Sweatcoin Economy and NFTs: Why should you be interested?

Published by Ann Thompson on

Many of you are already familiar with Sweatcoin. It is an app that counts your steps while you walk and rewards you with cryptocurrency tokens. The app has been downloaded more than 50 million times and has more than 1 million reviews.

The fundamental concept is straightforward: you walk and are paid for it. You don’t need to learn a lot about blockchain technology and cryptocurrencies, nor do you need to make any investments. Intriguing companies in general and cryptocurrency startups in particular frequently fail and fall short of their promises. In the cryptocurrency realm, there are countless projects that not only failed to provide the MVP. But occasionally even failed to issue their token or had a token value of zero.

Sweatcoin initially stated that SWEAT (its currency) will be released in the summer, but the deadline was later changed to September 2022. Happily, everything is operating smoothly right now. New users should be aware that there are now 2 apps available: Sweatcoin, which records your movements and gives you money, and Sweat wallet, which you can synchronize with Sweatcoin and use to earn rewards and conduct transactions.

cryptography is widely used

A wonderful example of how to promote widespread usage of cryptocurrency is Sweatcoin. The great majority of consumers likely aren’t aware that SWEAT is an NEAR blockchain-based cryptocurrency, yet they can already earn and utilize it.

People receive more or less equitable ways to obtain Sweatcoins in the case of the Sweatcoin emission. Up to 10,000 steps every day would earn you awards (now this cap is 5000, and the difficulty of earning by steps increases gradually). For example, prior to September 13, 1000 steps would result in 1 SWEAT. As of the time of this writing, 1063 steps would result in 1 SWEAT. Therefore, in a year, 2663 steps will result in 1 SWEAT (but we only can guess what the price on SWEAT will be in dollar equivalent).

What else is fascinating about Sweatcoin economy?

Therefore, Sweatcoin’s waling emission generated a sizable userbase, and now consumers, including those who are still unfamiliar with cryptocurrencies, can become investors. They can trade with each other, stake SWEAT and receive 12% APR, and the Sweat economy has numerous potential paths.

For instance, any user of the Sweatcoin app can watch up to three advertisements each day. By doing so they receive an additional SWEAT reward. This raises the possibility that Sweat economy will one day also function as an advertising platform, with revenue from advertisers providing resources for users.

There are more incentives in SWEAT economy. For instance, you are eligible to enter the drawing for the Apple Airpods Pro if you stake (grow) 135 SWEAT. These promotional items can be tangible or digital (NFTs, discounts, etc.)

NFTs will likely play a significant role in the SWEAT economy because Sweat Wallet also includes a section for them. NFTs function extremely well on the NEAR blockchain, where non-fungible tokens (NFTs) are still a hot subject. You will receive 5 SWEAT when you use your link to refer new users, which is another method to earn extra cryptocurrency. If you haven’t tried Sweatcoin yet, I strongly suggest you do.

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Categories: TECH