fitness information.