The Scoop - Moonwalk wants to gamify fitness on-chain

In this episode of The Block which took place on August 19, 2024, Frank Chapparo hosted Caitlin Cook from Moonwalk Fitness to discuss the integration of financial incentives in fitness, the challenges of building consumer crypto applications, the future of gamified health on the blockchain, and more! Read our notes to learn more!

Background

Frank Chapparo (Host) – Host of The Scoop & Director of Special Projects at The Block

Caitlin Cook (Guest) – Director of Growth at Moonwalk Fitness

Moonwalk Fitness – a fitness accountability app that incorporates financial incentives to help users achieve their fitness goals

Moonwalk: Bridging Fitness and Crypto Through Gamified Health Incentives

Frank, the host of The Scoop podcast, introduces Caitlin from Moonwalk, a fitness accountability app.
Caitlin explains that Moonwalk helps people hit their health goals through daily step competitions. Users deposit funds ($USDC, $SOL, or $BONK) to enter competitions, and those who meet daily step goals keep their deposit. Those who miss goals forfeit that day’s portion to a prize pool, which is split among users who consistently meet goals.
Frank compares this system to liquidation in crypto, while Caitlin describes it as a “health safety deposit” that incentivizes accountability.
Frank notes the focus on layer 1s and the lack of widespread consumer app adoption. Caitlin discusses the challenges in creating user-friendly crypto apps for non-crypto users, emphasizing the need for simplicity and familiar onboarding processes.
Caitlin explains Moonwalk’s approach to the user interface, which includes allowing sign-in with familiar methods like phone numbers and email, abstracting wallet creation and management, and integrating with projects like TipLink for Gmail sign-in. She mentions that they’re working on fiat on-ramps like Apple Pay and PayPal to avoid requiring crypto knowledge from users.
To illustrate the potential for financial incentives in fitness, Caitlin mentions a statistic about the contrast between high gym membership numbers and rising obesity rates in the United States.

Challenges and Opportunities in Building Consumer-Focused Crypto Applications

Frank mentions a recent law in New Jersey banning gyms from requiring in-person cancellations, highlighting how difficult gym membership cancellations can be.
Caitlin then discusses the paradox of increasing gym memberships alongside rising obesity rates in the U.S. She highlights that financial incentives alone may not be enough, suggesting that Moonwalk’s combination of financial and social incentives through competition is more effective.
The conversation shifts to Caitlin’s experience transitioning from financial services to consumer products. She expresses that building for consumers is more enjoyable, contrasting it with the repetitive nature of DeFi products. Caitlin notes that consumer applications like Moonwalk have a broader appeal and solve problems for everyday people, making them more relatable and easier to explain to non-crypto users.
Frank asks why there aren’t more consumer applications in crypto that appeal to normal people.
Caitlin offers a critical perspective, suggesting that many in the crypto space are focused on short-term gains and replicating successful products rather than building for the long term. She points out that consumer apps require a longer-term vision and must overcome the challenges of making crypto products accessible to non-crypto users.
Caitlin also highlights the competitive nature of the consumer app market, noting that crypto-powered apps must compete with numerous non-crypto alternatives. She suggests that succeeding in this space requires high conviction and the ability to secure funding for long-term development. Caitlin contrasts this with what she perceives as a more short-term, opportunistic mindset prevalent in the crypto industry.

Strategies for User Retention and Engagement in Crypto-Integrated Fitness Platforms

Frank discusses the challenge of user retention in crypto applications, noting that many users only engage with platforms to receive airdrops or token rewards. He mentions the high customer acquisition costs in crypto and how user engagement often correlates with token price movements. Frank asks Caitlin how to create sticky users in the cyclical crypto market.
Caitlin acknowledges this challenge, agreeing that many crypto users quickly move from one opportunity to the next. She discusses StepN as an example, highlighting how its token-based model ultimately proved unsustainable. Caitlin highlights that Moonwalk’s approach differs by not relying on token price appreciation for user engagement.
Frank asks about Moonwalk’s go-to-market strategy. Caitlin explains their focus on fitness communities, including potential collaborations with influencers, trainers, and corporate wellness programs. She mentions plans to expand beyond step-based exercises and incorporate biometric tracking.
Caitlin expresses excitement about the upcoming launch of Moonwalk’s iOS app, which will offer a more streamlined user experience with additional gamified components. She highlights the importance of creating a user-friendly experience to attract non-crypto users.
Discussing user feedback, Caitlin reports positive engagement and retention, with users becoming increasingly committed to their fitness goals. She shares anecdotes of users developing healthier habits beyond just walking.
On step count recommendations, Caitlin notes that 7,000-10,000 steps daily are generally considered optimal. She highlights the importance of setting realistic, sustainable goals for long-term habit formation.
Frank and Caitlin discuss the challenges of maintaining an active lifestyle in less walkable environments, particularly in parts of the US. They also touch on the potential for Moonwalk to expand into tracking other health metrics beyond step count.

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Show Information

Medium: YouTube (Video)

Show: The Scoop

Show Title: Moonwalk wants to gamify fitness onchain | The Scoop Podcast w/ Caitlin Cook

Show Date: August 19, 2024