Sweat Economy: Monetizing Physical Activity with Crypto Incentives
Summary:
The co-founder of Sweatcoin and Sweat Economy, Oleg Fomenko, suggests providing immediate economic incentives in the form of crypto rewards to encourage consistent exercising throughout the year. The Sweatcoin app rewards users' physical activities, while Sweat Economy is building a crypto ecosystem around the SWEAT token. The aim is for the future valuing of physical activities, turning them into a significant economic influence possibly worth trillions.
Global health and fitness are often the targets of personal improvement, especially at the start of the new year. New Year's resolutions often revolve around enhancing one's physical condition, with a focus on increased exercise. Pew Research Center indicates that nearly four out of five Americans who made 2024 resolutions vowed to place emphasis on their health, exercise, or dietary habits. Despite this, the resolution track record isn't strong - data from a 2016 study reveals that just 9% of resolution-makers in the U.S. maintain their commitments. There's even a lightheartedly labelled "Quitter's Day" on the second Friday in January as the day when most people surrender their New Year resolutions.
Oleg Fomenko, co-founder of Sweatcoin and Sweat Economy, suggests that an immediate economic stimulus in the form of crypto rewards could encourage sustained exercise throughout the year. The Sweatcoin app rewards physical activity by tracking steps and assigning points that can be exchanged for products or experiences. Concurrently, Sweat Economy builds a crypto ecosystem with the SWEAT token acting as the central element.
On the 14th episode of The Agenda podcast, Fomenko talked to host Jonathan DeYoung about the tremendous societal value of movement and how to determine the worth of a step. Their discussion also covered the future of an economy where the value of exercise is tokenized and potentially accounts for an industry worth trillions.
Fomenko suggested that physical activity is greatly undervalued, even though it contributes significantly to societal financial benefit. Active individuals often require less health care and their wellness ideally profits the entire nation. He related physical activity's underrated monetary value to the attention economy, a quantifiable entity where platforms like Google, Facebook, and Amazon have assigned worth to the attention span of consumers.
Sweat Economy distinguishes one unit of movement as a single step and has initiated funding for research to estimate the economic value of 10,000 steps. The project allies with the University of Cadiz to work on this task, with more university partnerships to be announced.
Fomenko anticipates that once monetary value is assigned to physical activity, the resultant tokenized movement will stimulate economic growth. Presently, Sweatcoin dispenses SWEAT tokens in exchange for the first 5,000 steps to users opting for its crypto feature. Fomenko's ambition is to motivate everyone to keep active via financial incentives. He speculated that with time, physical activity could be traded on the main markets.
Delving into his vision for the Sweat Economy, Fomenko wishes to see physical activity recognized as a tradable commodity: "One headline I'd love to read — 'The value of physical activity surged by 20% based on the latest U.S. obesity report.' Such a recognition would transform the SWEAT token into a measure of the value of physical activity."
The complete discussion between Fomenko and The Agenda, including his insights on the health implications of the metaverse, fraud prevention in Sweatcoin, the worth of health data and more, can be accessed on Cointelegraph's Podcasts page, Apple Podcasts or Spotify.
This statement is not intended to provide legal or investment advice and should be interpreted for general information only. All views, ideas, and viewpoints expressed here exclusively represent the author and not necessarily the views and standpoints of Cointelegraph.
Published At
3/20/2024 3:10:00 PM
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