Sweatcoin is making moves to get you moving.
After partnering with NEAR, a faster, more scalable blockchain infrastructure, Sweatcoin is launching SWEAT (the token) to replace its namesake Sweatcoin cryptocurrency.
The Sweat Economy
Sweatcoin is on a mission to create a healthier, wealthier planet.
How it works: The Sweatcoin app pays for every 1K steps with its own cryptocurrency, which users can spend on rewards from brand partners.
The app. Founded in 2016, the UK-based move-to-earn cryptocurrency app was ahead of its time, helping pioneer pay-for-fitness.
- 63M users have walked 20T steps.
- $60M was exchanged in Q3’21 on in-app marketplace for Sweatcoins.
- 600+ brand partners (like Reebok) provided over $200M worth of goods in Q4’21 alone.
- Users are 20% more active after downloading the app.
Currency changes. The switch in currency—Sweatcoin to SWEAT token—comes as part of a greater ecosystem play, with improved infrastructure leading the way. Sweatcoin co-founder Anton Derlyatka admits the technology just wasn’t there when they started.
“Blockchain wasn’t sophisticated or fast enough back in 2015, but thanks to NEAR, it is now. SWEAT: the token turbocharges our mission to create an Open Economy of Movement for a billion people.”
Previous users can convert old coins to tokens for free, representing the largest crypto-giveaway in history.
On the road map. The partnership with NEAR accelerates the process, laying the groundwork for a proposed “Sweat Economy.” In the future, Sweatcoin wants to reward all types of activity, accessing data from wearable devices for hiking, HIIT, cycling, and more.
Sweatcoin HQ wants to be more hands-off too (the point of a decentralized economy). Movement Validators will take over verifying workouts, and by 2023/2024, a DAO will be established for users to vote on organizational proceedings.
Move-to-earn web3 startups are on the rise. Just in the past month…
- DEFY Labs, makers of move-to-earn augmented reality game DEFY, added $3.5M in a seed round led by Animoca Brands, OliveX, and Spartan Group.
- After raising $5M in January, STEPN partnered with ASICS on NFT sneakers.
- Outside launched an “anti-metaverse” NFT marketplace, The Outerverse, aiming to promote outdoor adventure.
- OliveX partnered with bike maker Stages to support its forthcoming move-to-earn NFT cycling game.
Takeaway: Move-to-earn apps are still working out the kinks, but ready or not, they’ll be mainstream soon. As blockchain technology improves, gaining wider adoption, companies like Sweatcoin could succeed in making the real world just a little healthier.