Sweat Economy is Building the Movement Economy
Nothing is loaded from YouTube until you press play, and then without tracking cookies.
About this video
SWEAT is a platform that rewards users by attaching financial value to their physical activity. It may sound simple, and turns out it is just that, you walk, you earn.
Oleg Fomenko Co-Founder; CEO x.com/oleg_fem?lang=en
Sweat Economy sweateconomy.com x.com/SweatEconomy
Movement economy is defined as being able to accumulate value for your physical activity (in this case, walking), and being able to exchange that value for tangible goods and services.
THE SWEAT ECOSYSTEM SWEAT is a Web3-based ecosystem that allows users to generate and earn value in the form of $SWEAT tokens for walking. The token is minted solely from users’ steps, and each new mint requires a little more steps than the previous one.
The platform also includes SWEAT Wallet, where users can store their tokens and: Sell or trade the token for its value in USD, or exchange it for other tokens Lock the token for a given time period to compound its value Participate in governance votes Enter to win rewards like Teslas, trips around the world, and more
Sweatcoin is SWEAT’s step validator. Built on Web2 infrastructure, the platform is also a marketplace and donation hub where users can: Validate the steps taken daily Walk to earn sweatcoins, or in-app currency, which can only be used in the Sweatcoin app Explore and shop on the marketplace, packed with products from over 600 partners Donate to the “Sweatcoin for Good” platform, which allows you to fund projects and initiatives that you care about, with your sweatcoins Bid on a variety of auctioned goods from select partners
TALKING POTENTIAL AND WALKING THE RESULTS According to Oleg Fomenko, one of the major breakthroughs of the team in conceiving SWEAT was the discovery of how much convergence there was between attention economy and being active.
“Both actions are valuable to you (paying attention and being active), both have third parties willing to pay for their data, both are scarce.” –Oleg Fomenko
The team surmised that if an industry can be built around attention, then the same can be done for being active. So far, the results are proving them right:
Over 150M users worldwide 2M monthly active users 9M users successfully and seamlessly migrated from Web2 to Web3 13M $SWEAT wallet holders 1M monthly on-chain users 600+ partners SWEAT has clearly succeeded in laying the foundation for a new type of economy, but that’s not all. The platform has established itself as a robust on-ramp and gateway into Web3.
“It is not a conversation of whether movement is valuable, but one of how valuable it is” - Oleg Fomenko, Co-Founder of SWEAT
In 2013, the Web3 space was mostly non-existent beyond Bitcoin and was still largely undeveloped, but Oleg Fomenko, Anton Derlyatka and Egor Khmelev saw its potential. Activity could be the spark plug for an entirely new mechanism of value creation. That’s when SWEAT was born with the mission to inspire a healthier and wealthier planet by incentivizing a human activity that is part of everyday life, movement.
Join NEAR's community: Website: near.org NEAR AI: near.ai Twitter: / nearprotocol Blog: near.org/blog Medium: / nearprotocol GitHub: github.com/near Dev Docs: docs.near.org #NEAR #nearprotocol #NEARAI
Transcript
201 wordsCaptions as YouTube publishes them, usually machine-generated, so product and people names can be misheard.
- 0:02
I’m Oleg. I'm co-founder of originally Sweatcoin and now Sweat Economy. The Movement Economy is when you are able to collect the value of your movement and spend it with partners, companies that are happy to accept it as a payment for their goods, services and experiences. Most interesting and most exciting thing for people, was always to open the app up and look at your balance because when you move your feet, you earn.
- 0:34
Our portfolio screen now includes tokens not just on the NEAR, but on other chains and on you can receive. And what's even more important, send transactions on other chain without touching the keys, without even knowing my address on that chain.
- 0:56
And this is all happening because of Chain Abstraction We know how to bring in tens of millions, hundreds of millions of users. And because we're using Web3, we are a gateway, a onramp to people to come into Web3 in easy, kind of not terribly demanding way.
- 1:17
when people realize that it all compounds and it all works, they really turn us into a daily habit. Making the world physically active and turning your movement into value, into currency. It is pretty incredible.