The move-to-earn (M2E) concept has been around for some time but largely remained out of the spotlight due to the steep learning curve for new users. Between setting up a cryptocurrency wallet and buying an NFT to participate in a Web3 ecosystem, most existing M2E applications require substantial blockchain knowledge to participate.
M2E represents an economy that rewards users for movement and activity, much like a step counter, except with accompanying incentives for users. Yet, despite the potential, many prospective users, especially those without an understanding of blockchain technology, find it overwhelming to set up digital wallets and interact with on-chain services.
To overcome this challenging reality and improve accessibility, Sweat Economy – the “economy of movement” – successfully launched its product on the Near blockchain ecosystem, effectively tokenizing its ecosystem with SWEAT coins. Sweat Economy has been active in the Web2 ecosystem since 2016 and already features more than 120 million global users. Now, with the transition to Web3 complete, Sweat Economy aims to introduce millions of its existing users to the possibilities of Web3.
As part of its launch, Sweat Economy distributed 4.7 billion newly minted tokens to 13.5 million users through an airdrop. An airdrop represents an event where tokens are freely shared with community members with wallet addresses.
For existing Sweat Economy application users, joining the new Web3 ecosystem was as straightforward as clicking on a push notification highlighting their eligibility for tokens to open a blockchain wallet application titled “Sweat Wallet,” easing what can be a challenging onboarding process for other Web3 applications.
The Sweat Wallet app is designed to simplify the on-chain experience for millions of users who have never interacted with blockchain technology. At the same time, it supports token staking, NFT games, and several other features designed to expand upon its “economy of movement.” Once the wallet was downloaded, users were allocated SWEAT tokens from the airdrop, reflecting most users’ first end-to-end experience with Web3.
Setting New Milestones for the Crypto Economy
In addition to its successful Web3 transition, Sweat Economy set a record for the fastest ever Initial DEX Offering (IDO) on the DAO Maker platform, recording more than $1 million worth of sales of its SWEAT tokens in less than 15 minutes. The project’s current Fully Diluted Valuation (FDV) stands at more than $1 billion, positioning Sweat Economy as a crypto unicorn within a week of launch.
Besides its airdrop and IDO launch, the newly-launched Sweat Wallet app climbed up to secure its position as the #1 finance app across 51 countries over the week. Over 2 million users downloaded the Sweat Wallet app within 72 hours of its token generation event, positioning it among the most active decentralized applications (dApp) across all existing blockchain networks.
Additionally, the SWEAT token has crossed over half a billion dollars in seven-day trading volume across exchanges, including FTX, Bitfinex, OKx, Bybit, Huobi, Kucoin, Uniswap, and Gate.io.
The ease of use and streamlined on-ramp of Sweat Economy’s Web3 transition demonstrates how other popular Web2 applications with millions of existing users can shift to full-fledged token economies.
By highlighting how self-custody of assets earned through participation in a token economy can be simplified, Sweat Economy provides a valuable roadmap for other enterprising Web2 applications. With this template and a careful focus on user experience, other Web2 applications seeking to improve ecosystem incentivization can deploy similar tactics to reap Web3’s benefits.
