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If you lack the motivation or discipline to take care of your health, most likely you have already heard about Move-to-Earn projects, which continue to gain popularity in recent years. They help users monitor their physical health and even profit from doing simple exercises. Projects literally pay for the health of their users!
Of course, due to high demand, some applications have decided to take advantage, and some of them (such as STEPN) has become so hyped that the entry threshold for ordinary users becomes extortionate. However, despite the popularity and high demand, the market still offers several free move2earn apps. One of them is the Sweatcoin project - a popular health and fitness app that encourages users to lead a healthier lifestyle by using various rewards. Today we will talk about this project and its goals, how it works, and what the future holds for it.
What Is Sweatcoin?
Sweatcoin is a fitness web3 app like a pedometer, founded in the UK by a team of developers from Russia in 2015. Its co-founders are Oleg Fomenko, Anton Derlyatka, Danil Perushev, and Yegor Khmelev. However, unlike the pedometer, Sweatcoin rewards users for steps. Thus, the essence of the project is to pay users for the distance they have traveled with a special cryptocurrency - sweatcoins. The rules are that 1000 steps generate one sweatcoin on the wallet (so 10.000 steps in Sweatcoin app will give you 10Sweatcoins).
What Can You Buy with Sweatcoins?
Once you have accumulated enough coins, you will be able to purchase various goods and services in the app. For example, for sweatcoins, you can buy sportswear and equipment from brands such as Reebok, Adidas, Pursue Fitness, etc. You can also purchase training courses, certificates, or subscriptions (for example, Amazon Prime). Moreover, the developers of the project believe that soon sweatcoins can be exchanged for real money. A distinctive feature of the Sweatcoin project is also its interface, which uses augmented reality.
On top of everything else, the Sweatcoin project was also created with the belief that a healthy lifestyle has value and can give it to people. Sweatcoin is currently using DeFi and non-fungible tokens to benefit users. Moreover, thanks to the DAO, they can participate in the development and management of this ecosystem.
Sweatcoin’s Blockchain
The Sweatcoin project is based on the innovative NEAR blockchain, distinguished by its speed, low fees, and eco-friendliness. It is thanks to these features that the app has become insanely popular among residents of many countries. Now Sweatcoin is in active use among more than 75 million users.
What is the Purpose of the Sweatcoin App?
It is worth noting that the application developers set themselves an ambitious goal. They aim to make Sweatcoin not just one of the many move2earn projects already on the market, but a wellness initiative that will help improve various public areas. To achieve this goal, the project team presented its detailed vision of how the Sweatcoin project can boost such areas as health care, mental health, environmental pollution, insurance, and even government issues.
Of course, both the vision and the idea of the project inspired many world-famous companies to become Sweatcoin’s partners. Moreover, now among them there are such influential projects as Spartan, Electric Capital, Sandeep Nailwal, Do Kwan, and others.
In addition to all this, the project also advocates for charity and even released its initiative “Sweatcoin for Good” (S4G), which also received recognition. Now, S4G works with more than 100 charitable organizations specializing in various fields. The list of supported charities has already included such famous names as Save The Children, African Wildlife Foundation, NAACP, etc.
How Does Sweatcoin Work?
After getting the basic knowledge about the project, it's time to talk about how Sweatcoin works. This app uses your phone's built-in features (usually GPS or accelerometer) to track your steps using its own algorithm. After verification, your steps are converted into so-called sweatcoins. As said, for every 1,000 steps, the user is rewarded with one sweatcoin. In total, ten sweat coins can be earned per day. In simple words, the developers, following the norms of the World Health Association, have set a limit of 10,000 steps per day — you can overcome this distance either by walking or running.
Earned points can be tracked in the app’s internal sweatcoin wallet. In addition, in collaboration with hundreds of well-known brands, the project team has launched a sweat wallet marketplace where users can spend their sweatcoins on goods or services.
How to Start Earning?
To start earning for the movement, and just as importantly, become healthier and more mobile, all you need to do is download the Sweatcoin app, register an account or sign up if you have one, and create your SWEAT Wallet. Please note that while the list of eligible countries is quite extensive, it still has some limitations.
