Sweatcoin - Sweat Economy
What is Sweatcoin - Sweat Economy?
Sweatcoin is a mobile fitness app that has been highly popular since its launch in 2016. The app aims to motivate healthier living by rewarding users for daily physical activity, and currently boasts over 110 million users worldwide. To incentivize physical activity, the app rewards users with an in-app currency called Sweatcoin, which is a non-crypto virtual token. Sweatcoin has been ranked first for the most downloaded health and fitness app in 58 countries as of September 2022.
Users can now convert their Sweatcoin to SWEAT, which is the crypto token used to claim real-world prizes and experiences. Sweat Economy, the newly launched web3 initiative of Sweatcoin, offers the Sweat Wallet, a cryptocurrency wallet, and the SWEAT crypto token. Over 13 million wallets have been created in the four months since the launch, and Sweatcoin has raised $13 million in investor funding. The company is also planning to hold a public token sale and strong hold offering on the DAO Maker launchpad.
The co-founder of Sweat Economy is Oleg Fomenko, a Russian-born, London-based entrepreneur with experience at Coca Cola, Visa, PepsiCo, and the Boston Consulting Group. Anton Derlyatka, another co-founder, holds an MBA from the London Business School and has completed Executive Programs at Stanford Business School and US Berkeley. Egor Khmelev, the CTO and co-founder, is a developer and graduate of the Computer Science program at the University of London. Henry Child, the CCO of Sweat Economy, has a background in traditional finance and previously worked at Bitfinex, Tether, and Deliveroo HQ.
Sweatcoin aims to lower global carbon footprints by incentivizing physical activity to create a healthier and more active world. The app has increased its users' physical activity by an average of 20% and has partnered with the NHS to help create a healthier society and reduce burdens on global healthcare systems. Additionally, users have the option to sell their movement data to healthcare companies. Sweat Economy's unique approach to incentivizing physical activity with a move-to-earn style game has earned it a leading position in the M2E sector, with reportedly over 3 million users. The app is a pioneer in this field, and its existing user base and global reach are expected to drive further growth as it transitions into a Web3 "lifestyle application."
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