Where to Buy Sweat Economy (SWEAT) Coin: Beginner’s Guide 2022

Exercise is good for the body, but how much we exercise at any given time depends on a number of factors, including our level of motivation, our level of weariness, and the equipment available.

The move-to-earn project, Sweatcoin, offers rewards of a new generation cryptocurrency, SWEAT, for the physical activities of its users. Sweatcoin has raised the interest of cryptocurrency investors since its launch.

This guide will detail how the platform works and how to buy its native token asset SWEAT.

What is Sweat Coin (SWEAT)?

Sweatcoin is a free smartphone app that monitors and rewards users for their physical activities.

By integrating the user’s default fitness app; such as Google Fit and Apple Fit, the software will accurately records step taken while working out; either on a treadmill, walking, or jogging. Users also get rewarded with SWEAT, the platform’s digital currency, which can be used to purchase products or easily donated to charity.

Sweatcoin is available on major mobile software, including iOS, Android, and Windows.

The Project

The Sweatcoin app was released in 2016. It was founded by the trio of London-based tech entrepreneur Oleg Fomenko, venture capital worker Anton Derlyatka, and developer Egor Khmelev.

The app aims to encourage better living by paying users for regular physical activity and has more than 100 million users. The Sweatcoin app is the most downloaded health and fitness app in 58 countries

Sweatcoin’s brand-new web3 product is called Sweat Economy. It consists of a cryptocurrency token called SWEAT and a crypto wallet called Sweat Wallet. More than 13 million wallets were created within four months of its introduction.

The original Sweatcoin was not a cryptocurrency, so users were rewarded with vouchers and gift cards after completing a predetermined number of steps. These could then be exchanged for rewards from businesses like Audible and Headspace or contributed to several charitable organisations.

However, the developers wanted a coin that users could spend and exchange for fiat currencies, leading to the launch of the SWEAT native token and Sweat wallet. The Sweat Foundation will also match every Sweatcoin in its balance with an equal amount of Sweat token.

Then, SWEAT owners can choose whether to exchange their tokens for fiat money or alternatively keep the tokens in their balance to earn a staking incentive. Sweatcoin’s ecosystem will eventually incorporate NFTs and DeFi as well in the future.

The Sweatcoin currency, often referred to as sweat economy or by its ticker symbol SWEAT, is built on the Ethereum (ETH) and Near Protocol (NEAR) blockchains and is intended to compensate users who register for the system and engage in physical activity.

Sweatcoin has acquired $13 million in investor funding and intends to hold a stronghold offering on the decentralised autonomous organisation (DAO) Maker launchpad in addition to a public token sale.

Collaborations

Sweatcoins have value because of their extensive partnerships. Over 600 partners, including insurance companies that want to promote healthier lifestyle choices, businesses that want to appeal to health-conscious consumers, and governments that want to lower healthcare expenses, have collaborated on the project.

For example, Sweatcoin collaborates with the National Health Service (NHS) to deliver healthy incentive programmes all around the nation, using individualised, data-driven strategies to bring about long-lasting behaviour change.

Real Money Value

Users may be able to purchase different goods or services using Sweatcoin depending on their location. The Sweatcoin marketplace offers thousands of amazing branded products and services, such as high-tech shoes, iPhones, anti-gravity yoga sessions, Apple Watches, and more. Users can get discounts on online educational courses or fitness memberships if they want price slashes.

Donation

Sweatcoin for Good (S4G) serves as the project’s charitable initiative. S4G has collaborated with over 100 charity organisations worldwide. With this initiative, users can donate to various environmental, humanitarian, and animal preservation causes.

How Does The Sweatcoin Work?

With a few steps, users can become healthier and join the ‘move-to-earn’ project on Sweatcoin — simply walk and earn.

Sweatcoin crypto’s litepaper states that the token is founded on the concept of “the open economy of movement.” It was launched on the open market in September 2022

People receive a small portion of a Sweatcoin for each step they take. It takes a thousand steps to earn one Sweatcoin. However, users can make ten Sweatcoins or more each day and a few hundred Sweatcoins each month if they exercise frequently.

