Virtual Workouts
Trend description:
Virtual workouts have boomed during the pandemic and are still sticking around. When going to the gym wasn't an option, consumers started exploring virtual workouts from the comfort of their homes, shaping future consumer preferences and attitudes.
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Trend drivers
Due to COVID-19, consumers have become more aware of their health and overall well-being. Research indicates that Gen Zers are currently the most stressed demographic. The American Psychological Association (APA) reports that 90% of Gen Z experienced psychological or physical symptoms because of stress in the last year.
Even though Gen Z is less vulnerable to the physical impacts of COVID-19, they will bear the burden of this throughout their lives. The rising amount of consumers reporting mental health issues shows emotional stress and grief from the pandemic and the educational challenges it has provided, from remote to interrupted learning. The remote area has become a big part of consumers' daily life during and after COVID-19. Big celebrations and milestones have been cancelled, and these young generations have turned to the benefits technology can provide to do things in the comfort of their own home. Consumers have turned to ZOOM calls, on-demand videos, and new technologies, due to closed gyms, salons, spas, and schools. This has created an epic shift in consumer behavior amongst Gen Z.
According to a McKinsey Study, Gen Z reported more unmet social needs than any other generation during the pandemic. 58% of Gen Z reported two or more unmet social needs, compared with 16% of people from older generations. As Gen Z is working to build their resilience, they have come to expect physical health, behavioral health, and social needs as future students, employees, and customers.
According to a 2020 study by ClubIntel, 54% of 2,000 surveyed individuals either froze their gym memberships or canceled them altogether. COVID-19 has popularized virtual workouts and platforms that can help people keep up with their routines without being at the gym in person.
Virtual workouts have boomed during the pandemic and are still sticking around. While VR once seemed designed for Gen Z to play immersive video games, VR fitness appeals to a broader audience that might not be comfortable in a traditional gym. This can be due to anxiety and low self-esteem, making the at-home experience seem more appealing to consumers.
Consumers are starting to move away from seeing exercising for aesthetic purposes and are beginning to exercise for both mental and physical benefits. According to a study conducted by Design Partners, across all age groups from 18-74, 77% are motivated to exercise to improve their mental health, with almost 40% of Gen Z being more motivated since the lockdown. VR has been shown to be a powerful tool for promoting a positive mood and reducing levels of anxiety and depression. According to Green-light VR and Touchstone Research, 79% of Gen Z US internet users said they are interested in virtual reality.
New technology can alleviate many of the issues posed by the epidemic, prompting growing usage. The trends in the past year have shown that in the future of fitness, we'll see a rise of VR workouts, streaming, and on-demand fitness with virtual trainers and the rise of metaverse fitness.
Meta Fitness
Fitness apps will account for a significant market share in the metaverse due to people wanting to invest in their overall health, with the pandemic boosting consumers' awareness.
Grayscale has reported the metaverse will develop into a trillion-dollar sales opportunity across advertising, social e-commerce, digital events, and other categories. The investment bank Goldman Sach said that the metaverse could reach $8 trillion in revenue.
As adopting NFTs and crypto is becoming more mainstream, it will transfer to the fitness industry. Crypto and blockchain elements are coming together with the fitness market and combining these two fastest-growing markets can have enormous potential. The space is still in its early stage; however, the company OliveX is looking to become the market leader.
OliveX is constructing a virtual fitness in the Sandbox that will feature companies such as Gym Aesthetics, PlayInnovation, Trib3, and others. The partnerships indicate what the future holds for fitness companies, that will reach crypto users and fitness enthusiasts at once. The Hong Kong-based digital fitness company is built upon the "move-to-earn" principle. Players are rewarded with crypto and NFTS by completing missions within OliveX's adventure game, which requires the user to run in real life. The virtual in-game tokens can be used to level up games or be traded on crypto and NFT marketplaces.
OliveX wants to work out to be both suitable for the belt line and the bottom line, which is what they are offering users with their OliveX blockchain game. They are combining three booming industries, fitness, gaming, and blockchain technology, into one. The company seeks to build an ecosystem of fitness games in the Sandbox, where users can build, buy and sell their in-game tokens.
OliveX has doubled its market cap over the past years and reported a $1.3 million in revenue in the six months that ended December, a 10-fold jump compared to the same period last year. This is due to their decision to jump on the blockchain and crypto bandwagon, which has gripped the investors' attention.
The fitness chain Trib3 is the first fitness center to launch a gym in the metaverse in partnership with OliveX. The fitness metaverse platform will offer its classes in the metaverse. Users can access fitness classes through virtual reality.
Andy Hall, Head of Commercial at OliveX, said of this partnership:
"Kevin's vision and ability to recognize global trends and opportunities are second to none. This is why TRIB3 is the perfect brand for us to partner with and deliver this digital experience to the Fitness Metaverse community. We are working with the TRIB3 team to digitally bring to life the stylized TRIB3 stores, deliver NFTs, and ultimately increase revenue for the brand. We are now building momentum with our partners, and it's great to be working with such an impressive portfolio."
