Introduction
Sweat Economy, the rebranded move-to-earn app formerly known as Sweatcoin, has secured $13 million in a private token sale to accelerate its transition into the Web3 space. The funding round was led by prominent investors including Electric Capital, Spartan Capital, OKX Blockdream Ventures, Goodwater Capital, and GSR Ventures.
Key Developments
- Web3 Integration: The app will introduce its native token, SWEAT, enabling users to earn cryptocurrency for daily physical activity.
- Partnership with Near Protocol: Sweat Economy selected Near Protocol for its eco-friendly transactions and commitment to making Web3 accessible globally.
- Token Generation Event (TGE): Scheduled for September 12, the TGE will allow users to create in-app Near wallets and start earning tokens.
How Sweat Economy Works
- Move-to-Earn Model: Users earn SWEAT tokens by walking (1,000 steps = 1 token).
- Free-to-Play: Unlike competitors like Stepn, Sweat Economy requires no upfront NFT purchases.
- Future Utility: Tokens will eventually be used for staking, saving, and purchasing NFTs outside the app.
Why Near Protocol?
Co-founder Oleg Fomenko highlighted Near’s advantages:
- Speed and Scalability
- Low Environmental Impact
- Strong Developer Community
User Base and Mission
With 35 million active users, Sweat Economy aims to “make the world more physically active” by incentivizing movement through crypto rewards.
FAQs
Q: How do I earn SWEAT tokens?
A: Simply walk! Every 1,000 steps generates 1 SWEAT token.
Q: Is Sweat Economy free to use?
A: Yes, unlike other move-to-earn apps, it requires no initial investment.
Q: When can I withdraw my tokens?
A: Tokens are initially locked in-app but will later be transferable for staking or NFT purchases.
👉 Discover how Sweat Economy is revolutionizing fitness with crypto rewards