Summary:
- Sweatcoin is the largest and fastest-growing move-to-earn app top-ranked in over 60 countries currently; it tracks the amount of steps users take each day and deposits coins to their account.
- Users earn 1 Sweatcoins for every 1,000 steps with a maximum of 5 Sweatcoins per day, unless they upgrade to a premium version.
- Sweatcoin’s business model is dropshipping-based; instead of users cashing out on the coins, they can purchase items in-app from merchants like Apple and Amazon. However, users will be able to cash out their Sweatcoins when the SWEAT cryptocurrency launches in September 2022.
Move-To-Earn apps are the newest trend in the crypto industry, with apps such as Stepn (GMT) achieving multi-billion dollar market cap at the peak. However, one app stands heads and shoulders above the others with a unique business model–and top-ranking downloads. This guide breaks down the Sweatcoin app, walking rewards, profit potential, and business model.
What Is Sweatcoin?
Sweatcoin is a move-to-earn app that rewards users for walking…or sweating as the name indicates. The app, which ranks as the #1 app in over 60 countries according to its website, is available in iOS, Android app stores and Google Play, and has accumulated over 75 million downloads.
Think of Sweatcoin as a paying FitBit–it is free to download, and once a user registers, the app starts tracking your steps and rewards you for it. For every 1,000 steps taken, a user receives 1 Sweatcoin, with a maximum cap of 5 Sweatcoins per day.
Sweatcoin’s premise is this: when you maintain your health, you become more productive and benefit society. Because your movement has value, you should be paid for it.
Once a user accumulates Sweatcoins, they can purchase items from the Sweatcoin marketplace and have them delivered to their doorstep.
These items range from sneakers to drones–the higher the value of an item, the more Sweatcoins one needs to purchase it. In Q1 of 2022 alone, $70M worth of goods and services from 600 merchants were exchanged for steps.
Sweatcoin’s app features.
Is Sweatcoin Legit?
Yes. Presently, users can trade in their Sweatcoin balances for actual items or vouchers from established merchants such as Amazon, Apple and AirBnb, all of whom have fulfilled their obligations to deliver, from the numerous positive app store reviews.
How Does Sweatcoin Make Money?
Sweatcoin’s business model is different from other move-to-earn apps. Instead of requiring users to purchase crypto tokens or NFTs in order to start earning rewards, Sweatcoin is paid by businesses who want to access its sizeable network of users–thousands of brands pay a fee to promote their products to Sweatcoin app users. According to SensorTower, Sweatcoin earned $132.2K in revenue last month.
Is Sweatcoin A Cryptocurrency?
Sweatcoin is currently not a cryptocurrency like its competitors Stepn and Step.app, but will become one after it launches its SWEAT coin in September 2022. This is why there is no Sweatcoin to USD conversion currently. But with 75+ million downloads compared to Stepn’s 1 million downloads, Sweatcoin could easily leapfrog its competitors to become the next billion-dollar move-to-earn crypto.
SWEAT is being built on the NEAR blockchain and will be available as an ERC20 (Ethereum) token and NEP4 (NEAR) token.
How Does Sweatcoin Work: 4 Simple Steps
Below we’ve broken down a 4-step guide that explains installation, Sweatcoin rewards, how to cash out on Sweatcoin, and how to give back.
1) Download app
The first step is to download the app on the iOS/Android app stores or Google Play. The app is free, and has been rather positively reviewed. Users can sign up with their Apple ID or social media IDs and immediately start earning Sweatcoins. There is no advanced KYC procedure or approval process.
Note: The app store version requires the activation of “Motion Effects” on the built-in “HealthKit”, which enables step tracking. If this is disabled, the app will not be able to track the steps and reward you.
2) Start walking
It’s that simple: Get your walk on. Go outside and start generating rewards. There are no set-up requirements after you’re registered, and the app will automatically count the steps even when it’s offline.
Side-by-side screengrabs of the Sweatcoin user panel.
The app is intuitive to use with only four panels: Steps, Shop, Balance, and Social.
