Nikolas Sargeant
Sweat Economy has been in the industry for a long time, first going online in 2015 and aiming to build a community of a billion active users. The team is motivated by global obesity statistics, tackling this epidemic by encouraging users to get active. The modern world is geared towards being more sedentary than ever before; shopping from home, home-working, food delivery, and instant access to global markets at the flick of a thumb.
Sweatcoin, created by the Sweat Economy team, provides active users the chance to earn rewards as they work out. Every step you take is tracked on the app and converted into SWEAT, which can be used to redeem rewards and products throughout the Sweat Economy. Alternatively, customers can buy, sell, or trade their SWEAT on the open market.
The coin was created by a trio of entrepreneurs, Egor Khmelev, Anton Derlyatka, and Oleg Fomenko. Each of the founders has a depth of experience in the business space, coming from companies like Pepsi, Coca-Cola, Visa, and Reebok. Fomenko is the CEO of the Sweat Economy, working alongside CTO Khmelev, the company's crypto arm. Derlyatka is the CEO of the wider Sweatcoin project, which has become the #1 most downloaded health & fitness app in the world in 2022.
How Do I Earn SWEAT?
Simply put, the app works by converting your physical steps into digital currency. As long as the app is on your phone or tablet, every step you take will be tracked and logged. For every 1000 steps you take, you earn 1 SWEAT. The reward rate will decrease over time to create a deflationary effect on SWEAT price. By 2032, you will only earn 0.02 SWEAT per 1000 steps.
SWEAT tokens can be used in the shop, where customers can redeem an ever-changing list of items and experiences, including high-value electronics, TVs, laptops, and more. As well as that, SWEAT has value outside of the ecosystem as a cryptocurrency that can be bought, sold, and traded on digital marketplaces.
SWEAT is currently available to trade on top exchanges like OKX, KuCoin, FTX, Bybit, Nexo, & more.
Is The Sweat Economy Secure?
The Sweat Economy architecture is built on the NEAR Protocol, a Proof-of-Stake blockchain that aims to bring decentralized finance (DeFi) to the masses through low fees and lightning-fast transactions.
The network operates using secured validators, who are responsible for the network and have a stake in NEAR. Validators on the NEAR Protocol are approved and selected based on the number of NEAR tokens they stake, with at least 67,000 NEAR tokens giving them the right to approve or deny transactions. The price of NEAR is hovering around $3.00 at the time of press.
What Is The Value Of Sweat?
We have seen other Move-to-Earn lifestyle apps aiming to revolutionize the blockchain space, like fitness competitor Stepn. Still, Sweat Economy was the OG in the space, having been around since 2015. Sweat Economy’s focus on encouraging fitness has drawn the attention of established companies, including the NHS, and has proven to be an incentive in peer-reviewed health studies. What’s more, Sweat Economy takes it's long-established and proven web2 business model and supercharges it using the blockchain - a far cry from the many Move-to-Earn wannabes attempting to do their unproven business model work, with little to show for it so far.
SWEAT will continue to offer value to users as long as the Sweatcoin app and ecosystem continue to earn revenue and provide customer rewards. The app saw a great deal of early success, breaking multiple crypto records in the process.
Sweat Tokenomics
The average price of Sweat Economy since its inception is around $0.04. The coin reached an all-time high of just below a dollar at $0.092042 in September 2022. Today’s price of SWEAT is $0.018150. The company has a circulating supply of 2,049,222,600 SWEAT coins, which may be an inflationary coin, so we do not know the maximum supply.
The company has high hopes for the coin, with the price prediction at $0.10 by the end of 2022. The global economy has significantly affected the crypto market, suggesting price predictions should be taken with a pinch of salt.
Conclusion
We have seen an influx of Move-2-Earn apps in 2022, with various projects falling short. Sweat Economy brings something different to the table and has been active in partnering with start-ups and manufacturers to deliver its blockchain technology to new products. The product is well-reviewed and has had over 60 million downloads to date. Indeed a project for the future.
