Please describe your proposed solution.
We are creating an NFT marketplace for wellness services that ensures cost fairness for both the providers and consumers. Additionally, we are introducing a new type of employee benefits for those working in web3.
The Problem
The wellness industry is expected to reach $7 trillion by 2025, this suggests that while the wellness industry as a whole is growing, individual wellness providers may not be seeing a proportional increase in their earnings. Wellness providers, such as yoga teachers, personal trainers, dietitians, and mental health professionals, often struggle to earn a fair income due to the significant cuts taken by middlemen like studios, fitness centers, and online platforms. These intermediaries not only limit the earnings of wellness providers but also inflate the cost of wellness services for consumers. For example, yoga teachers face a unique set of financial challenges. Primarily, their income is often based on an hourly rate, which varies across different countries and studios. However, the actual time commitment extends beyond the class duration due to preparation and student interaction, resulting in a lower effective hourly wage. Additionally, those who rent a studio typically pay a percentage of their earnings as rent, which can be as high as 40%.
On the other hand, consumers face high costs for wellness services, as wellness is often perceived as a luxury rather than a universally accessible health necessity. The rise of exclusive brands like Goop or Poosh has contributed to it, turning it into a status symbol.
Moreover, there is a pressing need for new employee benefits in the web3 space. Market volatility and technological advancements have contributed to mental health issues, productivity struggles, feelings of isolation, anxiety, and burnout. Corporate wellness programs are not enough to address these issues, and they can be expensive. Health coaching can cost between $140-$165 for 6 sessions, while employer programs can range from $150 to $1200 per employee per year.
The Solution
Our solution is to build an NFT marketplace for wellness services where:
- providers create NFTs that represent the right to their services
- buyers purchase the exact service they want directly from the provider
- providers get a larger chunk of the profit, buyers get a lower price, because there is no middlemen
- we will work with wellness service providers who are already a part of our community at Adawell DAO and in our network
What does this mean?
- Direct connections between providers and clients.
- Improved well-being for wellness providers and individuals seeking wellness services.
- A more equitable and sustainable wellness ecosystem that benefits both sides.
- Organizations can purchase Wellness NFTs for their teams/communities in the form of 'typical employee benefit'.
The Services
At this stage, the services provided will include:
- Yoga sessions
- Meditation sessions
- Sleep workshops
- Exercise sessions
- Laughter yoga, singing and dancing classes
Service providers will create NFTs that represent the right to access one of the following services:
An NFT that grants access to:
- daily guided meditation sessions
- yoga classes
- personalized home workout sessions with a PT
- personalized meal plan with nutritionist
- sleep improvement workshops
- short and easy-to-follow sessions that that can easily fit into busy schedules
Service providers will experiment with different ways to package their services, and offer these as different types of NFTs, for their customers. For example:
- Group sessions
- 1:1 coaching
- Daily sessions
- Monthly right to join sessions
- Tailored services to fit each individuals/organization's needs
- Even, pay-what-you-will
The Plan
The proposal is a proof-of-concept to validate the idea, the need, and the business model. To do so we will take a minimal technical approach:
- Create an NFT marketplace using a service provider such as NMKR,
- Build a sales website that integrates with the store,
- Onboard wellness providers by working with them to create NFT packages for sale,
- Put NFTs on sale on the store,
- Promote services on social media,
- Coordinate time and delivery method for the service,
- Validate the service is delivered,
- Collect feedback from service provider and client on the process,
- Learn and iterate. Validate the business model.
Once we validate our business model, we will look to automate parts of this process to provide a fully managed service. This means adding parts to the website to select times for the services, NFT unlocked areas in the website to receive the service, and additional features that will help us scale the marketplace beyond a handful of service providers.
Additionally, if we validate that we can offer our wellness NFTs for purchase to web3 organizations, we can directly solve the problem of insufficient employee benefits in Web3.
What is unique about this solution?
- Marketplace will connect wellness service providers directly with customers. This eliminates middlemen and lowers costs, benefiting both providers and buyers. Providers will receive a larger share of the profits, earning fair compensation for their services. Buyers will enjoy lower prices due to the absence of intermediaries and increased demand for group sessions with lower costs.
- Individuals will gain fairer economic systems. Direct transactions between providers and buyers. It brings a use case showcasing the platform's capabilities beyond traditional financial applications. The solution addresses a key problem faced by wellness service providers, creating opportunities for income stability and growth within the Cardano ecosystem.
A proof-of-concept, the initial focus would be on validating the idea, need, and business model. The number of providers onboarded, the demand for wellness services, and the growth of the marketplace over time will increase once the idea is validated, the aim would be to automate processes, scale the marketplace, and attract a larger number of service providers and buyers by making wellness accessible and fair.
How does your proposed solution address the challenge and what benefits will this bring to the Cardano ecosystem?
One of the main aims of the challenge is: the Creation of different products that provide value to the Cardano community and wider ecosystem. This proposal aims to do just that. We will produce a marketplace that offers wellness services through the sale of NFTs. This is a new product without equal.
Benefits to the Cardano Ecosystem:
- NFT Marketplace - Our offerings will be attractive to individuals interested in both blockchain technology and wellness. With the wellness industry predicted to reach $7 trillion by 2025, Cardano may become a leader in the intersection of blockchain and wellness. The Web3 ecosystem is predicted to be valued at over $87B (USD) by 2030, and wellness is expected to play a big role and have a significant impact on it.
- Improved Wellness - Our initiatives aim to improve the wellness of individuals in the ecosystem, contributing to a healthier and more productive community.
- Gender Diversity - Data and our own observations indicate a higher representation of women in the wellness industry. By leveraging this demographic trend, we aim to attract more women to Cardano and onboard them through wellness initiatives.
- Ownership - NFT memberships provide ownership to wellness providers and incentivize them to actively join the network.
- Hoskinson Health & Wellness Clinic - There is a potential collaboration to address wellness challenges and benefit the Cardano ecosystem. Charles Hoskinson's tweet on Grand Opening of the Clinic can be found here.
How do you intend to measure the success of your project?
Measuring success
We will measure our success from these metrics:
- the number of NFTs (wellness services) sold
- the number of customers
- number of services provided
- number of repeat customers buying another service
All of these metrics will provide good indications of success, but the last one, number of repeat customers is truly the one metric that signals we have a good business model. This is the metric we will look at as we validate the business model. It is the metric that will convince us to push forward with the Proof-of-Concept and build an entire business around it.
Please describe your plans to share the outputs and results of your project?
The projects outputs will be shared with the service providers in the Adawell community and potential customers through social media.
Sharing with the community will happen as we develop the platform.
Sharing with the customers will happen as we are ready to provide the services.
Once we develop the proof-of-concept. and validate the business model, we will use the results generated from the project to turn the POC into a full on business. We will need to develop or integrate:
- NFT unlocked events directly served on the website or through an integration with an app like Zoom
- Easy scheduling for services
- Extensive details about services and service providers