Move2earn project Sweat charts course for web3 launch in US
Move2earn challenger Sweat Economy is set to open up its crypto services, including the Sweat Wallet application and its native token, $SWEAT, to people in the U.S. market,
Move2earn was a novel concept pioneered by companies such as Stepn. The idea is that people can earn tokens via tracking their steps or exercise. In some cases, with this model, the coin’s price rising has been dependent on new adopters, with unsustainable price spikes leading to consumers losing money.
SWEAT’s price peaked in September last year, shortly after launch, and cratered after, according to TradingView data.
The non-crypto version of Sweatcoin has been available to the U.S. market since 2016; however, users have so far not been able to access its blockchain components due to regulation, according to a company release. Sweatcoin was the most downloaded health and fitness app globally in 2022, the company said.
Sweat’s announcement comes at a time of increasingly difficult regulatory pressure on crypto in the U.S. as NFTs and stablecoins alike have come under the microscope.
“We’ve been keeping an eye on regulatory developments and speaking to our legal advisors, and feel this year is the right time to bring SWEAT to the U.S.,” Sweat Economy co-founder Oleg Fomenko told The Block in a message.
U.S. finally breaks a $Sweat
The move was announced at the ETH Denver conference, and will roll out officially on Sept. 12, a year since its global launch.
Existing U.S. Sweatcoin app users will receive their allocations of the crypto token, $SWEAT, in proportion to their current Sweatcoin holdings, and can start earning more tokens for their steps.
“Since last year, we have been inundated by requests from our U.S. users, who have been desperate to … literally … walk into crypto,” said Fomenko. “Although we wish we could have made this announcement last year – better late than never! It’s wonderful to announce the good news to our millions of U.S.-based users now.”
$SWEAT tokens for the U.S. launch will not come from additional token emissions but from existing token allocations, meaning, in theory, it will avoid inflation.
