Sweatcoin is a fitness app that offers users the ability to earn virtual coins by walking, running, or cycling. The company behind Sweatcoin, SweatCo LTD., was founded by Oleg Fomenko, Anton Derlyatka, Danil Purshev and Egor Khmelev in 2014. The company developed an app, Sweatcoin, that rewards users for exercising.
Sweatcoin is one of the many fitness apps that reward users for walking, running, or cycling. The company operates an app available on both Android and iOS, which counts users’ steps. Based on these steps, the app then rewards them through virtual coins. These coins are only acceptable on the platform’s internal market, including offers from over 300 partners.
Sweatcoin is one of the many fitness apps that have come forward in the past decade. The market for such apps is saturated, which makes it difficult for the company to compete. However, Sweatcoin has still managed to accumulate millions of users on both the Google and Apple platforms. Users can download the app on their Android or iOS devices and use it to get Sweatcoins, a quasi-cryptocurrency.
Sweatcoins focuses on allowing users to divide their goals into various achievements. The app helps users track both their indoor and outdoor activity and get paid for it. The app runs in the background and uses a device’s pedometer to track steps. It also has several other features from which users can benefit. Currently, the app pays one sweatcoin per 1,000 steps.
Sweatcoin also has a marketplace for users. This market is where users can spend their earned sweatcoins. The marketplace also includes exclusive offers for free, prizes, and discounts. Users can redeem their coins on the marketplace by staying active. If users don’t want to spend their money on the marketplace, they also have crowdfunding options. Hence, users can use their coins to help different partner charity projects or NGOs.
With Sweatcoin, users can set their own goals. The app motivates users to stay fit and get paid for it. It also has a social sharing option to allow various users to work together. It also includes leaderboards, competitions and achievements. Some users may be wary of sharing all the information with the app. However, the app’s developers have promised 100% data privacy to its users.
What is the Sweatcoin business model?
Like most other companies in the online world, Sweatcoin uses an e-commerce business model. The company further utilizes several business models to create a customized model for its use. Primarily, Sweatcoin uses a freemium and subscription-based model. The app is free for users to use. However, Sweatcoin does earn through advertising on the app.
Similarly, users have to pay for various memberships within its market. As mentioned, there are four categories of memberships on the app. The first tier is free, while others cost sweatcoins on the marketplace. These packages provide users with extra incentives to use the quasi-cryptocurrency to get more rewards.
On top of that, Sweatcoin also earns through a commission business model. All the partners on the marketplace pay the company a commission for every sale they make through the app. The partners get exposure and revenues in exchange. Similarly, it provides them with an opportunity to market to health-conscious and fitness-related consumers.
How does Sweatcoin work?
Sweatcoin is a fairly easy app to set up. Users that want to join the network need to download the app from their respective mobile app markets. As mentioned, the app is available on both iOS and Android. Users can download the app free of charge. Once they get the app on their smartphone or wearable, they need to register on the platform.
The registration process for Sweatcoins is relatively straightforward. Once registered, users can set up their profiles and establish goals for themselves. Then, the app automatically tracks their steps when they start walking or physical activity. However, the app has some checks that allow it to filter any indoor activity from outdoor work.
The Sweatcoin app runs in the background and uses a device’s pedometer to track physical activity. Based on that activity, users can earn sweatcoins. It means the more users walk, the more they can earn. However, Sweatcoin does not use the GPS feature on devices. Therefore, this app can work offline and is less intrusive in terms of privacy.
The app may use location services to filter any outdoor activity from indoor activity. However, as long as users are walking and running outside, they will earn sweatcoins. As mentioned, the current rate is a single sweatcoin per 1,000 steps. However, there are some events where the app may offer users to get more than that.
Membership
Sweatcoin also has a membership feature. There are several categories of Sweatcoin membership that can help users earn more than basic users. The first category includes the “Movers” tier. With this package, users can only make up to 5 sweatcoins every day. However, they must accumulate at least 5,000 steps to get the reward. For any activity beyond those steps, the app won’t provide any extra sweatcoins.
Once users rack up Sweatcoins, they can buy other membership tiers. The next package is the “Shaker” membership. This package takes up the maximum earnings that users can get per day to 10 sweatcoins. However, they must accumulate at least 10,000 steps per day to do so. This package also costs 75 sweatcoins.
The next package is the “Quaker” subscription. This package increases the maximum limit for users up to 15 sweatcoins per day. Lastly, the final package is known as the “Breaker” members. It is the highest package with a limit of 20 sweatcoins per day. However, both packages require users to meet the step count to get awarded relatively.
Marketplace
Another feature that Sweatcoin provides is its marketplace. This market is where users can spend their sweatcoins. The marketplace offers a variety of fitness and health products. Similarly, it also includes services from different partners. As mentioned, Sweatcoin has over 300 partners that provide their products and services in the marketplace.
The marketplace only accepts sweatcoins as a currency. However, users don’t need to earn these by themselves. They can also get donations or gifts from other users. Additionally, users also have the option to donate to charities. The app donates a specific amount of actual money to partnered charities for a particular amount of sweatcoins.
How does Sweatcoin make money?
Sweatcoin is a fitness app that has over 10 million users across various platforms. As mentioned, these users use the app’s features to earn sweatcoins. This freemium business model allows Sweatcoin to make money from users by advertising to them through the app. These advertisements use Google ads to make money for the company.
Instead, Sweatcoin uses its marketplace as its advertising platform. There are hundreds of partners that offer their services on this marketplace. As mentioned, the partners receive a targeted platform to market their products and services to consumers. Users can spend their sweatcoins on these products and services.
As mentioned, the primary source of revenue for Sweatcoin is sweatcoins, the app’s internal currency. Users can either use these to buy products or services on the marketplace or purchase subscriptions. If users use the marketplace to make purchases, the partners have to pay a commission to Sweatcoin. If they use subscriptions, Sweatcoin can redeem its internal currency.
Another source of revenue for the company is advertisements. The company earns money by displaying ads to users through the Google ads platform. These earnings serve as a secondary revenue source for the company. These revenue sources help Sweatcoin generate millions in revenues each year.
Conclusion
Sweatcoin is a fitness app that rewards users for physical activity. The app runs under the Sweatco company. Similarly, Sweatcoin uses an internal quasi-cryptocurrency known as sweatcoins. Users can get these in exchange for physical activity. They can then use this money to make purchases on the app’s marketplace. Sweatcoin uses a commission and freemium business model.
