Sweatcoin Partners With Near Protocol
Sweatcoin has announced its partnership with Near Foundation to launch a new token, Sweat. The partnership was made to enhance better health by encouraging people to move around more. Sweatcoin is an organization based in London that makes the planet a healthier place by motivating people to walk more. The tech company, Sweatcoin, went into the collaboration with Near, being an eco-friendly firm. Near is investing in the project and being the blockchain for their new radical token.
“One of Near’s core missions is to help onboard the world to Web3, collaborating with the Sweat Foundation allows us to take a step closer to that mission. The company also aligns with our core values of sustainability. Building Sweat, the token on Near’s carbon-neutral blockchain empowers more people0 to work towards a more sustainable future”, Marieke Flament, CEO of Near Foundation.
“We’re turning movement into a valuable, recognizable currency with Sweat: the token, and for those that are new to the space, it’s a little-to-no-financial-risk option to get on board and gain access to an asset that’s becoming increasingly harder to mint, helping us to achieve the mission of making the world more physically active by unlocking the value of movement,” Oleg Fomenko, Sweatcoin Co-Founder.
One week after the partnership kick-started, over 400,000 Sweat wallets were created by Sweatcoin users. Sweatcoin has over 600 partners who contributed more than $200 million in the last quarter(fourth quarter) alone. These brand partners include Spartan Capital, Polkadot, OKX block dream ventures, GSR, MATIC, Jump Crypto, Electric Capital, and Terra. While these companies and other partners have supported and invested in Sweatcoin, the partnership with Near Foundation majorly provides the company with its blockchain technology.
This partnership will bring about the decentralization of such app processes as the verification process and others. This will enhance the other wearables and applications to verify new movement forms. Aside from walking or jogging, Sweatcoin users will also be able to earn by cycling, swimming, rowing, hiking, or even generally working out.
Sweat has been predicted to become harder to mint in the long run. This is because Sweatcoin users are increasing by the day. Sweatcoin has over 62 million users who have walked over 20 trillion steps. However, with Near, it is a challenge to be surmounted.
Generally, Sweatcoin is faster and easier to use than Near. Due to the super-secure and scalable blockchain, Sweatcoin will be more efficient. As for Near, the partnership is another milestone of global growth.