The growth of the move-to-earn industry has seen platforms such as Sweatcoin gaining traction with users. Today, the platform boasts of having over 100 million active users on its platform. The platform also boasts of being a pioneer in the blockchain move-to-earn industry.
The platform operates as a health and fitness application that allows users to earn with each step they take. Users are rewarded with Sweatcoins tokens, which they can accumulate and be used in the platform’s marketplace to buy items or donate to charity.
On July 28th, Sweatcoin raised $13 million to fund its accelerated efforts of moving to Web3 technology. According to the platform, the funding would help them expand the Sweat Economy ecosystem, which would include making it the next billion users crypto platform. The funds would also go into rewarding participants of the platform.
The funding would also go into the launch of its native token, $SWEAT, which is expected later this month. According to reports, current holders of Sweatcoins will see their digital assets matched with Sweat tokens, which will be transferred to their Sweat wallet.
Despite the recent project milestones and the highly anticipated launch of the project, Sweatcoin can only be accessed throughout the platform, whereby users have to be physically active in order to earn the tokens.
Therefore, the current value of Sweatcoin is worthless outside of the platform, where these tokens can be exchanged on the platform’s marketplace. However, this is about to change in the next week, as Sweatcoin looks set to launch its $SWEAT token.
After the launch, users who currently have Sweatcoins will be matched with the $SWEAT token, which they can now be able to trade on other exchanges. The launch of the token on September 12 will also see the entrance of over 100 million Sweatcoin users into the cryptocurrency industry, where they can use their digital assets to trade and exchange with other cryptocurrencies.
This post was last modified on Sep 05, 2022, 13:30 BST 13:30