Sweatcoin, the London-based tech company on a mission to inspire a healthier planet by incentivizing people to move more, has partnered with the NEAR Foundation to launch SWEAT, a radical new token.
Designed to truly unlock the power of movement, this revolutionary cryptocurrency is minted purely by steps. With more than 63 million users who’ve walked over 19 trillion steps and 600+ brand partners who provided over $200 million worth of goods in Q4’21 alone, SWEAT represents one of the most significant steps in mobilizing the new movement economy.
“Sweatcoin was founded with a vision to create a new economy of wealth through health,” says Anton Derlyatka, Co-founder at Sweatcoin. “For every 1,000 steps you take, you earn a Sweatcoin that can be redeemed for goods and services in the app from brands including Sonos and Reebok, or to donate to important charities such as Save the Children via Sweatcoin for Good.”
By building the token on top of NEAR’s super-fast, incredibly secure, and infinitely scalable blockchain, SWEAT will be a unique showcase of a blockchain working at scale without fuss.
“From the start, there was also a greater ambition: to make a global, open cryptocurrency, to more tangibly realize the value of movement,” says Derlyatka. “Blockchain wasn’t sophisticated or fast enough back in 2015, but thanks to NEAR, it is now. SWEAT: the token turbocharges our mission to create an Open Economy of Movement for a billion people.”
“One of NEAR’s core missions is to help onboard the world to Web3, collaborating with SweatCoin allows us to take a step closer to that mission.” says Marieke Flament, NEAR Foundation’s CEO.
How SWEAT token works
To get started, users download the Sweatcoin app, which allows them to assign value to their movement. As people walk, run, or otherwise move, the Sweatcoin app verifies steps as a Movement Validator.
Eventually, the Sweatcoin Foundation will decentralize this movement verification process to enable other apps and wearables to verify new forms of movement. Users will then be able to earn SWEAT by swimming, cycling, hiking, working out, rowing, and more.
Sweatcoin already has more than 63 million users who have walked over 20 trillion steps, which means SWEAT will become harder to mint over time. So, the earlier people walk, the more SWEAT they can receive, which can then be redeemed for goods and services in the app from 300+ brand partners, including Sonos, Reebok, and others.
Why Sweatcoin is incentivizing movement
The World Health Organization (WHO) is targeting 2025 as the year to halt obesity. However, recent global estimates suggest no country will meet this target—instead, obesity rates are expected to double to 1 billion people classified as “clinically obese” by 2030.
Sweatcoin intends to change this troubling trend by incentivizing people’s health and well-being. In doing so, the app aims to create a societal shift where people feel empowered and motivated to improve their health through reward.
“The inherent issue with traditional cryptocurrency is that you have to use your own money,” adds Oleg Fomenko, Co-founder at Sweatcoin. “While SWEAT will be available to purchase, the key difference is that for everyday users, you invest your steps, which we hope is going to encourage people around the world to want to be more active. We’re investing in the future wellness of our users and literally letting them walk into the world of crypto.”
Sweat Foundation Ltd, in collaboration with Sweatcoin, will launch the SWEAT token this summer.