Sweat Economy (SWEAT)

Discover the basics of Sweat Economy and find links to beginner-friendly guides that show you the best way to invest in it.
By:
Updated: Sep 20, 2022
Listen to this article

About Sweat Economy

What is Sweat Economy?

Sweat Economy (SWEAT) is a Move2Earn cryptocurrency that was created by the Sweatcoin fitness app, where you earn money by being active. Every step you take is tracked and converted into Sweatcoin. You can then use Sweatcoin to buy rewards through an online shop or convert it into SWEAT, a cryptocurrency that you can use outside of the Sweat Economy.

How does Sweat Economy work?

It works by converting your steps into a digital currency. When you download the Sweatcoin app, it starts to track every step you take outside using GPS. For each 1000 steps you earn 1 SWEAT, although it will become harder to earn SWEAT over time. By 2032, you will only earn 0.02 SWEAT per 1000 steps.

The Sweat Economy is able to give away crypto and offer rewards because it makes money through advertising and deals with third-party companies. It uses this revenue to offer things like monthly subscriptions to products and services, or high-value electronics like TVs and laptops, through its online marketplace. These are available to buy with SWEAT.

How is the Sweat Economy network secured?

All the Sweat Economy infrastructure is built on NEAR Protocol, which is a Proof of Stake blockchain. This means it’s secured by validators – other responsible users who have a stake in the network. On the NEAR Protocol, transactions are approved by validators who must stake at least 67,000 NEAR tokens in order to approve or deny transactions.

What is Sweat Economy used for?

It’s used as an incentive to exercise. Studies have shown that offering rewards and incentives encourages people to be more active but that motivation drops off as soon as the rewards are removed. SWEAT acts as a long term incentive to exercise, because you earn money for doing so. Money that you can use to save up and buy things you might want.

Why does SWEAT have value?

Sweatcoin is unique in the way that it is a proven fitness app that has partnered with established companies, including the NHS, and has been proven to work as an incentive in peer-reviewed health studies.

SWEAT has value as long as the whole Sweatcoin app and infrastructure can earn revenue and offer rewards. The Sweatcoin app has already made it to the top of the download charts in more than 60 countries and studies suggest it has boosted physical activity by more than 20% in those who download it.

Who created Sweatcoin?

Sweatcoin has a trio of founders: Oleg Fomenko, Anton Derlyatka, and Egor Khmelev. They founded the company in 2015 and have lots of business experience behind them, from companies like Pepsi, Coca-Cola, Visa, and Reebok.

Fomenko is the currency CEO of Sweat Economy, which is the company’s crypto venture. Derlyatka is CEO of the overall Sweatcoin project.

Where can I buy Sweat Economy?

You can buy Sweat Economy on a crypto exchange. An exchange is a marketplace that allows you to sign up, deposit your money, and buy some crypto, just as you would with a stock platform.

Most cryptocurrency brokers allow you to keep the coins you buy in your account. However, you may want to sign up for a dedicated crypto wallet for some extra security.

Are there any other ways to invest in Sweat Economy?

The simplest way to invest in SWEAT is to buy it outright. However, another option is to simply open a crypto account. Crypto accounts are like regular bank accounts and allow you to store a variety of currencies, send and receive payments, earn interest on savings, and spend freely with a credit card.

You can also invest in crypto more generally through a crypto ETF or a crypto fund. These are financial instruments that give you exposure to a group of leading cryptocurrencies, more suited to high net worth individuals.

More about Sweat Economy

What is the Sweat Economy price today?

One SWEAT is currently worth about $0.04, as of September 2022. You can use our live market data to track the SWEAT/USD price in real time or analyse how it has performed in the past using our historical price data.

What is the price prediction for SWEAT?

The average Sweat Economy price prediction values the coin at $0.10 by the end of 2022. Things like the economic climate, establishment support and acceptance, and the crypto market as a whole can all have an impact on the price.

It’s best to take predictions with a grain of salt but you can use expert estimates to help you understand the weight of opinion about a coin.

What is the total supply of SWEAT?

The circulating supply is more than two billion SWEAT and there is no cap on the total supply. This means SWEAT could be an inflationary coin, where the value of your holdings falls over time as more coins are created. However, the platform has tried to prevent this by making it more difficult to earn SWEAT in the future.

Are there any Sweat Economy alternatives?

There are a couple of other Move2Earn coins but the industry is still in its infancy. These coins are a small part of the crypto ecosystem at the moment and none have established themselves just yet.

  • Stepn. Stepn is another health and lifestyle app that pays you to exercise.
  • Step App. Step makes fitness competitive and lets you buy sneakers with your coins.

More crypto guides

FAQs

Is the Sweat Wallet safe?

Yes, the Sweat Wallet is safe. Sweatcoin is a legitimate company with a good track record of successful partnerships, including one with the NHS. There is always a small chance of running into trouble with any investment, but there’s no reason to suspect anything about the Sweat Wallet.

How does Sweatcoin make money?

It makes money by selling advertising space and on the transaction fees that you are charged on the platform. As the Sweatcoin app has so many users – more than 100 million as of 2022 – it has a nice carrot to wave at advertisers and can earn money and generate good partnerships that way.

Latest Sweat Economy price analysis

Ethereum price prediction for December 2022
December 1, 2022
LINK price movement after preparations to launch staking on Ethereum
December 1, 2022
VIDEO: A metaverse company without a cryptocurrency to speculate on, David Lucatch, Liquid Avatar Technologies
November 30, 2022
Best GameFi projects that can rise in December
November 30, 2022

Sources & references
Risk disclaimer

Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >

James Knight
Editor of Education
James is a lead content editor for Invezz. He's an avid trader and golfer, who spends an inordinate amount of time watching Leicester City and the… read more.