SweatCoin, the popular fitness app, is set to launch its native cryptocurrency as its demand increases globally. The up-and-coming mover is set to have the biggest crypto launches in 2022 as its user base grows.
What is Sweatcoin?
SweatCoin is a fintech company changing the way people train. The application uses the GPS of the user’s smartphone to track their daily movements. For every 1,000 steps, the app pays the person 1 Sweatcoin, which they can then use within the network.
SweatCoin is disrupting some of the biggest economies in the world. Fitness is a multi-billion dollar industry with a large Total Addressable Market (TAM). Also, most people have a smartphone these days.
In addition to fitness, the app has the potential to disrupt the non-fungible token (NFT) industry. A good example of this is what StepN did. StepN is a moving company that allows people to buy and sell sneaker NFTs on its platform.
SweatCoin has seen strong growth over the past few years. According to its social media pages, the coin now has over 100 million users from all over 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 currently it is impossible to cash out accumulated coins. Therefore, two months ago, the developers announced that they would unveil their SWEAT cryptocurrency.
The goal is to allow people to cash out their accumulated coins from any exchange like Coinbase, Binance, and OKX. Additionally, coin holders will have the chance to participate in the governance of the platform.
There are many things we don’t know about SweatCoin crypto. What we do know is that it will launch on the Near Protocol, which is one of the largest smart contract platforms in the world. During the announcement of the partnership, the CEO of SweatCoin said:
“Blockchain wasn’t sophisticated or fast enough in 2015, but thanks to NEAR, it is now. SWEATSHIRT: The token powers our mission to create an open economy of movement for a billion people.”
Is Crypto SWEAT a Good Buy?
A common question is whether the price of SweatCoin will increase when it goes public. It’s hard to predict. However, we can expect some short-term volatility as the coin’s holders cash in on a large scale. Also, it should be noted that other move-to-win tokens like GMT and StepN’s Step app have all crashed recently.