How to Earn by “Sweat Economy (SWEAT)”

by Jul 31, 2023NFTS Metaverse0 comments

Are you looking for a way to make money online while staying fit and healthy? Do you want to join a community of millions of people who are passionate about wellness and movement? If yes, then you might want to check out the “Sweat Economy (SWEAT)” – a new and innovative crypto-economic model that rewards you for moving and exercising. In this article, we will explain what SWEAT is, how it works, and how you can join this exciting and fun economy of movement. We will also give you some tips on How to Earn by Sweat Economy (SWEAT) and enjoy the various features and benefits of the Sweat Economy.

What is SWEAT?

SWEAT stands for Sweatcoin, which is the native token of the Sweat Economy – a health and fitness platform that leverages the Move-to-Earn (M2E) model by allowing users to convert their physical movements into digital currencies.

Sweatcoin was founded in 2016 by Oleg Formenko and Anton Derlyatka, who were passionate about promoting physical fitness and wellness. They created a system that motivates people to work out by rewarding them with tokens, which they can use to donate to charities, buy products, or convert to other cryptocurrencies.

Sweatcoin has over 63 million users, who have made a total of almost 20 trillion moves. The platform has been featured as the number one health and fitness app in 58 countries, including the USA, UK, Canada, Germany, France, Spain, and many more.

Sweatcoin recently launched its native currency, the SWEAT token, which runs on the Ethereum and NEAR networks. The SWEAT token is designed to power the Sweat Economy, which is a decentralized ecosystem of applications, services, and communities that are built around movement and wellness.

How does SWEAT work?

To join the Sweat Economy, you need to download the Sweatcoin app on your smartphone. The app will track your steps and movements using GPS and other sensors. For every 1,000 steps you take, you will earn 0.95 SWEAT tokens. You can also earn SWEAT tokens by participating in challenges, games, quizzes, and other activities on the app.

You can use your SWEAT tokens in various ways:

Ways to use SWEAT TokensDescription
Donate to charities and causesSupport health and wellness initiatives around the world
Buy products and servicesDiscounts and deals on fitness gear, gadgets, subscriptions, experiences, and more through the Sweatcoin marketplace
Convert to other cryptocurrenciesMulti-token and multi-chain wallet in the Sweat Wallet app allows buying, selling, trading, and staking of SWEAT tokens
Stake tokensEarn attractive yields, access better rewards, lower transaction fees, premium services, and increased daily SWEAT minting limits
Play Sweat HeroA fun and casual game where you can earn SWEAT tokens by competing with other users
Access Learn and EarnOn-chain education system that teaches about crypto and blockchain topics

What are the benefits of SWEAT?

By joining the Sweat Economy, you can enjoy a variety of benefits that make fitness more fun and rewarding. Some of these benefits are:

  • Improving your physical and mental health by staying active and motivated
  • Earning passive income by converting your movements into digital currencies.
  • Supporting social causes by donating your tokens to charities and organizations.
  • Saving money by buying products and services at discounted prices from the marketplace.
  • Diversifying your portfolio by investing in other cryptocurrencies or fiat currencies using the wallet app.
  • Having fun by playing games and competing with other users on the platform.
  • Learning new skills by accessing educational content on crypto and blockchain topics.
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How to earn more SWEAT?

If you want to maximize your earnings from the Sweat Economy, here are some tips:

  • Move more: The more steps you take, the more SWEAT tokens you earn. Try to walk at least 10,000 steps a day or incorporate other forms of exercise into your routine.
  • Invite friends: You can earn referral bonuses by inviting your friends and family to join the Sweat Economy. You will get 5 SWEAT tokens for each friend who signs up using your link and verifies their email address.
  • Complete offers: You can earn extra SWEAT tokens by completing offers from partners and sponsors on the app. These offers may include watching videos, taking surveys, downloading apps, or signing up for trials.
  • Join challenges: You can join daily, weekly, or monthly challenges on the app that rewards you for achieving certain goals or milestones. For example, you can join a challenge to walk 50 miles in a month or run 10 miles in a week.
Join challenges
  • Play games: You can play games on the app that test your skills or knowledge and reward you with SWEAT tokens. For example, you can play trivia games or word games that are related to health and fitness topics.
  • Stake tokens: You can stake your SWEAT tokens in the Sweat Wallet app to earn passive income and access better benefits. The more tokens you stake, the higher your returns and rewards.

How to transfer SWC to Sweat wallet

Let us guide you through the step-by-step procedure of moving your Sweatcoin to the Sweat wallet, ensuring a smooth and seamless transition.

Step 1: Downloading and Installing Sweat Wallet

To begin using the Sweat Wallet as your storage for Sweatcoins, head to your app store and search for “Sweat Wallet.”

Download and install the app on your mobile device, making sure it is compatible with your operating system.

Step 2: Creating a Sweat Wallet Account

Open the Sweat wallet app on your smartphone and follow the registration process to set up an account.

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Provide the necessary information, such as your name, email address, and any additional details as prompted.

Take the opportunity to establish security measures, such as setting strong passwords and enabling two-factor authentication, to ensure the safety of your account.

Step 3: Linking Sweatcoin and Sweat Wallet

Next, establish a connection between your existing Sweatcoin app account and the Sweat wallet.

Linking Sweatcoin and Sweat Wallet

Follow the provided instructions within the app and verify the link to facilitate a seamless transfer process.

