FitCoin: Money-Making Workouts
The app connects to a user's fitness tracker and calculates how much their effort is worth in BitCoins – a popular digital currency. Currently, four minutes on a treadmill generates approximately five US cents, although the app is still in the development stage.
The team behind FitCoin is known for publicity-generating concepts such as flame-throwing drones, and initially the project took on a tongue-in-cheek slogan: "Submit to the gods of image and wealth".
However, in an interview during this year's South by Southwest technology, film and music festival, Chaotic Moon's marketing director Chad Darbyshire revealed that sportswear giants Nike and Adidas are interested in the project. He also said that Chaotic Moon plans to launch its own digital currency to work with the app.
Services like FitCoin could evolve into an effective way for brands to tap into the wearables market, developing consumer relationships through cash rewards, discounts and competitions. A Russian bank has already trialled offering customers favourable interest rates based on their activity levels measured by fitness trackers.
See our coverage of the Wearable Technology Show 2015 for more on how wearables are evolving from handy health accessories into highly personalised interfaces for consumers' digital lives.