Sweatcoin is a fitness app that tracks your daily steps and awards you with cryptocurrency when you achieve a certain number of steps. The app pays its users with the SWEAT coin cryptocurrency that can be then changed for discounted items, gift cards, and other perks that can be purchased. In this article, we will go through how Sweatcoin works and how much you can earn from it.
How Does Sweatcoin App Work?
Sweatcoint app is another fitness app that is supposed to count your steps however what makes it different is that it rewards its users with cryptocurrency for taking a specified number of steps each day. It was launched by a company named SweatCo Ltd. and instantly it became a massive hit, only because it was fresh and offered to convert your outdoor steps into crypto. This crypto can then be exchanged for various gadgets, fitness kits, services, discounts, and more.
Sweatcoin already has an audience of over 76 million people from 75 countries. Sweatcoin partners with over 600 companies, including the National Health Service and the government organization Digital Health London. These clients are the ones who pay for the participants' steps. In reality, the application will be monetized by advertising. Users will not be charged anything, while the developers will profit from commissions.
Joining Sweatcoin
Joining Sweatcoin is pretty much easy, you can just join by downloading the app to your mobile phone, registering an account, and accepting it to access other fitness tracking apps on your phone.
Tokens will begin to be credited to your account as soon as you open one. Furthermore, the app will connect to any devices that have tracked your daily steps and upload the data to your profile.
1 000 Steps = 1 SWEAT
Sweatcoin pays 1 SWEAT for each 1 000 steps you take. Many predict the fate of the price of SWEAT GMT, might be around $4 per token. This will be very good because that will mean that with 10 000 steps per day, the earnings will be $40.
Note: Researchers at the Institute for Digital Health (IDH) followed the step count of early Sweatcoin participants for 6 months. The result - the average number of steps increased significantly.
Ways to Make Money with Sweatcoin
There are several ways to earn money in Sweatcoin and they include
- Earning tokens for walking
As we wrote above 1 000 steps — 1 SWEAT. And you really have to walk. The application has built-in GPS and a pedometer with a sophisticated algorithm, so just shaking the phone with your hand will not work. The app runs in the background, so you don't have to keep track of the count. By the way, once a day you can get x2 SWEAT for a 20-minute run.
- Buying goods in the store using tokens and then selling them for profit
There are various goods available in the store that can be purchased for a certain number of tokens. For example, a set of bamboo devices go for 60 SWEAT, Apple-AirTag for 4 000 SWEAT (you need to walk 400 days for 10 000 steps), as well as a watch for $ 479 in a challenge or 25 SWEAT - you need to walk 250 000 steps in 20 days (12 500 steps per day). Goods and tasks are updated periodically and you can grab something really expensive, for example, a trip to Italy or a phone.
- Earning tokens through the referral program
For each friend you refer, they give 5 SWEAT. The referral link can be found on the main screen. All friends will be displayed in the Friends section along with their daily steps.
Also in Sweatcoin, you can earn in daily giveaways, contests, and quizzes. Make donations for children, and animals. And also participate in challenges and marathons together with other users.
The Future of Sweatcoin
Sweatcoin announced its future project plans and we can summarize them in one statement, “Higher Pay, Better Health”. The platform aims to pay more for the amount of steps users make, which will advocate for more interest in health and fitness.
Project plans:
- Introduce an inactivity fee. Users will have to pay a fine if they did not move during the day in order to continue earning tokens
- Most likely, a market will be opened in the annex, where it will be possible to trade NFT for SWEAT. Moreover, projects will have to sell tokens to the audience of the application only at a huge discount, or distribute them for free as advertising. The developers also plan to integrate SWEAT into third-party markets;
- Ability to convert currency to e-wallet by paying fees in SWEAT and buying it with fiat;
- Users will be able to earn if they share their data with medical institutions for research;
- Increase the number of steps per token. In two years, for 1 SWEAT you will have to take 4900 steps.
The SWEAT token sale on Ethereum will open in the summer of 2022 on the CEX/DEX along with the veSWEAT governance token.
Is Sweatcoin Worth Investing In?
It is uncertain what the beginning pricing and the market valuation of Sweatcoin will be. However, it is known that the token may be staked, with benefits going to the initial holders. Also, the funds will receive 20% of all coins, 10% for the pre-sale, and 30% for the payment of steps, which is a decent allocation, but the funds will still have a significant effect on the coin's rate.
Conclusion
Generally, it is clear that the project will succeed and that the coin will show when it is released. As a result, skimping on the presale makes sense. However, it is not suited for long-term holding since the coins will only operate in the Sweatcoin environment, which implies that there will only be demand for them as long as the project is popular. More data is required to reach major conclusions. However, because there is no danger, it is well worth it to jump into the application right now. You only lose your time (and side fat).
