SweatCoin, the popular fitness application, is set to launch its native cryptocurrency as its demand grows globally. The move-to-earn company is expected to have the biggest crypto launch in 2022 as the number of its users has increased.
What is Sweatcoin?
SweatCoin is a fintech company that is changing the way people work. The application uses the user’s smartphone GPS to track their activities on a daily basis. For every 1,000 steps, the app pays the individual 1 Sweatcoin, which they can then use within the network.
SweatCoin is disrupting some of the largest economies in the world. Fitness is a multi-billion dollar industry with a vast total addressable market (TAM). Moreover, nowadays most of the people have a smartphone.
In addition to fitness, the app has the potential to disrupt the non-fungible token (NFT) industry. What StepN did is a good example of this. StepN is a move-to-earn company that allows people to buy and sell sneaker NFTs on its platform.
SweatCoin has been on a strong growth path over the years. According to its social media pages, the coin now has over 100 million users around the world. It is also the most downloaded fitness in the world this year.
How will SweatCoin crypto work?
A common challenge for SweatCoin is that it is currently impossible to redeem accumulated coins. So, two months ago, the developers announced that they would be unveiling their SWEAT cryptocurrency.
The goal is to allow people to redeem their accumulated coins from any number of exchanges such as Coinbase, Binance and OKEx. Also, coin holders will have the chance to participate in the governance of the platform.
There is a lot we don’t know about SweatCoin crypto. What we do know is that it will be launched on Near Protocol, one of the largest smart contract platforms in the world. When announcing the partnership, SweatCoin CEO Told,
“Blockchain wasn’t sophisticated or fast enough in 2015, but thanks to NEAR, it is now. Sweat: Token turbocharges our mission of creating an open economy of movement for a billion people.
Is SWEAT Crypto a Good Buy?
A common question is whether the price of SweatCoin will increase when it becomes public. It is difficult to predict. However, we can expect some near-term volatility as holders of the coin largely withdraw cash. Also, it’s worth noting that other move-to-earn tokens like StepN’s GMT and the Step app have crashed recently.
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