Whether you’re new to cryptocurrency or an experienced crypto investor, it’s important to stay on top of trends. One of the most exciting new crypto developments is the creation of Sweatcoin. This cryptocurrency has the potential to revolutionize your health while helping you make money. Interested in learning more about Sweatcoin? Explore with us as we look at what Sweatcoin is — and how you can invest in Sweatcoin crypto once it officially releases.
Table of Contents
- 1 What Is Sweatcoin?
- 2 From Launch to the Present
- 3 What Is Move-to-Earn?
- 4 How Does Sweatcoin Work?
- 5 Rewarding Your Work
- 6 What Are SWEAT Tokens?
- 7 Is Sweatcoin the Best M2E Crypto?
- 8 Sweatcoin vs. STEPN (SWEAT vs. GMT)
- 9 Sweatcoin vs. Genopets (SWEAT vs. GENE)
- 10 Sweatcoin vs. Lympo (SWEAT vs. LMT)
- 11 What Is Sweatcoin’s TGE?
- 12 SWEAT Tokenomics
- 13 How Many Sweatcoin Crypto Tokens Will Be in Circulation?
- 14 Are SWEAT Tokens a Good Investment?
- 15 The Bottom Line
What Is Sweatcoin?
Sweatcoin is a fitness movement that jumps on the Move-to-Earn trend and lets users convert their steps into cryptocurrency. As people walk, they earn SWEAT tokens that they can exchange for rewards.
The Sweatcoin company was founded in 2016 by Oleg Fomenko and Anton Derlyatka. It initially got its start as an app that rewarded people for moving. The creators wanted to promote health, so they designed a system that incentivizes exercise. Users who take a certain number of steps on a consistent basis get tokens that can be used to purchase prizes.
Sweatcoin’s creators have always been interested in the ways cryptocurrency and physical health could intersect. However, at the time the app was released, they felt that the public wasn’t comfortable enough with crypto to use it as an exercise reward. After years of perfecting the app, Sweatcoin has announced they’re finally ready to take the next step. Sweatcoin crypto is built on Ethereum and uses NEAR as its blockchain. Its users can now generate — what else? — SWEAT.
From Launch to the Present
Launching Sweatcoin crypto has been a very exciting experience. Its app has over 63 million users who’ve walked a combined total of more than 20 trillion steps. When SWEAT was first announced, users were allowed to exchange their tokens for a corresponding quantity of SWEAT cryptocurrency. The ability to convert their rewards into crypto has been the world’s largest crypto giveaway. Just 24 hours after announcing their plan to add crypto to the app, more than 150,000 Sweatcoin users opted in to the program.
Since then, more and more users have decided to make the switch. More than a quarter of a million users are now committed to generating Sweatcoin crypto. Unlike traditional cryptocurrency, users won’t have to use their own money or computers to generate crypto. Instead, all they need to do is walk. This is a promising new advancement that will revolutionize the crypto industry, with SWEAT crypto set to launch sometime this summer.
What Is Move-to-Earn?
It’s impossible to discuss Sweatcoin without the concept of „move-to-earn“ being brought up. Called M2E for short, it’s a recent innovation pioneered by apps such as Sweatcoin. The whole idea is for people to make passive income by performing everyday physical activities.
M2E is part of a process called gamification. Research has shown that humans are far more likely to engage in an activity when we turn it into a game. Just pressing a button 100 times would drive the typical person mad with boredom. However, when you add a fun little graphic that gives the clicker a made-up reward, people are happy to click the same button over and over again.
Sweatcoin and other M2E programs use gamification to help people become healthier. As people exercise, they can look at their phones and see themselves racking up rewards. This gives our brains an extra little boost of motivation that makes it even easier to work out. Most M2E programs focus on basic activities, like taking steps. However, some apps might also encourage people to participate in other activities like running, jogging or even jumping.
How Does Sweatcoin Work?
Read more: These Apps Pay You in Crypto for Working Out
To take advantage of all the great Sweatcoin perks, you’ll first need a Sweatcoin account, which you can create through the Sweatcoin app or website. All you need to provide is your email address, phone number and first name. Once you have your account, you’ll need to link it to a device that tracks your fitness.
How does Sweatcoin work with a device? Sweatcoin currently works with Android smartphones, iPhones, and Apple Watch 2 and 3. You’ll need to have your GPS enabled for the app to work. Though the Sweatcoin app does consider your device’s movement sensors when recognizing steps, it needs high-accuracy GPS to confirm your steps. Whether you’re going for a jog or just walking around the house, the Sweatcoin app will be able to count each step you take.
