In this article, we'll discuss information about the Sweat Economy project and SWEAT token. What is Sweat Economy (SWEAT) | What is SWEAT token?
What Is Sweatcoin and Sweat Economy (SWEAT)?
Sweatcoin is a highly popular mobile fitness app that was first launched in 2016. With over 110 million users worldwide, the app sets out to motivate healthier living by rewarding users for daily physical activity.
Users are rewarded with an in-app currency — Sweatcoin, a non-crypto virtual token which functions as a monetary incentive to reward users for their physical activity. Users can now convert Sweatcoin to SWEAT — the crypto token — to claim real world prizes and experiences. At the time of writing in September 2022, Sweatcoin is ranked first for the most downloaded health and fitness app in 58 countries.
Sweat Economy is the newly-launched web3 initiative of Sweatcoin. Within the Sweat Economy app, a crypto token, SWEAT and cryptocurrency wallet, Sweat Wallet are launched. Over 13 million wallets were created in four months since the launch. Further, Sweatcoin has raised $13 million in investor funding and is planning to hold a public token sale and strong hold offering on the DAO Maker launchpad.
A few simple steps
Spend: Choose from 1000s of fabulous branded goods and services in our marketplace from high-tech shoes to iPhones, anti-gravity yoga classes, Apple Watches and more!
Donate: to a variety of environmental, humanitarian and animal preservation causes
Exchange: you can now convert Sweatcoins into SWEAT. Find out more about how you can opt into, and start generating, SWEAT with your steps.
What Makes SWEAT Unique?
The app aims to lower global carbon footprints by incentivizing physical activity to create a healthier and more active world. Sweatcoin pioneers a move-to-earn (M2E) style game, which is similar to a play-to-earn game, where users can earn monetary rewards for their participation. In this M2E game, users can actually earn crypto for being physically active in their day-to-day lives.
The team states that their app has increased their users’ physical activity by an average of 20% and has partnered with the NHS to help create a healthier society and reduce burdens on global healthcare systems. Moreover, though Sweat Economy states that they have never sold their users’ data, users will have the option to sell their movement data to healthcare companies.
STEPN has kickstarted the move-to-earn trend in early 2022 — with reportedly over 3 million users, it is the leading player in the M2E sector. While there are a wave of M2E incumbents joining the crypto space, Sweat Economy already has an existing application and global user base before launching a token and transitioning into a Web3 “lifestyle application”.
Vision
Sweatcoin is a free app which rewards your daily steps with a new-generation currency you can spend on cool products, donate to charity or convert into SWEAT.
Why? Because when you look after your health, you benefit society. You are more productive. You help save $billions in healthcare. Your movement has value: you deserve a share in it.
FEATURES
Transfer: businesses pay to access our vast network of users
Staking & rewards club:
- Receive an attractive yield on your SWEAT
- Users with higher stakes have access to better rewards, along with optimized app experiences, including lower transaction fees, premium services, and increased daily SWEAT minting limits.
Fiat on-ramp
- Buy SWEAT with a debit/credit card.
- Other cryptocurrencies added to the app soon after!
NFTs & games
A fun, casual game where users go head to head to earn SWEAT!
Tokenomics:
The Sweat Economy team has not placed a cap on the token supply because they hope to incentivize movement; the more steps people take, the more tokens they will issue. However, the team will implement exponentially decreasing inflation, such that each consecutive SWEAT will require more steps to mint.
The revenue generated by the activities listed below will at first go to the Sweat Foundation and be used to buy and burn. Thereafter, it will go to the Sweat DAO, which will be governed by veSWEAT (locked SWEAT for governance).
- NFTs. 1) Third party NFT providers will have to pay SWEAT to sell NFTs to users. 2) Users will be able to purchase and upgrade NFTs with SWEAT, or else by staking considerable amounts of SWEAT.
- DeFi functions. The Sweat Wallet will generate fees by enabling a suite of DeFi functions: buying and selling crypto, the exchange of SWEAT into other crypto, liquidity provision, staking, and more. With the volume of users we have, the accumulated fees will be significant.
- Access to the audience. Projects who wish to market their tokens or NFTs to the Sweat community will have to pay a fee in SWEAT, and/or give free/heavily-discounted products to our users.
- Advertizing. With 110M users and counting, the apps (Sweatcoin and Sweat Wallet app) offer valuable advertising space. Any advertiser must pay in SWEAT to access this customer base.
- Alternative Movement Validators will have to stake a considerable amount of SWEAT to operate as a Movement Validator (for which they will receive a % fee as per the current SweatCo Ltd validator).
- Data analytics. The Sweat DAO will give individuals ownership of their data, and offer them the opportunity to monetize that data. As such, any institution, investor, healthcare provider or insurer can buy an individual’s SWEAT to gain access to data analytics.
- Premium subscription services. The premium services, such as those already on the Sweatcoin app, will include many benefits, such as access to exclusive markets, NFTs, social channels, and more. Users must pay in SWEAT to access the premium subscription.
Total Supply: 21,000,000,000 SWEAT token
How and Where to Buy SWEAT token?
SWEAT has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by first buying Bitcoin, ETH, USDT, BNB from any large exchanges and then transfer to the exchange that offers to trade this coin, in this guide article we will walk you through in detail the steps to buy SWEAT token.
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…
We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…
☞ SIGN UP ON BINANCE
Once finished you will then need to make a BTC/ETH/USDT/BNB deposit to the exchange from Binance depending on the available market pairs. After the deposit is confirmed you may then purchase SWEAT from the exchange.
The top exchange for trading in SWEAT token is currently: Bybit, MEXC, OKX, FTX, and Bitget
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Find more information SWEAT token ☞ Website
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