The Sweat Economy (SWEAT) is a move-to-earn app that enables anyone to secure returns while staying healthy. The app combines the use of smart devices, GPS, NFTs, and a specially developed cryptocurrency to incentivize users to take their health back. Now you can get paid to walk, jog, climb stairs, and even compete with friends.
The Sweat Economy is among the top-performing move-to-earn applications in the world. The network currently ranks #1 for app downloads in 58 countries. Additionally, the platform currently lists +13 million active wallets. Here’s everything you need to about the Sweat Economy.
What Problems Does Sweat Economy Attempt to Fix?
One of the main issues that Sweat Economy seeks to solve is a lack of motivation. For many people, it can be a chore to find time and effort to jog or go for long walks. Everyone knows these are healthy activities but when forced to choose between these activities and earning income, work often wins.
The Sweat Economy introduces a new concept that eliminates the need to choose. Users receive rewards for their efforts. Simply open the app and start your workout. The app will register your progress and issue rewards in the form of SWEAT tokens.
Onboarding
Crypto onboarding is another issue that Sweat Economy seeks to tackle head-on. In a normal scenario, a person would first need to go to a third-party CEX (Centralized Exchange) to convert their fiat into cryptocurrency. This step requires you to provide a lot of personal information including your ID and bank information. In the end, your info remains on their servers which leaves you open to data theft risks at a later date.
The Sweat Economy will integrate a direct fiat-to-crypto onramp. This approach will make it easy for anyone to convert their fiat into SWEAT and enjoy the added features of the ecosystem. Notably, the streamlined process should improve adoption rates further as it will eliminate any technical or financial barriers to adoption moving forward.
Benefits of Sweat Economy
Many benefits make Sweat Economy a cool app to try. For one, it helps to keep you healthy. In today’s fast-paced lifestyles, it seems like if it’s not paying you, you can’t afford to do it. The Sweat Economy fits this scenario perfectly. It both incentivizes users and helps you to monitor your progress. In the end, users become stronger and more fit while securing profits.
Buy BTC with SWC
Another cool feature of the Sweat Economy is its integration with other crypto platforms. For example, you can take your SWEAT and generate a BTC purchase coupon. Users can take this coupon and convert it into BTC using the Bitfinex Mobile App.
Staking
You can stake your SWEAT and secure passive rewards. Staking is an easy process that is low risk. Users lock their tokens into smart contracts and in return, they receive rewards based on the size and duration of their stake. Staking is easier than trading. As such, it’s now standard on most DeFi protocols.
Referral
The Sweat Economy is all about community. The network offers some interesting referral rewards to users. One option that those with a social following can leverage is to refer 100 people to receive a $100 PayPal gift card.
How Does Sweat Economy Work?
The Sweat Economy is an Ethereum-based protocol that leverages the security of one of the largest blockchain networks ever created. This advanced fitness application is capable of monitoring your every step to ensure your rewards are accurate. Specifically, you can secure 1 SWEAT for every 1000 verified steps.
Compete
One of the coolest features of Sweat is its social aspects. You can meet up with friends and compete in marathons, races, and other competitions. This approach helps add to the motivation and fun of the experience. Meet up with your friends and compete for prizes while getting in shape together.
NFTs
In the coming months, the app will integrate NFTs (non-fungible tokens). These unique digital assets will enable users to upgrade their avatars and improve the ROI potential through the use of rare NFT giveaways and competitions. The best part is that you can trade, buy, or sell your NFTs directly using the SweatMarket.
SweatMarket
The SweatMarket is where users can meet up and exchange their tokens for other goods and services. The network has a variety of strategic partnerships with fitness and clothing manufacturers which adds to the usability of SWEAT tokens. Notably, the SweatMarket enables you to trade goods, services, and other offerings with like-minded individuals.
Sweat Wallet
At the core of the network is the Sweat Wallet. This mobile wallet was designed to be simple enough for new users to navigate with ease. It offers access to all of the core features of the network and integrates seamlessly with the app and market. Users can send SWEAT tokens in a p2p manner using this feature.
Token – SWEAT
SWEAT is the main utility and governance token for the app. Users may stake this token and secure rewards without trading. Notably, SWEAT tokens are earned by completing tasks and workouts in the app. You need to hold SWEAT tokens to create NFTs as well.
Governance
Sweat Economy will incorporate a DAO to manage network upgrades in the future. This DAO will enable any user to stake tokens to put forth potential changes to the network and vote on matters. DAOs are popular due to their transparency and openness.
History
The Sweat Economy started in 2015 as an early entry into the move-to-pay sector. Like early Play-to-Earn games, it wasn’t until cryptocurrencies entered the market that the title took on its current form. In April 2022 the network integrated blockchain assets which changed the game.
Bottom Line
There is so much to like about the move-to-earn market and apps like the Sweat Economy. These developers have found a way to make working out profitable for everyone, not just the pros. Consequently, you have even fewer excuses to not get out and get some laps this year.
