The blockchain-based Sweatcoin app has been around since 2015. It works by incentivising people to be physically active. This is then tokenised allowing people to trade their efforts for goods and services.
In brief:
-The Sweat Economy platform, launched one year ago allows users to ‘mint’ tokens as they move around, providing a type of web3 on-ramp to users using Near protocol.
-Alongside the US, the launch includes the Bahamas, Barbados, Botswana, Ghana, Jamaica, Pakistan, Zimbabwe, and Uganda.
-The UK-based company says its app now has 140 million users, alongside c.800 brand partners including the likes of Adidas, Paramount, Fabletics, Amazon, and Garmin. These brands provide discounts and offers to users in exchange for sweatcoins.
What does this mean?
“Our global community of users has been instrumental in supporting this launch and we are thankful for their participation in the biggest ever governance vote that allocated nearly 700 million $SWEAT to the new community members in consideration for their verified physical activity,” Oleg Fomenko, co-founder of Sweat Economy said.
