Of the 1,000 NFTs minted, around 20 per cent have already been purchased during the early bird sale which ended on 18 April
Participants of Ilumi Run 2018, a property of LIV3LY and event organiser Infinitus. PHOTO: LIV3LY Pte Ltd
Singapore, 27 April 2022 - Southeast Asia's first social fitness and marketplace platform LIV3LY, a subsidiary of event organiser Infinitus, has flagged off the public launch of its 1,000 NFTs (non-fungible tokens), laying down the marker for sports event companies and a path into the metaverse for the future of running events.
Designed as race bibs, the NFTs serve as a common identity-marker for participants at race events, and is set to open new doors into real world privileges and next level possibilities for running event participants that weren't previously available.
Each NFT carries a unique bib number, which will be complemented by a physical race bib corresponding to the same number for each NFT holder. These can be worn to any event organised by LIV3LY and also grants free access to events organised by LIV3LY and their partners across the region.
Jeffrey Foo, CEO of LIV3LY. PHOTO: JOHN YEONG, SPORTPLUS.SG
LIV3LY chief executive Jeffrey Foo believes this is a distinctive trait of the NFTs, “It’s not just about having privileges and benefits, but at the same time about it being the identity for the runners themselves.”
Holders of LIV3LY’s NFTs, available here, will also be privy to varying privileges and benefits depending on the tier of the NFT purchased.
Some of the benefits holders of the NFTs can expect include exclusive access to LIV3LY’s product launches and parties, VIP treatment at their live events, and a percentage share of the company’s yearly revenue among other benefits.
Participants at the flag off for The Straits Times Run, organised by LIV3LY. PHOTO: LIV3LY Pte Ltd
Individuals can also trade the NFTs on secondary market platforms or gift it to other people, as they are transferable.
The concept of taking NFTs, which mainly exist in the digital space, and using them to create real-world benefits is relatively new. This is even more so in the fitness industry and running market.
A thought leader in this space, Foo believes this is just the beginning of incorporating NFTs and the digital world into an essential part of the industry.
The popular Ilumni Run will be making a return this year end after a 3 year hiatus caused by the pandemic. PHOTO: LIV3LY Pte Ltd
To him, the future of sports and fitness would involve a mixed reality, in which the digital world complements and enhances the physical world, rather than replaces it.
“The bottom-line is we want everyone to live a healthy lifestyle,” said Foo.
The NFTs are meant to make it easier for people to participate in physical events, helping them engage in an active lifestyle. But more importantly, he added, it should allow them to be part of a real-world community.
Runners of the Great Eastern Women's Run 2021 late last year, the first physical event to return during the Covid era. PHOTO: LIV3LY Pte Ltd
Foo envisions more integrated physical and digital events in the future. This could be in the form of using augmented reality to simulate running physically alongside other people who are not in the same physical space in reality.
Before this launch of NFTs, LIV3LY had ventured into the digital space during the pandemic, collaborating with and creating new concepts for mass running events which include the Star Wars Virtual Run, Marvel Virtual Run and Jurassic World Run.
Runners of The Straits Times Run running along Gardens by the Bay. PHOTO: LIV3LY Pte Ltd
They have also garnered significant traction across the region, with experience organising big scale physical events including the Great Eastern Women's Run, The Straits Times Run, ASICS Relay and Ilumi Run, with the latter slated for a return at the end of 2022.
In a way, exploring the budding world of NFTs is an extension of LIV3LY’s foray into the digital world, which will provide them with a stepping stone to scale-up their technological development and product offerings.
More details about LIV3LY's NFTs and purchase can be made on LIV3LYNFT.com.