Fitmint, has announced to launch of an ‘Initial DEX Offering (IDO)’, that is, ‘token sale’ for its native crypto token named ‘FITT token’, the company informed.
“Owning FITT will give one complete access to the game, and also allow them to unlock the real-world utility of the token as well as to win staking rewards. By participating in our token sale, we essentially are giving everyone a chance to be the early believer and grow with us together,” Viren Baid, Co-founder, Fitmint, said.
As per the company, Fitmint’s upcoming three-day long token sale activity will be putting out 300 million FITT tokens for public sale with the aim to create an open, decentralised and community-driven game economy. The token sale, which shall commence from 30th August 07:00 UTC onwards and run till September 2, 07:00 UTC, will be mainly directed towards attaching a fair value to the FITT token and unveiling its real-world utilities, the company informed.
“Earlier the users earning $FITT in app were not able to withdraw or sell because FITT didn’t have a value attached to it. However after this token sale, the real world utility aspect will be added that is also going to be one of our key focus areas beginning this quarter. The users will be able to redeem $FITT for vouchers of different fitness products and services at a higher value compared to selling the tokens and then purchasing the same products or services,” Rohit Sharma, co-founder, Fitmint, added.
This means that a curve is created, allowing the community itself to decide the fair price; anyone can buy in or sell out of the Liquidity Bootstrapping Pool (LBP) mechanism of Copper that enables projects and ideas from across the world to distribute value from individuals.
The company further claimed that owning FITT token(s) will enable a plethora of advantages, including but not limited to accessing FITT-exclusive offers with brands across categories like gyms, health insurance, and merchandise. Likewise, redeeming FITT for vouchers of different fitness products and services; winning FITT staking rewards such as free sneaker NFTs and minting tickets, among others, the company informed.
Also Read: Singapore says retail investors ‘irrationally oblivious’ to crypto risks, plans tougher rules