Move-to-earn With Sweatcoin’s New Economy Built On Near Blockchain
The latest trend in the crypto space right now is the ‘Move-to-earn’ trend and Sweatcoin is part of it.
Not only does it trend in Crypto, but it’s also trending on crypto Twitter.
A vast majority of tweets have been made in this regard which begs a new question: ‘Why is Move-to-Earn so popular right now?’
Perhaps, a reason for its success is the innovation behind it or the excitement stemming from the user experience. Let’s discuss this in detail.
What is Move-To-Earn?
Move to Earn is a web3 concept covering every project and platform that rewards users for physical activities like exercising, socializing, running, or jogging to promote fitness and overall well-being.
The trend gained full-blown traction this year with Stepn GMT.
There is one however that has been in existence since 2016 but is now integrating digital currency into its platform.
It’s Sweatcoin!
How Sweatcoin Started Its Move-To-Earn Plan
Sweatcoin was founded by Russian fitness enthusiasts, Oleg Fomenko and Anton Derlyatka, in 2016.
The idea was formed after Fomenko’s startup was liquidated and he lost the motivation to exercise.
Derlyatka said,
“If you remember that your steps can be converted into something valuable, you’re slightly more likely to walk rather than take a bus.”
Sweatcoin is a free app that rewards users for taking steps outdoors. Users earn 0.95 sweatcoins for every 1000 steps they take. They also get the option to use their earnings to purchase goods, fitness gear, gift cards, and workout classes from the app’s marketplace.
The health app currently has amassed over 10 million downloads and 64 million registered users. On the Android Google play store, it has a 4.3 rating and is currently the number one app in health and fitness.
Six years after its launch, Sweatcoin has figured out how to allow users to trade their in-app tokens in real time.
It’s through a cryptocurrency, one called SWEAT.
Sweatcoin is Building a New Economy; Sweat Economy
Data insights show that users of Sweatcoin walk an average of 20% more after they download the Sweatcoin app.
Last month, the organization announced its plan to introduce a new currency, SWEAT, that users can mint through steps.
Cofounder of the health tech app, Oleg Fomenko said,
“The inherent issue with traditional cryptocurrency is that you have to use your own money. While SWEAT will be available to purchase, the key difference is that for everyday users, you invest your steps, which we hope is going to encourage people around the world to want to be more active.”
The launch date is unknown but the organization has informed existing users that they would get a one-time offer to swap their sweatcoins for an equal amount of SWEAT.
This means that if a user has 1000 sweatcoins, he would receive an offer to swap his sweatcoins for 1000 SWEAT.
Sweat would be built on the NEAR blockchain and unlike its predecessor, it would:
1. Reward any kind of movement; both indoor and outdoor.
2. Be decentralized.
3. Provide users with different exchange options because inclusive of in-app marketplace purchases, they can swap their SWEAT for other cryptocurrencies.
SWEAT would get harder to mint over time, according to the company. It also says that each SWEAT user will be given a Sweat Wallet which will generate fees by enabling a suite of DeFi functions, such as the exchange of SWEAT into other crypto, liquidity provision and staking.
SWEAT can be exchanged for goods, services and experiences ranging from high-tech shoes to iPhones, from anti-gravity yoga classes to Apple Watches.
“There are many things you can do with your SWEAT, with new features being added constantly. First of all, you will be able to stake your SWEAT to receive a really attractive return on it,” Fomenko said. “You will also be able to exchange it for other cryptocurrencies, like Bitcoin, so that you are literally walking for Bitcoin.”
Additional features on the roadmap include the use of SWEAT in governance and DeFi — whether that is for staking, liquidity provision, or other crypto opportunities, the ability to purchase NFTs, sell your personal data for more SWEAT or buy premium subscription services, Fomenko said. Users will also be able to convert the token into other cryptos or fiat currency.
Features Of Sweatcoin’s New Economy
According to Sweatcoin’s cofounder, they plan to make ‘one billion people active’ as they believe that ‘movement improves lives’.
The integration of blockchain and cryptocurrency makes Sweatcoin:
1. All-Inclusive: Anyone from anywhere in the world, excluding restricted areas, can participate in minting SWEATs through steps.
2. Global: Minting SWEAT would no longer be limited to the Sweatcoin app.
3. Decentralized: There is a plan to launch a Sweat DAO. This means that the community would be able to vote on major Sweatcoin activities.
How Does Sweatcoin Earn?
Sweatcoin earns in several ways. The most glaring method is through brand affiliations. Brands are allowed to market their products for free but pay a percentage to Sweatcoin on every item purchased through the app.
This is favorable both to brands wishing to connect with health-conscious audiences and to the Sweatcoin organization.
Sweatcoin would also earn when insurance companies and governments use it to distribute insurance premiums or drive public health incentives.
Conclusion
Like Sweatcoin says ‘Walk into crypto. The network that grows with every step’. Over 19 zillion steps have been taken. You too can put footsteps on the blockchain with Sweatcoin, download the app to start.