Picture: OliveX
Picture: OliveX
Picture: OliveX
Picture: OliveX
Meta Fitness
Fitness apps will account for a significant market share in the metaverse due to people wanting to invest in their overall health, with the pandemic boosting consumers' awareness.
Grayscale has reported the metaverse will develop into a trillion-dollar sales opportunity across advertising, social e-commerce, digital events, and other categories. The investment bank Goldman Sach said that the metaverse could reach $8 trillion in revenue.
As adopting NFTs and crypto is becoming more mainstream, it will transfer to the fitness industry. Crypto and blockchain elements are coming together with the fitness market and combining these two fastest-growing markets can have enormous potential. The space is still in its early stage; however, the company OliveX is looking to become the market leader.
OliveX is constructing a virtual fitness in the Sandbox that will feature companies such as Gym Aesthetics, PlayInnovation, Trib3, and others. The partnerships indicate what the future holds for fitness companies, that will reach crypto users and fitness enthusiasts at once. The Hong Kong-based digital fitness company is built upon the "move-to-earn" principle. Players are rewarded with crypto and NFTS by completing missions within OliveX's adventure game, which requires the user to run in real life. The virtual in-game tokens can be used to level up games or be traded on crypto and NFT marketplaces.
OliveX wants to work out to be both suitable for the belt line and the bottom line, which is what they are offering users with their OliveX blockchain game. They are combining three booming industries, fitness, gaming, and blockchain technology, into one. The company seeks to build an ecosystem of fitness games in the Sandbox, where users can build, buy and sell their in-game tokens.
OliveX has doubled its market cap over the past years and reported a $1.3 million in revenue in the six months that ended December, a 10-fold jump compared to the same period last year. This is due to their decision to jump on the blockchain and crypto bandwagon, which has gripped the investors' attention.
The fitness chain Trib3 is the first fitness center to launch a gym in the metaverse in partnership with OliveX. The fitness metaverse platform will offer its classes in the metaverse. Users can access fitness classes through virtual reality.
Andy Hall, Head of Commercial at OliveX, said of this partnership:
"Kevin's vision and ability to recognize global trends and opportunities are second to none. This is why TRIB3 is the perfect brand for us to partner with and deliver this digital experience to the Fitness Metaverse community. We are working with the TRIB3 team to digitally bring to life the stylized TRIB3 stores, deliver NFTs, and ultimately increase revenue for the brand. We are now building momentum with our partners, and it's great to be working with such an impressive portfolio."
Picture: Refine with Alfi
Picture: LuluMoon Studio
VR Fitness
Virtual Reality has come to the fitness industry and has the potential to change the entire industry. As consumers are looking for new innovative ways of keeping themselves healthy, VR exercising can give customers more autonomy and increase their level of motivation.
The pandemic has changed how consumers want to exercise and has impacted their motivation levels. Rather than fighting the home workout revolution, VR has the potential to take advantage of new consumer trends. A study made by WHO shows that people did 32% more physical activity than before the lockdown. The findings found that the most significant barrier was the lack of enjoyment in working out for more than 40% of people.
Meta, previously known as Facebook, has acquired the VR fitness platform Supernatural, an immersive fitness game in VR. Supernatural blends the worlds of exercise and entertainment by delivering immersive workout experiences. It can be played anywhere and anytime, as long as your VR headset is on you. It offers a whole-body workout set in different stunning locations around the world. It lets you meditate, stretch or box with a coach in front of you, while listening to popular music and standing at an exotic location.
Meta's VP of Play, Jason Rubin, suggested this was just the beginning. "We believe fitness will be a massive success in VR where multiple third-party fitness apps can succeed. Together, we will explore ways we can enhance future hardware to support VR fitness apps, encouraging other developers to bring new fitness experiences to VR.”
As many gyms have been closed due to COVID, virtual fitness studios have been a great option, which caused FitXR to offer a remote alternative to group classes. The company brings boxing and dance classes to the user's home, accessible through a VR headset that helps immerse them as if they were in a class with the instructor next to them. The classes integrate music and leader board and provide users with personalized advice from the instructors.
Finally, HemVR is a fitness-focused VR solution that is intended to transform boring workouts into fun, interactive gaming experiences. HemVR is designed for bike training within VR games to keep you engaged and entertained throughout the cycling process. hemVR is a fitness VR solution that will bring engagement, connectivity, and effectiveness to all levels of bikers and all types of indoor bikes.
Picture: Supernatural
Action Steps
01
Consider how to create a VR game where consumers boost their confidence, motivation, mental health and physical health at once.
02
DESIGN
03
CONSULTING
Consider tapping into the move-to-earn concept, where users can access unique NFTs, in-game tokens, or cryptocurrency by working out in real life.
Consider having customers pay for physical or online gym membership through NFTs.
Picture: Supernatural
Picture: Supernatural