Sweatcoin: Can the walk-to-earn model last?

Another M2E (Move-to-Earn) project has recently gained popularity—Sweatcoin. Simply put: you walk, and it gives you tokens.

Impressive numbers: As of May 2024, 120 million users worldwide have collectively generated 50 billion SWEAT tokens. Those are some staggering figures.

How do you earn? It’s pretty straightforward: every 1,000 steps can be exchanged for 0.95 Sweatcoin. Later, they launched the SWEAT token, and now it takes 3,623 steps to generate 1 SWEAT. The official platform also charges a 5% fee. This rate decreases year by year, and by 2028, it’s expected to become even tighter.

What are the features?

1. No need to buy NFT shoes (like with STEPN) to participate, so the barrier to entry is low.
2. Supports partnerships with over 600 brands like Apple and Audible, so there’s a lot you can exchange the tokens for.
3. Even the UK NHS (National Health Service) supports it, giving it official endorsement.
4. Data is encrypted and location information is not sold to third parties.

What do investors care about? It’s the age-old question: as the user base grows and token supply explodes, how can the token price be maintained? SWEAT has already gone through multiple rounds of decline. The team says they plan to decentralize and expand features (add NFTs, new exercise modes), but whether these promises will be fulfilled remains to be seen.

To be honest: Sweatcoin’s logic is clever—using a combination of health and economic incentives to motivate people to exercise, while also providing a low-barrier entry point for newcomers to crypto. But whether it can avoid the fate of “the more players, the more the token depreciates” is the real key to how far this project can go.

If you’re joining now, be prepared for the possibility that the token price may continue to fall.