The rise of NFT launched various altcoin projects into the bull run, with play-to-earn, GameFi, and Metaverse products becoming the focus of attention for many. Some top-performing assets over the past 18 months also fit into these categories. Move-to-Earn is simply a derivative of Play-to-Earn, where users earn cryptocurrency rewards for playing particular games like Axie Infinity. Sweatcoin aims to develop a full suite of applications based on SWEAT, including NFTs. The team calls this the Sweat Economy, in which the SWEAT token will play a vital role for both users and the company itself.
In the future, the company plans to integrate many chase tools so folks will use alternative methods, like sports or swimming, to record their movement and receive rewards.
While STEPN and the Step app made a big impression on the crypto community, they gradually disappeared as new users discovered the high cost of entry. Both apps require you to purchase NFT slippers to start earning. Sweatcoin takes a different approach and is free. With so much going on across various categories and industries, knowing which blockchains, DApps, and NFT projects are driving value and building an audience for all the right reasons is essential.
What is Sweatcoin?
Sweatcoin is a free mobile app for iOS and Android that rewards users’ daily steps with their native currency, known as Sweatcoins. Sweatcoins can be converted into SWEAT tokens, spent on in-app products, coupons, and benefits, or donated to charity. The app automatically counts steps and sends you daily sweat coin rewards of 1 coin for every 1,000 efforts. Those who have ever used a pedometer know that even on a quiet day, you can reach several thousand.
What is a SweatWallet?
SweatWallet is a blockchain wallet designed to store user-earned SWEAT cryptocurrency. Users can also use SWEAT for an in-app return. Users must activate SweatWallet via the menu in the Sweatcoin app. Then download SWEAT Wallet from the AppStore or Google PlayStore and install it on your device.
Enabling crypto rewards in the Sweatcoin app should trigger the SweatWallet download on your device. However, there are times when this is blocked. So use this link for Android and iOS if you have trouble. DappRadar tracks SweatWallet on-chain data from the NEAR blockchain.
An overview of how well the app works shows how many daily app users choose to collect SWEAT and not just use the app currency, Sweatcoin. A quick look at the data indicates that Sweat Wallet has attracted and retained its audience.
During the last 30 days, more than 600,000 users have connected to Sweat and completed more than two million transactions. At the time of writing, SweatWallet has landed in the top ten on DappRadar for its recent performance.
Earn money by walking around
To start earning crypto with Sweatcoin, log into SweatWallet using the Login with Sweatcoin option. This will take you to the Sweatcoin app, where you can authorize access to the wallet and automatically link your Sweatcoin pedometer to the wallet. Then. The Sweat Coin app counts every step you take, and at the end of each day, you pay 1 SWEAT for every 1000 steps you take. Sweat can be earned for the first 5,000 daily steps. All further efforts are rewarded with Sweat Coins, which can only be spent in the app and cannot be traded.
The token is available indefinitely, which is not a good start for investors looking for a long-term commitment. The explanation is that Sweatcoin aims to encourage exercise and exercise forever, which they can only do by rewarding steps with tokens. Additionally, the app seems geared towards introducing cryptocurrencies and making user onboarding easier. However, it cannot be denied that the team needs to mitigate the inflationary aspect by creating a long-term scenario where coining SWEAT is more challenging and brings inflation closer to zero.
SWEAT use cases
The platform offers multiple uses for SWEAT token holders. First, users can stake the token for achievement and rewards, which are tiered. The more SWEAT you use, the better the rewards. Second, Sweatcoin is also working on a SWEAT token based on games, which will bring gamification and additional play-to-win functionality in the future. In addition, users get access to premium in-app benefits such as reduced fees and an increased daily minting limit.
Finally, you can take your earned Sweat and immediately sell it on the open market for other tokens. Based on SWEAT’s current market value at $0.04, walking 5,000 daily steps would earn you 5 SWEATs and about $0.20 per day, or about $6 per month.
If the token’s value is higher, the reward’s value will also be higher. However, the premise is not that users get rich; it is to present the idea of crypto wallets and blockchain through a medium the users can understand.
Is Sweatcoin sustainable?
Sustainability is the most critical aspect of the economics of SWEAT and all crypto projects attempting to generate rewards. Sweatcoin needs to generate some revenue to be sustainable and pay bonuses to users or absorb SWEAT’s inflationary power. This is in several ways: Businesses (B2B) pay Sweatcoin to access their products and services and to promote them to their user base. Ramp, crypto-crypto exchanges, NFT purchases, and more.
Why is turnover significant for the token? Because the money or value that Sweatcoin promises to pay users has to come from somewhere. Otherwise, the rewards are based on emissions, which is not sustainable, and that is why many other move-to-earn projects have failed in a short time. In the case of SWEAT, the proceeds are intended to support the token in three ways:
Ecosystem development includes product development, community growth, and partnerships. These aim to drive user growth and further utility of the token. Sweatcoin will use a percentage of your sales to purchase and burn the SWEAT token upon trading or distribution as a return on participation. Reduce the supply of tokens and mitigate inflation to some extent. Investing in Bounties: Another portion of the proceeds is used to fund bounty requests people request, such as B. stablecoins, gift cards, and tickets to events. This will create more incentive to hold the token, increasing demand and reducing selling pressure.
In summary, Sweatcoin
The move-to-earn concept opens myriad doors for the mass adoption of Web3 applications and DApps. However, it faces a significant hurdle as it is too easy for users to earn crypto on foot. Also, some more experienced users have found ways to play with the system, such as placing their phones on their dogs. This resulted in the vast majority of move-to-earn projects falling short of expectations. Instead, they managed to fly for a few months and draw much attention until inflation and selling pressure took over and destroyed the project.
Sweatcoin takes a different approach to the move-to-earn economy. They aim to integrate their token into the real economy instead of using it as an in-game currency like other projects. Everything seems to be going well too. To add more features and push the roadmap forward. While this creates increased demand and utility for the SWEAT token, it remains to be seen if the team can offer enough to offset its inflationary tokenomics. Sweatcoin seems happy to avoid the speculative crowd looking for a quick buck. Instead, focus on solving the puzzle of blockchain user onboarding.