Sweat Economy, an online fitness ecosystem, has announced that it will host a token sale for its new Web3 cryptocurrency, SWEAT, on DAO Maker’s Launchpad. To encourage users to work out more frequently, the Web2 app has introduced a loyalty currency called sweatcoins. Users earn Sweatcoins as they walk throughout the day.
The coins are redeemable for exclusive partner prizes and entry into limited-time contests, freebies, and games. Sweatcoin’s economic concept enters the Web3 era with the release of Sweat Wallet, a product of Sweat Economy, and the new cryptocurrency, SWEAT
Sweatcoin, SWEAT and their role in the Sweat Economy
Sweat Economy was founded in 2015 with the intention of fostering a healthy lifestyle by inspiring people to work out more. With more than 110 million users worldwide, Sweatcoin is among the most popular health and fitness app of 2022. Sweatcoin consumers bought nearly $70 million in goods and services in Q1 2022 using their sweatcoins.
Thus, SWEAT will power the entire open economy of the Sweat Economy ecosystem as the new currency of the land. Over twelve million individuals have already signed up to receive SWEAT. The new cryptocurrency will be available on the DAO Maker launchpad on September 5 at 12:00 UTC.
At the time of release, users who already own Sweatcoins will get one SWEAT for each Sweatcoin they own, in addition to keeping their original Sweatcoins. This means that there is no entry barrier and that anyone may start making SWEAT from their steps immediately. You’ll be able to store, send, and receive SWEAT tokens with the help of the Sweat Wallet app.
When it comes to tokenized startup fundraising, DAO Maker is a frontrunner. To date, it has financed over 100 projects and has over half a million users. In addition, the average peak performance for Q2 2022 launches is 4,000%. Its long-term objective is to disrupt conventional approaches to personal finance.