An Interview With Sweat Economy

Sweat Economy was founded to make the world more physically active, In an exclusive interview with BitcoinWorld, we will explore how Sweat Economy is revolutionizing the way we view and reward physical activity.

Can you explain the core concept of Sweat Economy and how it combines physical activity with blockchain technology?

Sweat Economy was founded to make the world more physically active, but we didn’t want to create another app that took from users. Instead, we partnered with NEAR Protocol to launch $SWEAT, a crypto asset you mint with your steps without any initial investment. Blockchain technology gives users more control over their assets, more control over the economy’s vision, and it’s a way for people to own their movement. Without blockchain, we wouldn’t be able to get any monetary worth from our physical activity.

How is the $SWEAT token minted through physical activity, and what technology ensures the accuracy and integrity of this process?

The $SWEAT token is minted in direct correlation with how many steps a user takes. Pedometers and step counters have existed for so long, and $SWEAT takes that number of steps and allocates a financial value to it. Combining the in-app step validator with blockchain technology allows us to provide rewards for people’s fitness efforts. Beyond the sense of physical well-being that comes with exercise, earning $SWEAT is a real incentive for people to get moving.

The Sweat Wallet is noted as a top global dApp. Could you discuss its main features and how it caters to the needs of the crypto-curious?

Sweat Wallet is set to become one of the easiest-to-use consumer crypto apps on the market. The whole goal is to make it as easy to use as the Web2 apps we use every day. Why? We believe crypto is for everyone, and we focus on features that make onboarding easier (stay tuned for Magic Keys powered by NEAR’s Fast Auth technology, which will make it easier than ever to log in, restore lost keys, and connect your email right to your wallet).

Right now, our core features cover three main areas: education (Learn & Earns: short lessons that give users the ability to earn $SWEAT and other prizes); crypto management (portfolio, Growth Jars, and the easy trade feature powered by Orderly Network make storing, growing, holding, and swapping crypto easy), and fun (games like Sweat Kingdom, a trivia game that allows you to earn a share of $SWEAT).

With over 140 million registered users, what strategies has Sweat Economy implemented to achieve such significant user growth and engagement?

Sweat Economy is driven by the community, and the community drives all of our decisions. We found that user growth and engagement comes naturally when people are actually part of the process. Each community platform has a dedicated 24/7 moderation team, ensuring a safe environment while fostering conversations good and bad.

Additionally, our in-app users are some of the most active around. We often run community-created proposals for the millions of users to decide. Our highest-performing vote reached 380K+ unique voters, the highest-ever number of participants in a Web3 Governance Vote.

But a successful user growth and engagement strategy isn’t just about listening, it’s about implementing. Our team of data scientists, product managers, marketers, and even designers are constantly iterating, testing, and gathering feedback so we can make sure the features we’re releasing are actually ones that people want. We’re not here to contribute to the noise or become a useless Wallet; we’re here to revolutionize what it means to own the wealth generated from your physical activity and make it easier to actually engage in the world of Web3.

Since its launch, how has Sweatcoin influenced the lifestyles of its users? Can you share any success stories or data on improved physical activity?

Sweat Economy and Sweatcoin are designed to improve the lives of users by encouraging them to move more and showing them, in tangible terms, the value of their physical movement. When you know you have a financial incentive to get up and go for a walk, to take the stairs, or the scenic route, it gives you that little push you might need to move more. Small lifestyle changes add up over time, and we’re proud to be helping people bring those positive changes into their lives in a fun and rewarding way.

What can users purchase or redeem with their earned $SWEAT tokens? How do you ensure the offerings in the marketplace are appealing and valuable?

$SWEAT’s value goes beyond traditional crypto; you can enter prize draws to win prizes like trips around the world, Teslas, gift cards, Apple products, ETH, tickets to major events like the Olympics, and so much more.

How does Sweat Economy’s partnership with the NEAR Foundation enhance the capabilities and scalability of your platform?

NEAR Foundation has been a brilliant partner–from the Meeting of the Minds, where I sat down with NEAR co-founder Illia Polosukhin to chat about the future of crypto, to the many panels and talks we’ve co-partnered on, our relationship with NEAR has become one of the drivers of our technical vision. NEAR is constantly innovating with new features like FastAuth and Chain Abstraction, so that Sweat Wallet can scale and serve our growing user base.

What future enhancements or expansions are planned for the Sweat Economy? Are there any upcoming projects or partnerships that users should look forward to?

Keep an eye out for Magic Keys powered by NEAR’s FastAuth technology. It provides Web2-style access in a Web3 world, so you can connect your Wallet to your email account, recover lost keys quickly, and become a pro at managing crypto without any experience.

What are the biggest challenges you face in integrating fitness tracking with cryptocurrency, and how do you address them?

The biggest challenge in integrating fitness tracking and cryptocurrency is helping people to understand the idea of linking something as basic and offline as walking to something as technical as minting cryptocurrency. Thankfully our over 3 million monthly active on-chain users seem to have grasped the idea, and we’re excited to be taking on the challenges of building out our community and strengthening the movement economy.

For someone new to Sweat Economy, what tips or advice would you give to maximize their experience and benefits from the platform?

Our minting curve is getting harder every day, which means the more you walk, the more you’ll earn – then you can have fun! Play around on the app, check out the portfolio and trading features, learn about the world of Web3 with the learn & earn lessons, and enter as many rewards as you want. Crypto wallets shouldn’t have a huge learning curve, we’re doing all we can to make it easy for you to maximize your experience and get the biggest benefits from the platform.

If you’re an avid walker, you might enjoy the features available with a Sweatcoin Premium account,  like access to limited-offer Premium Jars, the ability to earn more $SWEAT per day, and exclusive access to new features.

The main thing is to GM (get moving)! You got this!