What Is Sweat Economy? – Review

We all know that physical activity should be part of our daily routine. A healthy lifestyle is created by physical activity. However, not everyone is a fan of it. 

The solution to this problem has been found by a platform called Sweat Economy, which rewards those who “sweat” by offering them the opportunity to earn crypto rewards during physical activities.

What Is Move-to-Earn (M2E)?

Move-to-Earn (M2E) is a Web3 economic model that offers users the opportunity to earn rewards in crypto by participating in fitness and physical activities. The majority of the M2E applications apply features of Decentralized Finance (DeFi) to reward their participants.

The idea behind these platforms is to be active on a regular basis with physical exercises. This way, you will be eligible to earn cryptocurrencies by running, jogging, and walking, among others. Sweat Economy is one of these platforms. 

What is Sweat Economy, and how does it work? 

What Is Sweat Economy?

Your daily step count is tracked by the smartphone app, Sweatcoin, which is available for Android, iOS, and Windows devices.

For the purpose of tracking exercise, such as walking, running, and jogging, it integrates with other health tracking systems like Apple and Google Fit. Users of the app may earn Sweatcoins, an in-app currency, by walking 1,000 steps. Sweatcoins are divided into units of one and are earned within the app.

Users receive a fraction of a Swatcoin (500 steps = 0.5 Sweatcoin) if they do less than 1,000 steps. For users who wish to earn Sweatcoin on the app, there is now a 10,000-step daily cap. Users can also use the in-app marketplace and auction sites to exchange their Sweatcoins for goods and services and contribute these tokens to the platform’s affiliated organizations.

The first 5,000 steps users complete will earn them the SWEAT cryptocurrency if they want to opt-in to earning cryptocurrency. The Sweatcoin token will be created from the remaining 5,000 steps. Then, users may trade them in for different benefits or even donate them to a good cause. 

Sweat Economy Features

Sweat Economy’s commitment to never sell user data is among its most significant commitments.

As the platform promotes privacy, in keeping with one of NEAR’s goals, third parties wouldn’t be granted access to the users’ private and very important fitness data. However, the site has made it plain that it makes use of user data for certain purposes, such as:

  • Delivering improved services with the assistance of suitable and properly chosen third parties.
  • Physical mobility and location confirmation for precise Sweatcoin distribution.
  • Updating the Sweatcoin app and website frequently.
  • Improving market and consumer research.
  • Authentic leaderboard rankings.

SWEAT Token

SWEAT is the native token of Sweat Economy. Anyone who downloads the app and meets the requirements will have access to SWEAT tokens.

The platform rewards every new user by giving them SWEAT tokens by walking or purchasing them on the open market. SWEAT is a NEAR-based token that is minted by movement, in other words, by walking. Eventually, the SWEAT token will get harder to mint; therefore, more steps will be needed in order to win 1 SWEAT.

Conclusion

Who would have thought that being active could earn you money? Sweat Economy, or the Sweatcoin app, is one of the top five Move-to-Earn (M2E) cryptocurrencies by market cap that offers people the opportunity to earn SWEAT currency by them being active and walking. Regardless of your location, you can go ahead and install the app so you can participate in physical activities and earn cryptocurrency. 

Takeaways

  • Sweat Economy rewards users with SWEAT by doing physical activities.
  • Sweatcoin is an M2E application.
  • SWEAT is the native coin of Sweat Economy and is Near-based.
  • For every 500 steps, you get 0.5 SWEAT, and for every 1000 steps, you get 1 SWEAT. 
  • Sweatcoin is one of the top five M2E apps by market cap.