The NBA’s Dallas Mavericks, owned by serial entrepreneur Mark Cuban, have launched “the nation’s first” blockchain fitness app with partner Lympo.
The app, called Lympo, uses a crypto token-based incentivization platform to reward users for leading healthier lifestyles. Founders Cuban and Lympo CEO Patrick Brown said the app is the first to reward exercise with a token that holds real monetary value. Leveraging gamification, tokens are distributed when users complete certain walking and running challenges.
The LYM utility token is different from a cryptocurrency, such as bitcoin, that can be exchanged for fiat currency. Users exchange their LYM tokens for premium sports and fitness products specifically within the in-app Lympo Shop, the “first online store” to accept fitness token payments.