Sweat coin in the World of Cryptocurrency
Even though the application has been on the market for eight years and has been rewarding people with points all this time, it has only recently launched in the world of cryptocurrency. Only in April 2022, after 7 years of the project, Sweatcoin announced to the world the creation of its own cryptocurrency Sweatcoin (SWEAT). “The sweat economy token launched on 13 September 2022 at $0.05101.” - Capital.com.
SWEAT Token
The SWEAT token airdrop took place last fall at $0.05101. Upon release, those users who already had Sweatcoin points could receive one SWEAT for their Sweatcoin. Now people can generate SWEAT in 1000 steps, but this number is likely to increase in the future.
A distinctive feature of this cryptocurrency is that Sweatcoin will use people who will confirm that people follow the required number of steps for the cryptocurrency to be released. Thus, the SWEAT token will be used to purchase NFTs, purchase a Sweatcoin premium subscription, collect advertising fees, and more. Moreover, as already mentioned, this cryptocurrency also has its own wallet (you can download Sweat Wallet here). It is important to mention that since SWEAT is based on ETH and NEAR, it is technically a token and not a coin.
The SWEAT token doesn't have a limit on the maximum supply. However, the built-in minting complication mechanism serves as a reasonable basis for inflation prevention.
SWEAT Token Price
As already mentioned, the token was launched on September 13, 2022, at an initial price of $0.05101, but on the same day, it increased to $0.09257. In the following days, the price continued to fall and reached $0.05 on September 18th. For the price history of the token, it is important to note that the decline continued for several months. Another important event that influenced the SWEAT price decline was the collapse of the FTX exchange when the token reached its minimum price of $0.01.
In January 2023, SWEAT began to recover, and “the sweatcoin value stood at $0.01525 at the end of the month. Early February saw it peak at $0.01701 before it fell back down to trade at around $0.00893 on 23 March 2023. On 1 April the token shot to a high of $0.01049 but, by 4 April, it had slipped back down to trade at around $0.009465’’ - Capital.com.
As of April 12, 2023, the SWEAT economy price is $0.008774. Even though there have been several surges of growth over the past week, now the value of the token continues to decline. Now the circulation supply of this token is 4,479,083,856 SWEAT. The market cap is over $39 million, making it the 464th largest crypto token.
How Much Can I Earn?
Sweatcoin has implemented a specially developed Step Verification Algorithm that allows it to exclude deceptive actions, so do not try to tie your smartphone to a dog or other pet. Now, as we have already described above, the user earns one sweatcoin for 1,000 completed steps. At TGE, you will receive the number of SWEAT tokens based on your sweatcoin balance. Now, the price of SWEAT tokens is $0.008774. Nevertheless, given the popularity of the project, a strong development team, and the support of more than 600 partners, users can count on a good profit, especially if the token continues to grow.
Remember that one of sweatcoin's benefits is the ability to increase profits:
- Daily 2x Boost — it can be launched once per day, advisably when you are most active, for example, on a jog. You receive a double reward for movement for 20 minutes in this mode.
- Daily Rewards — you can watch ads and earn sweatcoins. Three ads are available per day.
- Referral Program — you can invite friends to join via your affiliate link. For each referer, you are rewarded with five sweatcoins.
- Premium Subscription is a paid feature that doubles rewards on an ongoing basis.
Can You Buy Sweatcoins?
Of course, after the release of the token, you can purchase Sweatcoins on crypto exchanges, the most famous of which are gate.io, KuCoin, FTX, ByBit, Bitget, and others. “To buy Sweatcoins, users must log into any of the mentioned exchanges, deposit, and purchase through a crypto or fiat pair. SweatCoin can be exchanged for various fiat currencies, including USD, and stablecoins like USDT” - Blockonomi.com.
Does Sweatcoin Have a Future?
Obviously, yes. The Sweatcoin project deserves attention and participation. At least you will not lose anything, but most likely, you will get a healthy body and free tokens. The project looks very tempting against the background of competitors, especially at this time when users first need to invest a lot of money to participate in other move2earn projects.
Sweatcoin has a solid development team and support from global brands. A significant plus is that users can buy branded products for steps. With the internal SWEAT token launch, the project further strengthened its position in the market. The SWEAT token is predicted to continue to rise, making it an even stronger rival for the well-known move2earn apps.
Disclaimer: Notum does not provide any investment, tax, legal, or accounting advice. This article is written for informational purposes only. Cryptocurrency is subject to market risk. Please do your own research and trade with caution.