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breaking news A Move-To-Earn platform that offers crypto rewards for your daily step count


By CNBCTV18.com IST (Released)

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Using Sweatcoin is extremely simple. You download the app, sign up, and grant it permissions to track your movement. Then, based on your movement data throughout the day, you are rewarded with a corresponding amount of SWEAT, the native cryptocurrency of the Sweatcoin app.

The pandemic has changed our world irreversibly, sometimes for the good and sometimes less. For all the conveniences of working from home, we also miss the movement, exercise, and fresh air that a trip to work gives us.

For most this might be a problem, but for Anton Derlyatka and Oleg Fomenko – the founders of Sweatcoin – it was an opportunity. They wanted to encourage people to get moving again and created an app that rewards users with cryptocurrency for every step they take.

Let’s find out all about the app and if it’s as good as it looks.

How it works?

Using Sweatcoin is extremely simple. You download the app, sign up, and grant it permissions to track your movement. Then, based on your movement data throughout the day, you are rewarded with a corresponding amount of SWEAT, the native cryptocurrency of the Sweatcoin app. Users can also wager their SWEATSHIRT to earn even more returns.

Users can also participate in challenges to increase their earnings. For example, in October 2022, there is a Sweatcoin race in which users must complete 2,50,000 steps to earn an additional 25 SWEAT. Plus, two lucky winners will also receive a $250 Airbnb gift card.

The sweat economy

The Sweatcoin app is not alone in the field of movement to earn. Apps like StepN and StepWatch have been around for a while. However, very few of these applications have managed to gain the popularity of Sweatcoin. Its success can be attributed to a smooth and refined application and a system that works intuitively.

The learning curve is almost negligible as people know what to do when looking at the dashboard – just walk. Every 1,000 steps you award a sweatcoin, which will stay the same until the end of next year. After that, it will revert to a third of a sweatcoin in 2024, which could be further reduced the following year. The token is also listed on some exchanges and may soon make its way to the most popular ones.

The app also has a premium membership that gives users 2X unlimited earnings. Of course, it comes at a cost of Rs 2,199, to be more specific.

Business longevity is highly dependent on sweat economy. The company has pledged not to sell user data unless the user authorizes it to do so, and the user also gets paid for it. Moreover, the current operation of the company depends on the sweatcoin commission that users pay on in-app purchases (5% of the coins go to the company).

The company is also trying to integrate a marketplace with collaborations with giants like Reebok and Sonos. If all goes according to plan, you will soon be able to buy sportswear and everything else in exchange for sweatcoin. The app also boasts seamless integrations with GoogleFit and other smart wearables, increasing its appeal to audiences with smart accessories and workout motivation.

The app has been very successful

In the short time the app has been around, it has amassed over 100 million users, making it one of the most active blockchain networks in the world. With such a strong and ever-growing user base, it’s no surprise that the app has given away over 26 billion tokens so far.

However, the team is aiming for much larger goals, with a target of 1 billion users in the coming years. The app also launched a staking mechanism for SWEAT, which saw over $45 million in tokens staked on day one, a remarkable feat.

The future of the movement

The company seems to be doing it all so far. The downloads, ratings and users are proof of this – but to move forward, the crypto ecosystem they are building must be able to handle the traffic that is coming their way. They also want gas fees on transactions of their native token to be a revenue stream – a possibility if the token passes the rigors of the cryptoverse.

In the future, Sweatcoin also plans to release NFTs, like its counterparts StepN and StepWatch. These NFTs will provide users with better rewards, such as staking multiplier, higher daily minting limits, etc.

The app also plans to create a DAO, introduce referral bonuses, and create a crypto-to-crypto exchange and NFT marketplace. In the future, tiered transaction fees may also be introduced where those who frequently transact for higher amounts will receive lower transaction fees.

Conclusion

What remains an added appeal of the app is that no one actually loses anything except their lost calories. Additionally, with SWEAT trading at $0.03972 at the time of writing, it’s fair to say that the current user base isn’t using the app to earn money. Rather, it is the gamification of movement that drives app downloads. People do it for the numbers, and if one day the scores and the numbers can buy them their new running shoes or a sports watch, even better!


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