it's called kinesio tape or something like that. it is supposed to train the muscles to build strength or repair them
I've heard people just use it because it's strong and you can apply less than a normal dose of strapping tape. Nothing great about it, maybe some of the athletes are being paid to wear it or something.
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Bah...I think it's both a crutch and a marketing ploy. Betcha duct/gaffer tape would work just as well.
My flatmate had some when he went to the gym, I used some to fix some stuff in the kitchen, works too, that saucepan handle hasn't fallen off since
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I don't understand it either.