SWEAT is a new cryptocurrency introduced by the move-to-earn platform Sweatcoin.
Users can mint the token by simply banking their steps on the app every day.
Best part is, it costs little to nothing to start earning SWEAT.
On September 13th, Sweatcoin, the highly popular mobile fitness app, launched SWEAT – a new cryptocurrency that can be minted with movement. With that, the Web2 app began its pivot into Web3, allowing users to generate crypto by walking.
As move-to-earn (M2E) projects gain in popularity, more and more people seek to get the most out of their workouts. Sweatcoin, in particular, offers a cheaper alternative to doing just that.
For that reason, let’s take a look at SWEAT and how you can earn them for free in Sweatcoin.
What is SWEAT?
Sweat Economy, or SWEAT, is a move-to-earn cryptocurrency created by Sweatcoin on NEAR Protocol’s blockchain network. As you walk, you will be able to mint SWEAT.
Best part is, it’s free to get started with Sweatcoin. Users do not need to buy any NFTs or invest in anything to start earning SWEAT.
What can you do with SWEAT?
One thing’s for sure, the M2E token is more than just a reward token on the Sweatcoin app.
According to its website, holders can stake SWEAT in the Sweat Wallet app to gain up to a 12% yield per annum. Stakers can even access tiered rewards, including vouchers and discounts for sports brands, tickets to sporting events, stablecoins, NFTs, and more.
On top of that, Sweatcoin is building a SWEAT-based game, which will allow users to play with their tokens. The winner of the head-to-head claims the SWEAT, with the Sweat Foundation taking and burning a fee.
By staking this token, you could also access premium in-app features, lower transaction fees, and higher daily minting limits.
SWEAT has an unlimited supply. On that matter, the company has implemented a few mechanics to reduce its inflation rate. One of them is by increasing the minting difficulty of SWEAT with each passing month.
For now, a user can earn 1 SWEAT for every 1,000 steps. However, these earnings will reduce significantly with time.
As shown in the infographic below, 1,000 steps will only generate about 0.33 SWEAT in 2023. By 2032, the number goes all the way down to 0.02 SWEAT.
So if you want to earn more, it’s better to “sweat” now and make more money.
Besides that, Sweatcoin will commit a percentage of its revenue to buy and burn the token on secondary markets. It will also distribute SWEAT as staking yields – thus reducing the token supply in parallel.
Just so you know, the initial supply of SWEAT is mostly allocated to the company and its private investors. This allocation, however, will have cliff and vesting periods of up to 4 years in total.
Once done, head to the Sweatcoin app to create your account. There will be 2 options available. The first option is for users without existing accounts, while the second is for users with existing accounts. Click “Sign up with Google” to get started.
The app will request for your email address and prompt you to activate GoogleFit data. You’ll be asked to grant Sweatcoin access to your Google account and allow it to count your steps while operating in the background. Upon providing the required access, your Sweatcoin account will be all set.
Before activating your Sweat Wallet, remember to take a walk (around 2,000 steps) on Sweatcoin. I kid you not – this is the company’s latest rule for anyone who wants to activate their Sweat Wallet. Once you’ve got enough steps, go to your wallet and click “Log in with Sweatcoin”.
You will be redirected to your Sweatcoin app and prompted to “Opt into crypto”. Read the instructions and click “Get Your Wallet”. You’re now ready to walk, sweat, and earn some SWEAT.
How many SWEAT can you earn?
That depends on when you get started with Sweatcoin. As of writing, it takes 1,065 steps to generate 1 SWEAT.
Take note, though, that you can only earn SWEAT from the first 5,000 steps daily. The next 5,000 steps on that day (if any) will be converted into in-app sweatcoins that can be redeemed for items such as PayPal vouchers.
On Sweatcoin Premium, users can earn crypto from their first 6,000 steps per day.
How to convert SWEAT to other cryptocurrencies?
To cash out those SWEAT, you must withdraw them into your NEAR wallet. You can do so by using the Transfer function on the Sweat Wallet.
From your NEAR wallet, deposit SWEAT into one of the supported centralized exchanges: OKX, FTX, Bitfinex, Kucoin, Bybit, or Nexo. There, you’ll be able to trade them for other cryptocurrencies. Alternatively, you can do the same on decentralized exchanges such as Uniswap and Ref. finance.