“Sweat equity is the most valuable equity there is.” Sweat Crypto took this quote by Mark Cuban in its literal sense.
Imagine a world where you get paid to stay healthy. You get money to walk. When you walk, you sweat, and for each drop of your sweat (theoretically, of course), you get a Sweatcoin Crypto.
Basically, it is a health app that pays users to stay healthy – but through crypto tokens. However, there is a bottleneck, if not a roadblock. You can cash out your sweat coins, but there is no direct way to do that. However, you can use rewards to cash out your Sweatcoins.
But should you start using Sweatcoin crypto and run around wearing your Nikes, Pumas, or whatever running shoes you wear? Hand over the confusion to me and get your doubts cleared. Keep reading.
What Is Sweat Crypto? And What It’s Not.
Sweatcoin is a non-crypto in-app currency. Yes, you read it right. Users don’t really get direct cryptocurrencies by using Sweatcoin (the in-app token is what they get).
However, users can convert Sweatcoin into SWEAT – a crypto token. So, when you install this application and get Sweatcoins for walking, you are actually minting a cryptocurrency.
They launched in 2016, but 2022 was a revolution since it hit 120M+ users and became the most downloaded cryptocurrency application across 58 countries worldwide. Revolution indeed.
So, the idea was to kick-start global health awareness through the use of a fitness app. The application incentivizes physical activity and increases global awareness for health and physical well-being.
No, they didn’t just create an app and leave it off to the users. There is a genuine way of monetizing user engagement and movement. It has a centralized marketplace validating the principles of monetizing physical activities through rewards.
In its recent web3 initiative, Sweat Crypto has launched its web3 wallet app for SWEAT, their crypto token. Surprisingly, more than 13 million wallets were created within the first four months of the launch.
Sweatcoin has gathered $13 million in investor funding with plans to hold a public token sale.
All Under Web3 Apps: Sweat Crypto Wallet
Sweat Wallet uses Web3 to unlock new values. This wallet application provides users with DeFi services like crypto-crypto trading, staking, and playing fund NFT games called Learn to Earn, as well as decentralized governance.
As verified by the Sweatcoin application, Token SWEAT gets minted only through movement. The creators of the application had a unique idea in mind while creating Sweatcoin. An increase in the number of steps for a stable number of users increases the inputs, which causes more token minting.
But, if the number of users increases, the steps also increase, thereby improving the number of total SWEAT tokens minted. But SWEATs will become more difficult to mint with time. Users won’t be able to mint the same number of SWEATs with the same number of steps every day. The platform preserves the utility of the SWEAT by increasing the difficulty for minting Sweatcoin crypto.
Your Steps vs Sweat Crypto: Here’s How The Ratio Works
Sweatcoin cryptocurrency opens a new world of open economy incentivized by movement. It is a new market where anyone can enter and be rewarded for different types of movements. Yes, I’m talking about jogging, walking, swimming, cycling, and so on. The users stay fit, contribute to the community, and earn rewards.
While all that is fine, how is the app able to validate the movements? If sweating for crypto money isn’t a gimmick, then what’s the truth backing it up? The movement validators are there to reassure and validate the movements. Sweatcoin Crypto as an application requires the movement validators for accurate movement validators.
These validators ensure the integrity of the underlying asset. So, as per the current mechanism on the app, users get rewarded with one Sweatcoin for walking 1000 steps.
The movement validator of Sweatcoin receives the raw data of movement from the device. Then the data is run through the algorithm to check for fraudulent activities. The platform aims to reward only the valid movements and SweatCo.Ltd is the only movement validator since the launch of the app.
SWEAT Tokens: Facts & Fundamentals
As explained before, you must know that the cryptocurrencies by Sweatcoin are called SWEAT tokens. Here are a few facts investors must know about the SWEAT tokens.
- Sweatcoin tokens, or SWEATs, are unique thanks to the platform’s movement validator. After TGE, SWEAT only gets minted through validated movements, and Sweatcoin itself is the sole movement validator.
- After TGE, only the first 5000 steps of the users will mint SWEAT. But, further movement will create Sweatcoins. This limit for minting is supposed to alter with tiered minting, a reward rendered in minting, a reward that comes in the Sweat Wallet.
- The SWEATs are built in NEAR blockchains.
- SWEAT will be available as an erc-20 and nep-141 NEAR token at TGE.
- The foundation also has a plan to increase and sustain movement. They are planning to introduce an idleness fee. The DAO will have a fee charged against users who stay inactive and fail to maintain certain thresholds. This plan aims to keep people using Sweatcoin moving and decrease the inflation rate.
Tokenomics: Sweat Economy
How does the Sweat economy work? The Sweat economy includes different activities, the value of which first goes to the Sweat Foundation. The Sweat foundation has dedicated to using 50% of the profit made through the transaction for buy and yield/burn. After that, the revenue will go to the Sweat DAO which will be governed by Sweat DAO. It will be then governed by veSWEAT.
The supply of the SWEAT tokens is built on the buy-and-burn release mechanism. The Sweatcoin crypto project minted 21 billion SWEATs and burned 4.8 billion of them during the TGE to cut down on the total supply of Sweatcoins.
They unlocked 10% percent of the entire supply at the TGE. On the other hand, a massive 90% of the remaining supply is supposed to be released in the next 24 months.
As I have already explained, Sweat Economy has designed the minting difficulty to help SWEAT increase over time. When launched, it would take 1000 steps to mint 1 SWEAT token. But, the same number of steps can help mint only 0.33 SWEATs in 2023.
