Move-to-earn tech firm Sweatcoin hits 80 million users
Since the firm’s crypto giveaway announcement, over 3.6 million crypto wallets have been created via Sweatcoin’s app, with 10 million new users just in the past week.
Free crypto tokens are unsurprisingly proving a hit, catapulting London based tech firm Sweatcoin into the stratosphere with its user numbers, which reached 80 million this week.
The company announced in mid-April that it would be launching a new token, SWEAT, that users can earn by just their step-count, with a view to encouraging healthier behaviours.
Sweatcoin’s news was accompanied by the promise of the largest crypto giveaway in history; a ‘token generation event’ which will take place in July 2022 where over 860 million sweatcoins earnt by users will be matched with SWEAT tokens. Sweatcoin's tokens can then be used to purchase items at a variety of online merchants, including Reebok and Sonos.
Since the company’s announcement, total user numbers of the app have hit 80 million, with “unprecedented growth” over the past week.
The firm says its growth rate has increased 335 per cent on the previous month, with 10 million new users coming on board just within the last week, leading the company to claim that this is the largest-ever Web2 to Web3 adoption, “dwarfing any other crypto project”.
Sweatcoin also added that it was cited as the leading app overall in eight countries, and the leading health and fitness app in 38 countries.
The popularity of move-to-earn apps has boomed in recent months, with other firms such as Stepn and FITFI that also offer cryptocurrency-based rewards by exercising, gaining traction with users.