With new app, Mavs fans could earn tickets for working out


Mavericks fans could get tickets in exchange for exercise through the team’s new partnership with Lithuanian blockchain app Lympo.   

The app aims to encourage healthy lifestyles by enabling users to earn tokens for working out and being active. Under the partnership, the Mavericks will rename all of their practice facilities for Lympo and fans will be able to earn free tickets and merchandise by completing Mavericks fitness challenges on the app this fall.

The team is working with Lympo to determine the challenges and rewards.  

Marius Silenskis, Lympo’s chief product officer, said the Mavericks organization and Lympo share the goal of making society healthier. 

“Introducing our digital token LYM as a payment method will help us to motivate Mavericks fans to stay on track with their healthy habits,” he said.

The Mavericks, who are accepting bitcoin for season tickets, are the second NBA team to accept cryptocurrency. The team will also accept CyberMiles, the cryptocurrency of Dallas-based e-commerce firm 5miles, in the fall. The Sacramento Kings have accepted bitcoin since 2014.

Companies are increasingly looking to digital currency and blockchain technology as a way to appeal to younger consumers. Almost 1 in 5 millennials own digital currencies, according to a survey of 2,001 Americans commissioned by Finder.com.

Companies are increasingly looking to cryptocurrency as a way to revive customer loyalty programs. Total loyalty programs’ user growth has slowed to 15 percent over a two-year period ending in 2016, down from 26 percent in the previous two-year period, according to the 2017 Colloquy Loyalty Census, based in part on a survey of about 4,500 American and Canadian consumers. More than half of loyalty memberships in the U.S. are inactive, and about 30 percent of consumers have abandoned a program without ever redeeming a point or a mile.

The Lympo app, which will launch sometime in the late summer or early fall, will track health-related data to award tokens that can be used to pay for fitness products and services to its users. 

Within five to 10 years, 5 percent of U.S. adults will use crypto loyalty points, and the annual issuance of related tokens should reach $3.6 billion, said Lex Sokolin, global director of fintech strategy for Autonomous Research LLC. Within 10 to 20 years, 15 percent of Americans are likely to use digital loyalty points, he estimated.

The Mavericks’ partnership with Lympo also includes the creation of a new Mavericks Fitness Team, a group which will host fitness events for Mavericks fans.

Bloomberg contributed to this report.

Let’s block ads! (Why?)


Source link

Previous UK’s Financial Watchdog Issues Letter to Banks on Crypto Risks
Next Befund Looks to the Future as Its ICO Enters Final Week

No Comment

Leave a reply

Your email address will not be published. Required fields are marked *