The free version of the software allows users to earn up to 5 Sweatcoin per day, while the premium version allows users to earn more. Users’ daily limit can be boosted by paying more Sweatcoin according to the level they want.

The app allows users to purchase goods and services thanks to a marketplace feature that includes an auction area. Users can also donate their Sweatcoin to one of the various charities in partnership with the project.

There are “movement validators” who verify that users are performing the necessary number of steps before the Sweatcoin cryptocurrency reward is issued. The validator processes the raw data from the recording device using an algorithm to identify fraudulent activity and guarantee that only genuine movement is rewarded.

While the app currently comes with a standalone crypto wallet, called the Sweat Wallet, it also aims to integrate NFTs and the capability to purchase SWEAT directly with fiat currency in the future. Furthermore, the token will be made available on decentralised exchanges (DEXs) between 2023 and 2024, and a DAO will be given ownership of the cryptocurrency.

The token will also be used to obtain NFTs, subscribe to Sweatcoin’s premium services, and serve as a medium of exchange. Also, the platform intends to broaden the scope of minting the Sweatcoin cryptocurrency beyond walking in 2025 to include cycling and swimming.

Is SWEAT Crypto a Good Investment?

Sweatcoin is a project that rewards people for exercising. Users are more successful and contribute to healthcare cost savings of billions of dollars.

Moreover, health enthusiasts can use the platform to earn passive income while carrying out their usual day-to-day activities.

Some benefits of investing in Sweat crypto include:

Move to Earn

Many people have to walk for extended periods as part of their daily routine. Thankfully, they now have the opportunity to turn all that physical activity into something enjoyable and productive with the advent of “Move to Earn”.

The user’s activity level will determine how much income they can make using Sweatcoin. At the moment, users can earn one Sweatcoin for 1,000 completed steps. Therefore, users will earn 9.5 sweatcoins if they walk 10,000 steps each day minus the 5% commission which the business takes.

At the moment, 1 SWEAT on Coinmarketcap is worth $0.05, implying that one can earn about $0.49 for every 10,000 steps taken. The health benefits of walking those steps and the cash reward makes exercising a worthwhile activity.

A Healthier Lifestyle

The software encourages physical exercise in order to build a healthier and more active world. Therefore, Sweatcoins’ move-to-earn (M2E) style project, which is comparable to a play-to-earn game, allows users to receive rewards in the form of crypto for their involvement. Users can earn cryptocurrency in an M2E game by being physically active in their daily lives.

The team claims that by partnering with the NHS to promote a healthy society and lessen the burden on the world’s healthcare systems, their software has boosted users’ physical activity levels by an average of 20%.

User’s Autonomy

Sweatcoin ensures that keeping users data secure is their top priority.  However, they believe everyone should be able to claim ownership of the data they produce, increasing their incentive for exercising or moving. Therefore, the Sweat Foundation is set to develop a platform allowing SWEAT users to select how to make a profit from their data.

The Sweat DAO will grant users control of their data and allow them the option to earn money from it. Any organisation, investor, healthcare provider, or insurer can purchase a person’s SWEAT to obtain data for analysis.

A SWEAT holder could, for instance, decide to work with a health insurer through this platform, who will pay for access to their activity data. The holders could also add their information to a pool of aggregate data, resulting in functions like global activity indices. Therefore, as its inventor and owner, the user would be compensated for selling this data to insurers, physicians, academic institutions, and investors. The DAO would be paid to provide the service.

Partnership

The developers set a lofty objective for themselves. Sweatcoin should evolve into a wellness movement that will help enhance many public spheres, not just another move-to-earn effort.

Due to this vision and initiative, many reputable companies across the world have joined Sweatcoin as partners. The current significant partners of Sweatcoin include Spartan, Electric Capital, Sandeep Nailwal, Do Kwon, and others.

Sweatcoin has teamed up with the National Health Service (NHS) to deliver healthy incentive programmes all around the country, utilising individualised data-driven strategies to bring about long-lasting behaviour change.

