Users of Los Angeles-based Cudis can now cash in on health data from their wearable devices thanks to the launch of the company’s Cudis token (CUDIS) on Wednesday last week.

The multi-billion-dollar wearables industry is slated to grow by 4.1% this year, according to market research firm International Data Corporation (IDC), with health tracking rings expected to top 2.3 million units. Cudis says it has already shipped roughly 20,000 smart rings and now boasts more than 200,000 customers across 103 countries.

(Cudis ring / cudis.xyz)

Cudis wants to set itself apart from established competitors such as Apple, Oura, and Whoop, who all sell health tracking wearables, by tapping into crypto rewards. The company’s token will be used to reward users for steps, sleep, and vital signs.

“CUDIS is more than just a reward mechanism. It’s the access layer to an entire ecosystem built around real health data,” said Cudis co-founder and CEO Edison Chen in a press release. “It gives them access to the apps, services, and coaching they need to actually improve their lives.”

Users will also be able to convert their health metrics into non-fungible tokens (NFTs) which can be subsequently monetized on a marketplace where artificial intelligence (AI) agents or wellness and medical firms pay for access to user data.

One billion CUDIS tokens have been created, with 247.5 million in circulation at a price of $0.096 and a market capitalization of roughly $23.65 million at the time of reporting, according to Coinmarketcap.

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