In the “Steps” page, we are shown our daily activity and the total amount of steps. The activity is automatically converted to Sweatcoin balance and can be used for purchases in the shop.
In the “Shop” page, we can spend the balance on items such as the Apple Airtag, Amazon vouchers and Airbnb gift cards. The walking balance can only be spent here at the moment. Vouchers and other digital offers have instant delivery, while tangible products are delivered within 2-4 weeks.
3) Claim rewards
The step counter balance is converted manually. For every 1,000 steps taken, a user receives 1 Sweatcoin, with a maximum cap of 5 Sweatcoins per day.
At the moment, the app doesn’t integrate with fitness products such as Fitbit or smart watches which means the user has to carry their phone to receive awards.
On average, a person will walk 1,500 steps within less than a mile. Reaching the maximum daily allowance will require a walk of around two miles. Users can also upgrade their account to premium which allows them to earn up to 30 Sweatcoins per day.
4) Participate in the community
Sweatcoin organizes community events and donations that spread awareness about missions around the world, and funds them by pooling Sweatcoin assets from its entire user base.
Users can invite friends to get rewards or donate their coins to a cause.
This is one of the aspects that differentiates Sweatcoin from other move-to-earn apps. Users can donate to end hunger with organizations from all over the world, and they can also participate in walk challenges with other users.
The “Social” part of the app allows users to send direct invite links to their friends via apps such as Snapchat and Instagram, and each friend referred contributes 30 points to the user’s balance.
How To Cash Out Sweatcoin Rewards
Sweatcoin reward balances can be converted into SWEAT coins 1:1 and cashed out when the coin launches in September 2022. If the coin becomes valuable, early adopters who accumulate their coins could make sizable profits by trading the SWEAT coin on exchanges for fiat.
According to the preview, Sweatcoin will be minted for the first 5,000 steps that a user takes per day. Similar to Bitcoin (BTC), generating SWEAT will become increasingly harder as the user base increases and the rewards decrease.
Given that there is already an established community, plus the fact that it is the most-downloaded app in the move-to-earn category, the launch is likely to generate strong market response.
The SWEAT coin is slated for launch in September 2022.
How Much Is A Sweatcoin Worth?
The value of the items or vouchers which can be redeemed from Sweatcoin’s “Shop” section using the Sweatcoin balance gives us an indication as to how much a Sweatcoin is worth. If we assume that a $30 voucher is worth 6,500 Sweatcoins, we can conclude that one coin is valued at the equivalent of $0.005.
Is Sweatcoin Safe?
Safety concerns are a priority with apps that track our movement. Users have given the app an average rating of 4 which is rare even with the most-downloaded apps, indicating high user satisfaction with functionality and safety. The only requirement in regards to settings to use the app is to enable step tracking. This is done automatically on Apple devices using the built-in “HealthKit”.
In addition, Sweatcoin has stated that it has never sold user data. Instead, users will have the option to monetize their data through a platform that will be set up in future. Insurance firms, doctors or investors can access the data on this platform by paying the user–the owner of that data.
How Many Steps Did All Sweatcoin Users Take In 2022?
According to a story that was released by the Sweatcoin team on Instagram, the total amount of steps taken by users in the first six months of 2022 was 19 trillion. This statistic certifies Sweatcoin as the premier and largest move-to-earn app in the world, as it pushes towards 100 million users.
Other Apps Like Sweatcoin
There are many other move-to-earn apps similar to Sweatcoin, such as Stepn, Genopets, Wirtual and Step App, all based on the same concept but with slightly differing tokenomics.
Read our round-up of the top 5 move-to-earn apps that pay you crypto for exercising
Conclusion
In a sea of similar move-to-earn apps, Sweatcoin brought something new to the table by launching a successful app without a coin, even though it is set to transition to a blockchain subsequently. The team has partnered with start-ups and manufacturers to deliver tangible products for their user base and receives high ratings on all platforms, with over 60 million downloads till date. With a cryptocurrency launch scheduled for September 2022, this is one project to keep a close eye on.