Functions And Services Under Sweat Economy
Following are some of the actions done under the Sweat Economy –
NFTs: When it comes to trading NFTs, the providers will be liable to pay SWEAT for selling NFTs. Also, users who want to buy NFTs have to use SWEAT to purchase and upgrade them. They can also do so by staking a considerable amount of SWEATs.
DeFi functions: The Sweat Wallet will generate fees by enabling a suite of DeFi functions. These functions are trading crypto, exchanging SWEAT into different cryptocurrencies, liquid provision, staking, and other things.
Access to the Audience: MarProjects that are looking for different communities to market their tokens can access an audience through the Sweat Wallet community. However, they have to pay a fee in SWEAT or give their audiences free and heavily discounted products.
Advertisement: Sweatcoin crypto provides a wide space for advertisers to promote different products. But, the advertisers have to pay in SWEAT to access the customer base of the platform.
Alternative Movement Validators: Sweatcoin is the only valid movement validator. However, alternative validators that want to get into the competition would have to pay a goodly amount of SWEAT to operate as a movement validator.
How Does It Stand Apart From Altcoins?
How is Sweatcoin different from the other altcoins? Is there much monetary value in purchasing these coins? Well, for starters, Sweatcoin is based on Ethereum and Near Protocol. It is not necessarily a coin but a token.
The unique aspect of this cryptocurrency is its way of incentivizing physical activity. Sweatcoin app makes more sense as a fitness app than as a cryptocurrency. Its way to increase the minting of coins while balancing volume through increased difficulty over time makes it a reasonable token. So, does that mean users should be open to using SWEAT?
The token has been soaring to different heights since last September and peaked in March of (2024). Its method of incentivizing physical activity has been working pretty well. They have 120 million people using the platform.
However, cryptocurrencies are volatile, and that always plays a part in the investors’ minds. So, if you are thinking of investing in these cryptocurrencies, please consider the risks alongside the rewards.
What Is SWEAT Used For?
So, how to use SWEAT? Most importantly, what should you use it for? SWEAT is a utility-enabled token that can be used to stake or earn rewards. It also helps gain access to more features
It is a utility-enabled token that is useful for staking to earn rewards. The Sweatcoin can also be used to access different rewards and for accessing different features on the Sweatcoin app.
Users have to stake as many SWEATs they can for better rewards and for accessing premium features like priority access to NFT drops, higher limit for daily SWEAT mining, and low transaction fees.
Also, the Sweat Economy is working on a net-deflationary NFT game that is available through the Sweat Wallet app. This is a fun game for the users to keep a light mood while using the app. Users will need to stake SWEAT tokens. The players will need the SWEAT tokens to play the game. In the process, they will also earn SWEAT tokens. As they keep adding new features, the SWEAT app will grow in popularity.
Has Anyone Ever Made Money From Sweat Crypto?
Now comes the difficult, hard, and real part. Does anybody ever make money with Sweat Crypto? Well, I have come across a few stories on different platforms, and I’ll share them with you.
Story 1
I came across the first story on Quora. It is about someone who earned the value of a Samsung TV as a marathon offer. But, there were some conditions attached to the marathon. Read the story for yourself. –
“Yes, I claimed the Samsung TV as A marathon offer from the Sweatcoin Marketplace section of the app earlier this year. It cost 20,000 Sweatcoins., all of which add to be earned by myself. A majority of the time I used the app to earn the coins was whilst the requirement was that steps must be outdoor in order to convert and the maximum earning per day was 20 Sweatcoins. Around 21–25 days after I make the purchase Sweatcoin transferred the value of the TV to my PayPal account and sent an email to advised me that it had been transferred.
to be honest, initially I wasn’t going to claim as the app has motivated a complete turnaround in my lifestyle and my general health so as far as I was concerned, I had already claimed a reward far greater than any sum of money… reclaiming my mobility and health! However, I had seen so many people asking the questions “is it a scam “, “does Sweatcoin really pay to walk “etc. that I decided to make the claim so I was able to pay Sweatcoin a little back by being able to answer to these kind of questions with a positive answer based on my own experience in forums and on social media.”
Yes… It DOES Pay to Walk
Story 2
The next story is from Cedric Booaerts. This writer on Medium claims to have earned $302 from Sweat Crypto. Here is the full story –
“In total, I walked 3,2 million steps. This equates to 2960 Sweatcoins.
If we assume that each Sweatcoin is worth $0.05, I made $148.
But I made more than this.
I earned money through ads, and I told my family and friends to install the app and then wire some of their Sweatcoins to me.
Sweatcoin allows users to send Sweatcoins to each other, which is pretty cool.
So in total, I’ve earned around 6 thousand Sweatcoins.
This equates to $302
Not bad, huh?”
You can read his whole story on Medium as well.
Your Final Takeaway
The world of cryptocurrency is becoming more and more complex. But simple coin ideas like Sweat Crypto make it simple and easy to adapt. I’m sure the millennials, GenX, and Gen Zs will find some use of this cryptocurrency. Plus, if you are regularly going out on morning walks, you won’t mind making a few extra bucks without lots of hassle. The simple concept of “walking to earn” really does justify the term side hustle in both literal and rhetorical senses.
I hope you are taking some valuable insights from this article. Do share your feedback and experience. The comment box awaits your engagement. Thank you for reading.
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