Sweatcoin can help you maximize your steps. The app’s motion tracking device works best while the app is running. If you quit the app, Sweatcoin might not be able to log your steps effectively. Also keep in mind that some Sweatcoin reviews mention the app might not be totally accurate if you use a treadmill or other stationary device. The app does have some very robust anti-cheat measures, so you can’t use usual „hacks“ — like swinging your phone back and forth to earn more steps.
Rewarding Your Work
So how does Sweatcoin work to provide you with prizes? The app lets you earn Sweatcoins with each step. Every 1,000 steps add 0.95 Sweatcoins to your Sweat Wallet. While these in-app Sweatcoins aren’t actually cryptocurrencies, they can still be used for prize redemption. You can’t cash them out yet, but you can redeem them for items in the Sweatcoin marketplace. The company partners with over 160 brands, and you can get products or subscriptions at a set Sweatcoin price. Rewards range from new iPhones to discounted travel. Families are allowed to pool their Sweatcoins and use their combined Sweatcoins for a single, larger reward.
Starting in just a few months, the Sweatcoin app is adding a whole new reward to its system. Users will be able to convert their Sweatcoins into SWEAT. SWEAT is an official cryptocurrency that has real-world value, and will have a variety of interesting applications. You can still use it to pay for typical Sweatcoin rewards, or you can do things like exchange it for another crypto, sell SWEAT for traditional currency, or purchase NFTs with it. Thanks to the crypto conversion feature, the Sweatcoin app will literally let users walk to earn Bitcoin.
Sweatcoin uses Ethereum to generate its crypto. They plan to use the NEAR protocol as their blockchain provider. NEAR utilizes a sharding strategy that breaks the blockchain into smaller segments. Since this places less burden on the network, there’s less computational load. This means that Sweatcoin crypto is more scalable and eco-friendly than cryptos such as Bitcoin.
What Are SWEAT Tokens?
What is a Sweatcoin or SWEAT token? To put it simply, this will be the signature crypto of the Sweatcoin app. As Sweatcoin finally transforms into the creators‘ original idea, it will begin to let users generate cryptocurrency by walking. SWEAT is an asset based on Ethereum blockchain technology, so it’s a little more functional than ordinary crypto.
Like other cryptos, the Sweatcoin price will fluctuate, its value being determined by supply and demand. Furthermore, SWEAT will be harder to mine as time progresses. Just as with Bitcoin, it will take more work to mine each individual SWEAT token over time. Therefore, the steps you take now will earn you more Sweatcoin crypto than the steps you take later. This is an intentional feature that motivates users to exercise now instead of procrastinating.
As of right now, SWEAT tokens do not yet digitally exist. Instead, they will be created in a token generation event (TGE) when the new system is launched.
Is Sweatcoin the Best M2E Crypto?
As you can see, Sweatcoin crypto is a very interesting concept when measured against the best Move-to-Earn cryptos. However, if you have even a passing interest in crypto, you probably know that M2E cryptos already exist. How does Sweatcoin crypto compare to other popular options? Here’s what you need to know.
Sweatcoin vs. STEPN (SWEAT vs. GMT)
Like Sweatcoin, STEPN has started allowing users to earn crypto. They offer two forms of crypto: Green Metaverse Token (GMT) and Green Satoshi Token (GST). Users can only receive GMT if they have a level 30+ shoe. This crypto is available on Coinbase, and it’s already generated a lot of interest among crypto investors.
Ultimately, STEPN is a good choice if you need to be highly engaged in the M2E process. It’s also ideal for serious runners, who can rack up a lot of points. However, for the typical user, the Sweatcoin crypto app is simpler and easier to use. Reviewers point out that you can just let it run in the background, and you don’t have to sprint around to get coins. Just everyday walking will be enough to earn crypto.
It’s impossible to thoroughly compare SWEAT and GMT, since the Sweatcoin crypto hasn’t been released yet. However, it’s worth noting that STEPN’s user base doesn’t even come close to the more than 63 million users Sweatcoin has. This means that once SWEAT is released, the platform will instantly have a lot more owners and traders. Such robust action could end up making the SWEAT crypto more valuable than GMT.
Sweatcoin vs. Genopets (SWEAT vs. GENE)
Since Genopets has multiple ways to earn, it can be very lucrative. However, unlike Sweatcoin crypto, you don’t necessarily earn your crypto strictly through moving. The marketplace and NFT aspects add an extra layer of strategy to Genopets. Therefore, this M2E option is usually only good for those who want something more gamelike. Sweatcoin reviews find that Sweatcoin is more user-friendly.
Genopets’ market cap is even smaller than that of companies like STEPN. It also has a much smaller circulating supply compared to other M2E cryptos. That being said, Genopets does have very robust funding. Though it’s not likely to take off as quickly as Sweatcoin crypto, GENE may have some surprising staying power.