Step 4: Initiating the Transfer from Sweatcoin

With your Sweatcoin and Sweat wallet accounts now linked, access your Sweatcoin app and locate the transfer feature for authorization.

Initiating the Transfer from Sweatcoin

Confirm the transfer details, including the amount of Sweatcoin you want to transfer and initiate the transaction.

Once the transfer is completed, open Sweat wallet and check your balance to confirm the successful arrival of your transferred Sweatcoin.

Explore the various additional features and options within the wallet, such as transaction history and settings, to personalize your experience.

How to withdraw $SWEAT into your NEAR Wallet

You can withdraw SWEAT tokens into your NEAR wallet by following these steps:

How to withdraw $SWEAT into your NEAR Wallet
  • Download the Sweat Wallet app from the App Store or Google Play Store.
  • Link your Sweatcoin account and Sweat Wallet account.
  • Tap on the “Trade” button and choose NEAR as your destination currency.
  • Enter an amount of tokens that you want to withdraw and confirm your transaction.
  • Receive your NEAR funds in your wallet address.

As the pioneer in the “move-to-earn” sector, Sweat Economy and its associated Sweatcoin app have been present as a Web2 product since 2015. Now, the app is transitioning to cryptocurrency rewards through its new extension.

Here are some key points about its unique features:

No barriers to entry:

  • The Sweat Economy aims to appeal to a broad audience by allowing users to access it without any restrictions. Anyone can start earning rewards for staying fit by downloading the Sweatcoin app and can choose to opt-in to receive crypto rewards if they wish. The technical details are handled behind the scenes, making it easy for users to participate.

Massive community:

  • Sweat Economy is poised to become one of the largest crypto applications ever. The original Sweatcoin app already boasts over 110 million users, with more than 13 million having already opted into the crypto feature by downloading the Sweat Wallet app. To put this into perspective, another move-to-earn project called STEPN reached just over three million users at its peak. Sweatcoin aims to have approximately 137 million users by the time of the token generation event.

Partnerships:

  • Even before introducing cryptocurrency, Sweatcoin had established partnerships with numerous global brands, including insurers, fitness and lifestyle brands, and major healthcare providers.

Multiple revenue streams:

  • Unlike some move-to-earn tokens that lack inherent value and may suffer from inflation, Sweatcoin and Sweat Wallet have multiple revenue streams. These include both business-to-business (B2B) and business-to-consumer (B2C) channels that support the app and ensure its long-term sustainability. Additionally, many of these revenue streams will lead to the burning of SWEAT tokens, gradually reducing the circulating supply and potentially increasing the token’s value.
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Data integrity:

  • Sweat Economy stands out among fitness apps as it does not monetize user data. The project has never sold user data, but it plans to create a new platform that allows users to voluntarily opt-in to data monetization. If users choose to participate, their data will be added to an aggregate data pool, which could be valuable to insurers, doctors, healthcare services, and other parties willing to pay for access. The profits generated from data monetization will be shared with the data owners, providing additional rewards for staying fit.

Inactivity fee:

  • To motivate users to maintain long-term activity, the Sweat Foundation will introduce an inactivity fee. The SWEAT DAO (Decentralized Autonomous Organization) will charge users a fee in SWEAT tokens if they fail to maintain a minimum activity level. The exact fee will be determined by the participants in the DAO.

How to join SWEAT?

If you are interested in joining the Sweat Economy (SWEAT), you can follow these simple steps:

  • Download the Sweatcoin app from the App Store or Google Play Store.
  • Create an account and verify your email address.
  • Start moving and earning SWEAT tokens.
  • Download the Sweat Wallet app from the App Store or Google Play Store.
  • Link your Sweatcoin account and Sweat Wallet account.
  • Start using, staking, or converting your SWEAT tokens.

You can also follow Sweatcoin on social media to stay updated on the latest news and developments:

Conclusion

The Sweat Economy (SWEAT) is a new way of earning money while staying fit and healthy. By joining the Sweat Economy, you can convert your physical movements into digital currencies that you can use for various purposes. You can also enjoy a variety of features and benefits that make fitness more fun and rewarding.

FAQ

How do I invite my friends to join the Sweat Economy?

You can invite your friends to join the Sweat Economy by sharing your referral link with them. You will get 5 SWEAT tokens for each friend who signs up using your link and verifies their email address.

How do I complete offers on the Sweatcoin app?

You can complete offers on the Sweatcoin app by tapping on the “Offers” tab and choosing an offer that interests you. You will need to follow the instructions and complete the required actions to earn SWEAT tokens.

How do I play games on the Sweatcoin app?

You can play games on the Sweatcoin app by tapping on the “Games” tab and choosing a game that you like. You will need to answer questions or solve puzzles related to health and fitness topics to earn SWEAT tokens.

How do I stake SWEAT tokens on the Sweat Wallet app?

You can stake SWEAT tokens on the Sweat Wallet app by tapping on the “Stake” button and choosing the amount of tokens that you want to stake. Confirm your transaction and wait for it to be processed. You will start earning yields and rewards based on your stake amount.

How do I convert SWEAT tokens to other cryptocurrencies or fiat currencies on the Sweat Wallet app?

You can convert SWEAT tokens to other cryptocurrencies or fiat currencies on the Sweat Wallet app by tapping on the “Trade” button and choosing a pair that you want to trade. Enter the amount of tokens that you want to sell or buy and confirm your transaction. You will receive your funds in your wallet balance.

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