Founded by Alec Fomenko in 2015, Sweat Economy has undergone a significant evolution, moving from a Web 2 platform geared towards online commerce focused on sport and health to blockchain in 2022, marking its transition to Web 3. On September 12, 2022, the launch of the Sweat Wallet app and its token, $SWEAT, symbolized this new era towards a decentralized digital economy. Adopting the Move2Earn model, the project aspires to become a major player in the sector by rewarding users for their physical activities, thus transforming walking or running into cryptoassets. Based on the NEAR blockchain, the protocol guarantees secure and transparent conversion of physical exertion into cryptocurrency.
To walk and earn $SWEAT, you need to install two applications. The first, Sweatcoin, will count your steps and allow you to accumulate Sweatcoins (SC), a virtual currency offering advantages on the app's marketplace.
The second application, Sweat Wallet, will convert your physical activity into $SWEAT, the cryptocurrency specific to the Sweat Economy ecosystem. These $SWEAT can be used within the app, but you'll also be able to exchange them for other cryptocurrencies or fiat currency (euros or dollars).
Choosing a subscription: Sweatcoin offers two types of subscription: free and premium. The free subscription limits earnings to 10 SC per day (approx. 1,052 steps). The Premium subscription offers double the number of sweatcoins per step, 100 free SC per day, regular vouchers, and simplifies the membership process.
Watching video ads: on Sweatcoin, every 1,000 steps offers the chance to earn sweatcoins by watching ads, with a potential maximum of 1,000 sweatcoins per ad, although this is rare.
Participate in races: take part in races with other Sweatcoin subscribers to win sweatcoin rewards. Click on the Challenge icon, choose a race from Sweatcoin Races, and take part in as many races as you like, with no obligation to finish first.
Refer friends: earn 5 SC per new friend referred via your link. Invite referrals in the Social section by selecting Find and Invite Friends.
Become a Sweatcoin influencer: to achieve this specific status, you need to encourage 30 new members to join Sweatcoin. Once you've reached this status, you have the opportunity to receive benefits such as PayPal vouchers, discounts, or other various types of rewards.
If you wish to withdraw your $SWEAT from the application, but do not wish to exchange them for fiat currencies (€ or $), you can transfer them to a decentralized wallet compatible with the NEAR blockchain, such as MyNearWallet, or to a centralized platform that supports $SWEAT: Bybit, SwissBorg, Crypto.com, OKX, Bitfinex or Kucoin. Once you've transferred your $SWEATs, if the product is offered, you can store them to earn interest on your cryptocurrencies or exchange them for other cryptocurrencies.
To withdraw your $SWEAT, go to your Sweat Wallet application. Click on the Transfer logo with the double arrow. Then enter the $SWEAT address of the platform to which you wish to transfer your $SWEAT. Transfer fees must be paid in NEAR, the native cryptocurrency of the Near Protocole blockchain.
If you wish to withdraw your $SWEAT and exchange it for fiat currency (€ or $) for deposit in your personal bank account, you will need to transfer your $SWEAT to a centralized trading platform: Bybit, SwissBorg, Crypto.com, OKX, Bitfinex or Kucoin.
Once your $SWEATs have arrived on your trading platform, convert them into your local currency and enter your bank details to receive your rewards in fiat currency.
Sweat Economy offers an innovative approach to motivating users to stay fit by turning their physical activity into cryptocurrencies. Overall, Sweat Economy is an interesting project for those looking to stay active and be rewarded for their physical efforts. Download the app, sign up, stay on the move and start earning $SWEAT today!
Disclaimer : This is not financial advice. The site aims to inform readers about various DApps. Any type of investment involves risk. Do your due diligence and do your own research on the projects featured on the site. Act as a good father and do not invest more than your objectives or financial means allow you. In this regard, read our page: Warning about virtual currencies.
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