‘Web3-enabled Fitness Trackers Will Reshape Healthcare,’ claims Sweat Economy Co-Founder Oleg Fomenko
In Brief
Oleg Fomenko, co-founder of Sweat Economy shared how tokenization of physical activity can create a new economy ‘The Economy of Movement’.
Out of 10,000 consumers surveyed, 60% agreed that connected products including health wearables and trackers help them maintain and improve their state of health, as per a recent survey conducted by Capgemini Research. Nearly half of the surveyed consumers utilize wearables to monitor their physical activity, set fitness goals, and track progress.
Adding incentives and rewards to this proposition, however, broadens the appeal of these products.
This is where web3-enabled programs and trackers excel as they not only track and verify movement but tokenize users’ verified physical activity and turn it into a new asset that has tangible financial value.
In a conversation with Metaverse Post — Oleg Fomenko, co-founder of Sweat Economy, highlighted how tokenization of physical activity creates fertile soil to create a whole new economy i.e. ‘The Economy of Movement’.
Sweat Economy is a health and wellness platform that rewards users for their physical activity. With Web3-enabled fitness trackers, users can earn for their exercise, providing a financial boost without extra time commitments. Blockchain verification strengthens gamification, social competition and motivation, fostering long-term fitness habits.
“By getting rewarded with crypto for every step they take, users can quite literally step into crypto without ever having owned crypto before. This simple entry point into web3 also contributes to changing their attitude towards the value of their physical activity, which propels them to become even more physically active, creating a lot of beneficial externalities for the whole society,” Fomenko told Metaverse Post.
“Furthermore, they can partake in DAO and community votes and shape the future of the Sweat Economy. This gives users a bigger say in feature launches, rewards, and even burn mechanics,” he added.
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Sweat Economy’s Resilience and Rapid Adoption
Despite challenging market conditions in the U.S., Sweat Economy has maintained impressive growth over the past three months, surpassing 1 million monthly on-chain active users in December 2023. Fomenko attributes this success to the company’s steadfast focus on community, stating,
“We led with a problem: ‘How do we get the world more physically active?'”
“Sweat Economy is one of the first popular mainstream dApps to fully integrate crypto assets and rewards into one app and platform (Sweat Wallet). Users can earn tokens for walking, completing lessons, and more,” Fomenko explained. “This aligns well with the trend of “move-to-earn” in the crypto space, but unlike other move-to-earn platforms, Sweat Wallet doesn’t require you to pay to play. It’s free to use, and it allows users of all activity levels to start earning just by walking.”
Moreover, Fomenko highlighted the use of gamification techniques within Sweat Economy, such as progress-tracking, daily streaks, benchmark rewards and the innovative Sweat Hero game. This aims to transform temporary motivation into permanent lifestyle changes, encouraging users to stay active and engaged with the platform.
Highlighting the impact of the initiative, Fomenko said, “We conducted medical-grade research in a joint project with the University of Warwick that shows that users of the Sweatcoin app are 20% more active after installing our fitness tracker app. The creation of $SWEAT and Sweat Wallet shows that users who opt into crypto demonstrate even higher behavior change than the average user.”
Sweat Economy’s success, even in the face of crypto winter, can be attributed to the resilience of the fitness tech industry. Additionally, the adaptability of Sweat Economy’s platform can also be termed as one of the major reasons.
“The platform has evolved and introduced new features in response to user needs and the changing market. For example, it has expanded its NFT offerings and partnership integrations,” Sweat Economy’s Fomenko told Metaverse Post. “Our platform has a large, engaged user base onboarded from Sweatcoin that provides a solid foundation for growth. It continues to onboard new users through viral and community-driven growth.”
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Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.
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Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.