Additionally, Sweatcoin introduced the charitable programme “Sweatcoin for Good” (S4G). S4G currently collaborates with more than 100 non-profits that are experts in a variety of sectors. Famous names like Save The Children, the African Wildlife Foundation, the NAACP, and others are on the list of supported charities.

Staking Rewards

Crypto staking is the process of temporarily “locking up” a portion of your cryptocurrency to support a blockchain network. Another option for users to interact and profit on the site is through staking Sweat tokens. Better benefits and improved app experiences are available to users who stake higher, including lower transaction fees, premium services, and increased daily SWEAT minting limitations.

How to Buy Sweatcoin on FTX

For investors wondering how to buy Sweatcoin, we recommend using the FTX exchange to make a purchase. Get started with these easy steps:

Register

Visit the FTX website and select the “Register” in the top right corner of the screen. Next, enter your email address and password in the pop-up window. Check the “I agree” box, then click to confirm. Slide to solve the riddle and go on to the next stage. Clicking the “Sign Up” button will conclude this process.

A window displaying your “Fee Status” will appear. Users will receive a charge reduction when they sign up through a referral link. Click the “Close” button once you’ve finished reading.

Deposit

On FTX, users can deposit in the desired fiat currencies and cryptocurrencies. To deposit, head to the Wallet section. Locate BTC (for example) under Balances, and click “Deposit” next to it to deposit cryptocurrency. The deposit wallet address will be displayed in a pop-up window that appears. Once finished, shut the window.

For fiat, go to the Balances section of your Wallet page to deposit funds into your FTX account. Traders should find the currency they want to deposit by going to “Fiat” first. To proceed, select “Deposit.”

Buy Sweatcoin

There are numerous ways to buy assets or trade on FTX, but in this stage, we’ll only go through the basics.

Start by visiting the ‘Markets’ page. Select the “Spot” category. Select SWEAT/USD from the list of options since our goal is to purchase Sweatcoins with fiat funds. Traders should enter the number of Sweatcoins they want to buy in the order form. It will automatically determine how much it is worth in fiat.

Click “Place Orders.” The “Order History” section of your Account page makes it simple to see your order.

Conclusion

Sweatcoin has had tremendous success. With over 100 million users, the platform is now the most popular workout app worldwide.

Sweatcoin is confident as it begins the next phase of its cryptocurrency journey. It has also had time to refine its economic model. The years of effort put into Sweatcoin, and its ambition of incorporating cryptocurrency might make it a very successful initiative in the future. Nevertheless, the most important of which is the rise in popularity of move-to-earn platforms.

Sweatcoin FAQs

How do you buy Sweatcoin?

Investors can buy Sweatcoins on a crypto exchange. The most well-known SweatCoin exchanges are FTX, gate.io, KuCoin, Bybit, MEXC, LBank, Bitget, Bilaxy, and OKX. To buy Sweatcoins, users must log into any of the mentioned exchanges, deposit, and purchase through a crypto or fiat pair. SweatCoin can be exchanged for various fiat currencies, including USD, and stablecoins like USDT.

How many Sweatcoins is 100 dollars?

Sweatcoins can be used to buy products, services, and discounts on the app’s internal marketplace. They have actual monetary worth. At the time of writing, 1 Sweatcoin is worth $0.05 on Coinmarketcap. Therefore, 100 dollars worth of Sweatcoins will be 2,500 Sweatcoins.

Is Sweatcoin a crypto?

Yes, Sweatcoin is a crypto. Formerly, Sweatcoin served as a non-crypto virtual asset and financial incentive to reward app users for their physical activity. However, following the recent token launch, customers can now convert Sweatcoin to SWEAT, the cryptocurrency token, to redeem real-world rewards and experiences.

Can you exchange Sweatcoins for cash?

No, buying one of their PayPal or Amazon gift cards is the only way to convert your Sweatcoins balance to real money. Sweatcoin does not offer a direct method for cashing out coins, but rewards can be used instead. However, it is uncommon to receive rewards via PayPal or Amazon that pay users money.