At the beginning of the first quarter of 2022, Sweatcoin had 65 million users; in September, there are 120 million. The number of users is growing rapidly and the plan is for global expansion, increasing the countries the app is available in from 75 to 160. Read on to find out when you’ll be able to withdraw money from your Sudar wallet.
Sweatcoin and sweat economy (SWEAT)
Sweatcoin is a very popular mobile fitness app that was first launched in 2016. With over 110 million users worldwide, the app aims to encourage healthier living by rewarding users for daily physical activity. .
Users are rewarded with an in-app Sweatcoin, a non-crypto virtual token that works as a monetary incentive to reward users for physical activity. Users can now convert sweatcoin to SWEAT crypto token to claim prizes and real-world experiences. As of this writing, as of September 2022, Sweatcoin is ranked number one as the most downloaded health and fitness app in 58 countries.
Sweat Economy is the recently launched web3 initiative by Sweatcoin. Within the Sweat Economy app, a crypto token, SWEAT, and a cryptocurrency wallet, Sweat Wallet, are launched. More than 13 million wallets have been created in four months since its launch. Additionally, Sweatcoin has raised $13 million in funding from investors and plans to hold a public token sale and strong offering on the DAO Maker launchpad. After TGE, only the first 5,000 steps of a user will produce SWEAT
The app aims to reduce global carbon footprints by encouraging physical activity to create a healthier and more active world. Sweatcoin is pioneering a move to win (M2E) style game, which is similar to a play to win game, where users can earn monetary rewards for their participation. In this M2E game, users can earn cryptocurrencies by being physically active in their daily lives.
The team claims their app has increased their users’ physical activity by an average of 20% and has partnered with the NHS to help create a healthier society and reduce burdens on global health systems. Also, although Sweat Economy claims that it never sold its users’ data, users will have the option to sell their movement data to healthcare companies.
STEPN started the move to win trend at the beginning of 2022 with more than 3 million users, it is the leading player in the M2E sector. While there is a wave of M2E holders joining the crypto space, Sweat Economy already has an existing app and global user base before launching a token and transitioning to a Web3 “lifestyle app”.
How to withdraw money from the Sweat wallet?
At the moment it is not allowed to withdraw money from your SWEAT wallet, it is only allowed to exchange SWEAT tokens for coupons and products within the Sweatcoin app and send your tokens to another app user. According to the Whitepaper, in the future it will be possible to exchange for other cryptocurrencies within the Sweat wallet or send them to other wallets and exchanges. below you will have information on when this will be possible.
The first utility phase for SWEAT will include:
- Bet: Earn an Attractive Yield Percentage on SWEAT
- Tiered Mining Limits – Users who stake/accumulate more SWEAT will have higher mint limits
- Rewards: On-chain and off-chain rewards will be given to holders based on the amount of SWEAT they hold/stake
- Access to private Telegram and Discord channels in the SWEAT community
Second phase (August-December 2022)
- Dynamic NFTs: More evolved NFTs will return higher rewards and utilities, such as a staking multiplier, higher daily minting limits, and on-chain and off-chain rewards. NFTs will need to be fed SWEAT to evolve and/or prevent decay (represents an inactivity rate).
- Fiat Access: Users will be able to purchase cryptocurrencies with fiat currency. The project will work with major payment processors to allow users to easily purchase SWEAT with a card/bank account.
Third phase (2023-24)
- Crypto exchange: integration with CEX/DEX. Users will be able to buy, sell and exchange cryptocurrencies to exchange them for cash.
- NFT Marketplace: Integration with third-party NFT marketplaces will enrich the NFT experience for users.
- Selected Crypto Market Offers: Tiered Transaction Fees. Users with a higher level will benefit from lower transaction fees on DEX, deposit and withdrawal features.
- Referral Fees – Higher referral fees for big SWEAT holders. Currently, 20% of the Sweatcoin app growth comes from referrals.
- SWEAT DAO: The Foundation will gradually hand over governance to SWEAT DAO.
Whether in SWEAT will increase in value later is difficult to predict. However, when coin holders start cashing out in significant amounts, we should prepare for some confusion soon. It’s also important to note that there have been recent glitches with other move-to-earn tokens, such as GMT and Step N’s Step app. Sweat Wallet will incur fees by enabling a set of DeFi features: buying and selling crypto, trading of SWEAT for other cryptocurrencies, provision of liquidity, participation and much more.