So far we can stake to earn, mine to earn, although in its infancy stages, play to earn is facing its first bear market. "Move to Earn" might sound like play to earn but it's far less complicated. The 2 biggest leaders in M2E are StepN and SWEATcoin.
SWEAT didn't start out as a crypto currency, it was a rewards system using your phone to count your steps. Your steps are converted into points that you could use to redeem discounts on weekly offers. Similar to AddMeFast, there was already an existing social economy there before the SWEAT was launched. Unlike StepN, SWEAT is completely free to use and accumulate.
SWEAT has been consistent throughout the years finding niche brands to partner up with. Most of these items are in the self-help industry like fitness routines and gear, diet plans and electronic items as well too.
SWEATcoin app served as a marketplace to use your points to get discounts. They even had a successful premium plan for people who wanted to go over the cap for steps per day for $60 a year. Regular users are capped at 5K steps per day.
It only makes sense, a very popular app that gives you perks to move around everyday, whether you crawl, walk or run. On top of that, you have people willing to pay for a premium membership. Just like the AddMeFast model, the stage is set for a realistic launch into a long term market.
A crypto currency was announced in the summer of 2022. I started in 2018 and I used this in a way to help track my activity. There was incentive for me to get discounts in the marketplace, but I decided to accumulate and I did that without the expectation of receiving crypto.
The points I accumulated over the years were converted to SWEAT. For launch day, they slowly implemented a mining difficulty scale. Essentially over time, it will take more steps to generate 1 coin. You can look at the launch day, today and a year from now. At launch 1000 steps equal = 1 SWEAT
SWEAT uses a deflationary mechanism where every single day, it will take more steps to earn SWEAT. Right now it's 3,024 steps to earn 1 sweat. By 2024 it will be 10,640. By 2025 it will be 27k and by 2028 it will be 80K. This is a very ambitious road map but their plans to get into the NFT space and incentivizing users taking their SWEAT long term will all be beneficial for the SWEAT Economy.
The SWEAT team are very active with the community and there is lots of enthusiasm in the community about the project, giveaways, NFT market place and staking which gives you up to 12% for staking for a year. There is lots of room to improve security and reduce vulnerabilities, and maybe this will be part of the face of mass crypto adoption in the future.
This isn’t the most secure mobile wallet and technically because I don’t have any keys, these are not my coins but in my defense, the launch didn’t give me full access to all my SWEAT. The team decided to avoid volatility, holders of SWEAT will slowly have access to all their SWEAT.
Out of 10,000 SWEAT, I only have access to 3,561, which includes all the SWEAT I accumulated since launch. Even though the value is below -70% from launch, no crypto is safe from bear market winter. The true test of SWEAT will come during the next bull run and there after.
I still call this social innovation because it merges movement apps with an ease of access to crypto with a simple interface. The majority of people never paid to add the app SWEATcoin. I started because I say it as a way of tracking my running. If I run a few times a week, I can track around 40,000 steps give or take. Without running or just once a week I would track around 10-15k but if I run every single day of the week I track up to 80K steps. This is before the launch of SWEAT, so now with the 5,000 cap, I can only get 35k steps each week.
This model has been successful because A) It's effortless to gain points, you don't have to be a pro athlete, or start going to the gym. As long as you walk to get the right phone movement for steps, you will gain points. There is virtually no risk of loss because you aren't required to pay for anything. B)Thousands of people have taken advantage of perks for discounts from hundreds of different brands. C) People are willing to pay for this app.
Crypto as a new layer of incentive will help people adopt to crypto. Staking, sending and receiving tokens, buying discounts and soon NFTs. This is the perfect way to mass adopt people into crypto, even if people don't move off of SWEAT app to learn older crypto currency, it still represents a shift in adoption.
SWEATcoin app has over 50 million users and could be considered one of the best mass adoption use cases of crypto. It doesn't matter if every single user doesn't become a Bitcoin trader, mass adoption doesn't need everyone to become an expert, just a mass amount of people to at least learn the basics.
Social innovation is key because if people are motivated to make themselves better through fitness, diet, fashion, wherever people are already motivated to get better, that can be the perfect place for a points system to be replaced by a crypto system and sustain for years.
Check out the app here if you're on mobile https://sweatco.in/app/sf/dela124416