Sweat Economy utilising Web3 to incentivise health in new markets

Credit: Shutterstock
Credit: Shutterstock

Sweat Economy, the Web3 ecosystem on a mission to help the world be more physically active by incentivizing activity, has expanded into the US and eight new countries. 

Other countries include the Bahamas, Barbados, Botswana, Ghana, Jamaica, Pakistan, Zimbabwe, and Uganda, paving the way for users to begin tokenizing their physical activity within the Sweat Economy ecosystem, adding momentum to the burgeoning global movement economy. 

Sweat Economy enters these new markets with the support of its community, who participated in a vote, with over 380,000 users deciding to burn and reallocate idle tokens to support the current launch effort. 

Oleg Fomenko, Co-Founder of Sweat Economy, said: “We are thrilled to finally bring the Sweat Economy experience to the United States and 8 other markets.

“Our global community of users has been instrumental in supporting this launch and we are thankful for their participation in the biggest ever governance vote that allocated nearly 700 million $SWEAT to the new community members in consideration for their verified physical activity. 

“By expanding into these markets, we aim to inspire a new wave of physical activity and incentivize individuals to lead healthier lives, while paving the way for the next billion users looking to participate in the movement economy.”

Sweat Economy is aiming to represent the latest evolution of the move-to-earn campaign, by accelerating the mainstream adoption of Web3 technologies through tokenisation, health, and crypto. 

Sweat Economy uses a unique passive reward system by leveraging the Sweatcoin application. Users can verify their movement–tokenizing their physical activity. As a reward, users can mint $SWEAT, a token on the NEAR Protocol

Once onboarded into the Sweat Wallet, users can mint $SWEAT by engaging in physical activities. Accrued $SWEAT can then be used in various ways, including deposited into “Growth Jars” to be saved and multiplied, and unlock exclusive rewards within the ecosystem. 

Chris Donovan, CEO of the NEAR Foundation, added: “It’s incredible to see the progress of Sweat Economy as it enables us to achieve our mission to bring millions into the open web.  

“As an industry leader in tokenizing physical activity, Sweat Economy’s launch into the US represents a major milestone not just for the project, but for the entire NEAR ecosystem.”