Sweatcoin vs. Lympo (SWEAT vs. LMT)
Lympo is a smaller M2E company that combines several different concepts into a single design. Like Sweatcoin, you can earn simply by having your steps tracked. You can also earn rewards by answering surveys and playing sports-based games. The app’s sports NFTs ecosystem includes multiple cryptos, including LMT, LYM and SPORT. LMT is a tradable crypto that’s the native currency for Lympo games.
Hypothetically, you can use your general movement to earn LMT that has real-world value. However, the app and its games have a somewhat convoluted structure. Compared to Sweatcoin, the translation between physical activity and crypto is less straightforward. Due to the app’s setup, you have to do quite a few things to actually earn anything of real value. Sweatcoin’s reviews are generally more positive than Lympo’s.
Ultimately, all of Lympo’s tokens are promising, but they have a few key downsides. Despite generating some fairly interesting ideas, the company has struggled to implement them in a user-friendly way. Frequent changes in the way tokens are earned and exchanged have caused some confusion among users, and the app has had some bugs and security breaches. In addition, Lympo crypto prices have been plunging for a while. Therefore, this M2E company may have less potential than Sweatcoin crypto and other competitors. Most of its cryptos haven’t picked up much steam in online markets, so SWEAT will most likely outperform it.
What Is Sweatcoin’s TGE?
Sweatcoin reviews explain that the company will create a large number of tokens and give them automatically to its users. Every user who opts into the new SWEAT plan can receive Sweatcoin crypto based on their current number of Sweat coins. So if you have 2,000 coins, you’ll get 2,000 SWEAT deposited in your Sweat Wallet, and you’ll also get to keep your existing coins.
The SWEAT token will add a lot of extra utility to the app, so you can expect Sweatcoin reviews to be even more positive. It can still be used to obtain prizes from Sweatcoin partners, just like the Sweatcoins users previously earned. However, SWEAT tokens will also have their own intrinsic value. Users can hold onto them as a form of investment, or exchange them for other types of cryptocurrencies. SWEAT will be available on a variety of crypto exchanges, so you’ll also be able to convert it to hard cash if desired.
Since SWEAT isn’t in circulation yet, we don’t have exact data on the Sweatcoin price, supply or market cap. However, there’s enough information on the crypto to start making some estimates for a Sweatcoin crypto review.
First of all, let’s look at current Sweatcoin prices. At present, the exchange rate for a Sweatcoin is somewhere between $0.05 and $0.10. However, this price is based on the buying power of a coin in the Sweatcoin marketplace. As the company transitions to cryptocurrency, there may be more volatility in the Sweatcoin price. Other M2E cryptos range from around $0.00295 to $15.00 in value. Industry experts predict that Sweatcoin crypto (SWEAT) will start with a value on the lower end of Sweatcoin and increase quickly toward higher M2E crypto prices as more users opt into the program.
How Many Sweatcoin Crypto Tokens Will Be in Circulation?
At the token generation event this will depend on how many users opt into the program. Currently, about 250,000 Sweatcoin app users want to start generating crypto. The average Sweatcoin user has walked about 317,500 steps, which would earn them roughly 300 Sweatcoins. This could result in an initial circulating supply of roughly 75 million SWEAT crypto tokens.
Are SWEAT Tokens a Good Investment?
Adding cryptocurrency elements to the Sweatcoin app provides a whole new opportunity for investment. Even people who don’t want to learn the answer to the question, „What is Sweatcoin,“ or walk for steps, can still buy and sell SWEAT crypto on the market. Will this be a good investment? Like any other crypto, it’s impossible for a Sweatcoin review to guarantee whether or not the Sweatcoin price will constantly increase. Those who own SWEAT should expect natural variations in price as the market fluctuates.
That being said, Sweatcoin crypto does seem poised to become one of the trendiest new cryptos. For years, there have been people hoping an M2E app would let them earn crypto by walking. As Sweatcoin reviews show, Sweatcoin is the first company to provide a simple, straightforward process — instead of a convoluted, game-like system. This will most likely be quite popular with consumers, and all the talk about the app will provide a boost for prices.
Due to the way SWEAT crypto is designed, investing now is certainly a good move. In the early stages of the crypto, you’ll get more SWEAT tokens for your steps. Over time, SWEAT tokens will be harder to earn, so their intrinsic value will increase. Those who get SWEAT crypto early on may experience some exciting returns on their investment.
The Bottom Line
Now that you know what Sweatcoin is and how it works, it’s easy to see its potential as the team rolls out its future plans and we SWEAT become a massive player in the M2E market. We hope that this review will help you decide whether or not you want to try earning Sweatcoin crypto or investing in the market. Ultimately, if you want some incentive to move around more, there’s no harm in giving Sweatcoin crypto a try as it’s free to download and easy to pick up on.
Find more: Sweatcoin crypto – Krypto-NFTs