What is Sweat Economy, and why you should keep an eye on it?
As obesity rates rise due to increasing technological reliance, the Sweat Economy, a blockchain-based movement-to-earn system, offers a novel solution by incentivizing physical activity with its cryptocurrency, $SWEAT, set to expand in the U.S. and other countries.
With technology becoming an increasing part of our social and professional lives, most individuals today are no longer required to do any sort of manual work. As a result of this increasing inactivity, the issue of obesity is becoming rapidly more prevalent around the world.
To elaborate, according to a recent study sanctioned by the National Center for Biotechnology Information (NCBI) recently, the number of obese people in the world has increased by a mindboggling 200% – 300% over the last three decades alone. In the United States, the problem is even more grave, with one in three adults and one in six children being severely overweight.
Crypto’s undeniable rise
With the advent of crypto-enabled tech, a growing number of solutions have emerged that have sought to meld the world of physical exercise with the blockchain.
However, before proceeding any further, it bears mentioning that the digital asset industry has witnessed an impressive level of growth over the last five-odd years, barring 2022, a year when the global economy as a whole was faced with immense bearish pressure. To elaborate, between 2021 and 2022, the total market capitalization of the industry fell from $3 trillion to under $1 trillion, only for this metric to rise once again quite dramatically.
In fact, this ongoing growth is being spurred by the rise of various novel offerings, such as the move-to-earn (M2E) model, which, as the name implies, rewards users for their physical movements. At the helm of this revolution is an M2E ecosystem called Sweat Economy, which helps bring together the principles of digital currencies with physical activity, thus creating a new financial paradigm where an individual’s daily movements are rewarded.
The Sweatcoin difference!
Since the launch of the Web 2 app, Sweatcoin, the ecosystem has amassed a large following of fitness enthusiasts worldwide. Moreover, the ecosystem’s associated Web3 app Sweat Wallet has continued to feature on the ‘Top 5 dApps list’ on DappRadar, thus showcasing its ability to attract and retain users effortlessly.
Sweat Wallet’s associated native cryptocurrency, ‘$SWEAT,’ too has grown in popularity, with the token currently faring as a top-10 Web3 asset globally by the number of holders and top-15 asset by the level of user activity. Lastly, owing to the fact that the decentralized application (DApp) is free to use, it serves as an ideal onboarding solution for non-crypto users looking to make their way into the digital asset realm.
Here’s why US residents need to pay attention.
Come September 12, the Sweat Wallet app will be released in the United States as well as in eight other countries. As part of the launch, a sizable 690 million $SWEAT will be airdropped among 30 million eligible Sweatcoin users, given that they opt-in before the above-said date.
It is worth mentioning that the specifics of the airdrop were agreed upon after a series of voting rounds, which witnessed participation from over 380,000 Sweat Economy users, making it one of the largest such decentralized governance events in Web3 history.
To redeem the available $SWEAT, U.S. customers will need to download the Sweat Wallet application via the Google Play/Apple store. Once done, a relevant number of coins will be transferred to their accounts in proportion to their physical activity on the Sweatcoin (Web2) app until the moment of launch.
Since 2016, Sweatcoin has registered in excess of 14 trillion steps from users in the U.S. These movements are eligible to be converted into $SWEAT by users who decide to transition to the Sweat Wallet app before September 12. Lastly, each accrued $SWEAT can be converted for other digital assets or redeemed in lieu of physical rewards.
As the number of health-conscious individuals continues to grow worldwide, it stands to reason that M2E ecosystems like Sweat Economy will garner more mainstream traction in the near future. The fact that Sweatcoin already has partnerships with brands like Amazon, Harrys, Utalk, and Reebok while boasting of investments from Spartan, OKX, and Polygon’s Sandeep Nailwal (among others) lends even more credence to its surging popularity and market demand.
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