The decision to expand into the new territory was supported by a historic on chain vote by the Sweat Economy Community, and saw more than 380,000 community members take part in the decision. 

The announcement will pave the way for millions of users in the United States, the Bahamas, Barbados, Botswana, Ghana, Jamaica, Pakistan, Zimbabwe, and Uganda, to be able to tokenize their physical activity within the Sweat Economy ecosystem — adding momentum to the burgeoning global movement economy. 

Sweat Economy is a Web3 evolution of the Web2 health & fitness app — Sweatcoin — which now has more than 145 million registered users worldwide. It started in September 2022 when the project launched its crypto token $SWEAT alongside the Sweat Wallet mobile app. $SWEAT is effectively a tokenized form of physical activity; a new asset class that did not exist up to this moment, while Sweat Wallet is the mobile application that gives you the best experience of collecting and managing your $SWEAT. To start minting $SWEAT, users need to install the Sweatcoin app,  opt-in to “Walk into Crypto” and then install the Sweat Wallet app. 

This means that instead of earning centralized sweatcoin points, users earn $SWEAT — a crypto token that represents the value of their physical activity and is traded on 20+ exchanges worldwide. 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. Users can also compete in the free-to-play Sweat Hero NFT game to win additional $SWEAT, while also having the option to purchase $SWEAT in-app using the MoonPay fiat on-ramp 

“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,” says Chris Donovan, CEO of the NEAR Foundation. 

“As an industry leader in tokenizing physical activity, Sweat Economy’s launch into the U.S. represents a major milestone not just for the project, but for the entire NEAR ecosystem. It also demonstrates the incredible scalability of the NEAR Protocol, which has been able to seamlessly support one of the largest consumer apps in Web3 operating at a significant scale.”

Since $SWEAT launched on NEAR Protocol, it has become one of the largest Dapps in the Web3 ecosystem, with more than 20 million wallets and more than 100,000 transactions per day. The Sweat Wallet app quickly became the number one most downloaded Finance app in more than 50 countries. This follows Sweat’s success as the fastest IDO ever to sell out on the DAO Maker platform. It has become one of the largest Web3 on-ramps in history. 

“We are thrilled to finally bring the Sweat Economy experience to the United States and 8 other markets. Our community was making it loud and clear that they wanted and needed us there and we are happy that we finally can deliver for them,” says Oleg Fomenko, co-founder of Sweat Economy.

“We are excited that residents of these countries will also be able to literally WALK INTO CRYPTO! 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’s announcement is another milestone as the NEAR community works hard to onboard one billion users to Web3. By choosing to build on NEAR, Sweat Economy will be well placed to leverage the protocol’s incredibly secure and infinitely scalable sharding infrastructure — unlocking the opportunity to onboard millions of potential users into a burgeoning Web3 movement economy.

If you have yet to join the economy of movement, head to your mobile app store and download the Sweatcoin and Sweat Wallet apps today and see how millions of people are earning crypto just by being physically active. Join NEAR and Sweat Economy in building a healthier collective future!

The post Sweat Economy Launches in the USA, Opening the Door to Millions of New Web3 Users  appeared first on NEAR Protocol.

In the latest case study, Sweat Economy founder Oleg Fomenko talks about revolutionizing fitness with blockchain technology. Aside from talking about Sweat Economy’s integration with NEAR, Fomenko also talks about integrating the Sweat Wallet app with the BOS. With over 6 million active users, the Sweat Wallet is the most active dApp on NEAR. 

Watch the Sweat Economy Case Study video below.

Sweat Economy’s Learn & Earn program brings in over 200,000 users

As part of its partnership with NEAR Foundation, Sweat Economy launched its Learn & Earn feature in the Sweat Wallet to educate users about Stablecoins and promote USDT on NEAR in the Sweat Wallet. 

In Sweat Economy’s Learn & Earn Program, which ran from May 23-31, Sweat Wallet users were rewarded with 1 USDT by completing the “What are Stablecoins?”  lesson and an interactive quiz. In total, 100,000 USDT was given out as rewards in this initiative. In just 9 Days: 

• 245,048+ users started the lesson
• 218,789 users completed the lesson: 218,789
• 130,068 users completed the lesson & quiz: 
• 100,000+ users were rewarded with 1 USDT (by completing the lesson and passing the quiz within 6 attempts)

The post Case Study: Sweat Economy’s Oleg Fomenko on Reshaping Fitness with Move-to-Earn appeared first on NEAR Protocol.

This Learn & Earn feature teaches users about the basics of Web3 and crypto through interactive content and quizzes. Launching the first Learn & Earn lesson is an essential step in the collaboration between Sweat Economy and NEAR Foundation, leveraging Sweat Wallet’s 6M+ active user base to introduce more users into the NEAR ecosystem with incentives and seamless user experience.

How Users can Learn & Earn with Sweat Wallet

One of the most popular health & fitness applications, Sweatcoin has over 130 million users globally. Subsequently, the company launched Sweat Wallet last year, which runs entirely on the NEAR network and garnered 6M+ active users in less than one year’s time, since September 2022. Additionally, Sweat Wallet has been the one of the top dApps on DappRadar in terms of unique active wallets. As a result of this initial partnership, more than 20 million Near wallets were created.

Learn & Earn is the latest endeavor to take the Movement Economy to the next level. In the first lesson of our partnership, users will be rewarded with USDT by completing the What are Stablecoins? lesson and an interactive quiz. In total, 100,000 USDT will be given out as rewards in this initiative.

The community’s feedback on potential Learn & Earn topics will also be avidly sought out on Sweat Economy’s Twitter. This will provide a knowledge-compounding effect about Web3 and crypto within the SWEAT community and fitness enthusiasts in general. 

The Sweat Wallet app is available in most countries now and it is launching in the United States on 12 September 2023. 

“With the majority of our community being new to blockchain and crypto, we are excited to be enabling users to walk into crypto literally, and also giving them the opportunity to acquire invaluable knowledge of how web3 works and get rewarded for it,” said said Oleg Fomenko, co-founder of Sweat Economy. “This partnership will give 100,000 people the experience of holding Tether on Near and engaging with many more dApps active in the Near ecosystem.”

Sweat Wallet’s new Learn & Earn feature is a great way for crypto-curious to tap into the world of crypto, Web3, and NEAR. With the ability to earn tokens for learning and taking quizzes, users now have more reasons to stay engaged within the Sweat Wallet app and the NEAR ecosystem. 

Disclosure: Please note that the announcement of the partnership between NEAR Foundation and Sweat Economy is for informational purposes only and does not constitute financial advice or any other professional advice. Nothing in this announcement or in any related communication should be taken as such. The partnership is intended to offer certain benefits or services to their respective customers or clients and does not provide any investment advice, recommendation, or endorsement of any financial product or service.

Any decision to invest or engage in any financial activity should be made based on personal research and professional advice obtained from a licensed financial advisor or other qualified professional.

NEAR Foundation and Sweat Economy do not assume any liability or responsibility for any investment or financial decision made by individuals or organizations based on this announcement or any related communication.

By reading this announcement, you acknowledge and agree that you will not rely on it as financial advice and will not hold NEAR Foundation or Sweat Economy liable for any losses or damages arising from any such reliance.

The post <br>Get Ready to SWEAT: Learn and Earn with the Most Active NEAR dApp appeared first on NEAR Protocol.