Sweatcoin is a leading fitness company that is changing how people exercise. It is a move-to-earn company that rewards people for doing simple exercises like walking and running. Started by Oleg Fomenko, the platform has over 100 million users worldwide. In this Sweat crypto price prediction, we will assess whether the coin will be a good buy.
What is Sweatcoin?
Sweatcoin is a platform that operates in the fast-growing fitness industry. The firm’s applications have millions of users from around the world. It rewards its users with tokens that they can use in its marketplace. According to its website, users in its ecosystem transact products worth over $24 million every month.
Sweatcoin, like Stepn, uses GPS to track users activity. It then rewards them with SWEAT coins they can spend in the ecosystem. In September, the developers will launch the biggest event in the ecosystem when they unveil the $SWEAT coins that can be bought and sold in various centralized and decentralized exchanges. However, unlike GMT based on Solana, SWEAT will use the Near Protocol.
SWEAT will be minted by walking and other accepted activities. Therefore, each coin will require more steps to mint than the previous step, which will push people to exercise harder. In addition, since their movements will generate more SWEAT today than tomorrow, it will preserve the utility of the coin.
Another change that will be introduced is on verification of the tokens. Instead of a centralized method of verifying, the whole process will become decentralized. By so doing, the developers will introduce third parties like Peloton and Fitbit to become validators. They will then receive a cut of all transactions.
Will SWEAT crypto be a good buy?
It is relatively hard to predict whether the SWEAT coin will be successful or not. Currently, it is almost impossible to make a SWEAT price prediction since the coin will be launched in Q3 of this year.
However, because of demand and supply dynamics, there is a likelihood that the coin will drop as most of the current holders exit. This is in line with what I wrote about Pi Network coin.
In the long-term, however, the coin will likely do well as the developers introduce more features like NFTs, DeFi, and advertising, among others.