- Sweatcoin, which rewards users for doing physical activities, revealed its upcoming token SWEAT.
- The SWEAT token will be built on Ethereum and will use the eco-friendly Near blockchain, one of the project’s backers.
- The UK-based Sweatcoin says it aims to convert users' physical movements into crypto-linked value.
The crypto craze has led to the emergence of numerous digital assets based on themes like GameFi, metaverse, play-to-earn (P2E), Web3, etc. Now, what if there is also a product like "get healthier-to-earn"? It is precisely what the Sweatcoin (SWEAT) crypto aims to achieve.
Yes, you heard it right. The UK-based Sweatcoin says it aims to convert users' physical movements into crypto-linked value. The company has recently revealed details about its upcoming token, SWEAT. It is designed to reward its app users for being physically active.
According to the company, the SWEAT crypto has been conceived to create value from people's movements. It further claims the minting process would be based on users' physical activities. It seeks to inspire people in improving their health even as they earn through the platform.
Sweatcoin co-founder Oleg Fomenko said the company plans to bring a change in society by encouraging individuals to live healthier lives. He added that the company did not think of a crypto reward program at the start because cryptocurrencies were not widespread in 2015. So, he said the company developed the Sweatcoin token to reward users.
The company also plans to offer users the option to have their in-app Sweatcoins swapped with SWEAT tokens in a 1:1 ratio at a token generation event scheduled this summer.
The users would be given a Sweat Wallet, which would generate fees by enabling a suite of decentralized finance (DeFi) functions like exchanging SWEAT tokens with other cryptos, liquidity provisions, staking, etc.
Furthermore, the SWEAT token will be built on Ethereum, and it will use the eco-friendly NEAR blockchain. The company said the Near Foundation is one of the investors in the project. Other institutional backers include Electric Capital, Jump crypto, and OKX Blockdream Ventures.
In addition, Terra founder Do Kwon, Polygon (MATIC) founder Sandeep Nailwal, and Polkadot founder Bjorn Wagner also support the project.
The company has a user base of over 63 million. However, following the announcement, around 150,000 users have opted-in within 24 hours, the company said. The users can exchange the SWEAT token for various goods and services.
The company plans to use the SWEAT token for decentralized finance (DeFi), staking, liquidity provision, etc. The token can also be used to purchase non-fungible tokens (NFTs), sell personal data to acquire more SWEAT tokens, or buy premium subscription services.
Fomenko added that users would be able to convert the SWEAT token into other cryptos or fiat currencies. The company claims its audience is not limited to any particular field or sector but everyone.
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