Sweatcoin: The application pays when users … sweat. Completely free, use “walk” to exchange for iPhoneX, Samsung TV or $ 1,000

Money to sweat

Flegers founders Oleg Fomenko and Anton Derlyatka came up with the idea in 2015 when Fomenko lost all motivation to do gym because of business failure.

Living in the bustling city of London, the U40 couple understand the difficulty of maintaining a healthy habit, especially when the entertainment programs are always “overwhelming” of physical activity.

“We seek to help users feel” satisfied “immediately after exercise, similar to the” playboy “applications are doing.” – Fomenko said.

And the Sweatcoin project – The sweat currency was born.

In short, Sweatcoin is an app that tracks and pays “coins” for active physical users.

Similar to money in e-wallets, “sweaty coins” can be used to pay for and purchase various services and products.

In addition to indoor activities, Sweatcoin will start “paying” for all outdoor activities of users, from walking in the park, moving to work or jogging sports …

Using the accelerometer and gyroscope found in smartphones, combined with GPS data and personal information of users, Sweatcoin can easily detect whether users are really “sweating” or is not.

For every 1,000 steps, the user will receive 0.95 “cents of sweat” (Sweatcoin retains 5%).

Not only encouraging users to participate in activities with attractive prizes, Sweatcoin also creates a competitive and introductory stimulus model to increase the level of interaction:

– Share “achievements” so that users can compete with each other.

– Receive 5 Sweatcoin for each successful referral.

– Allow users to “donate” Sweatcoin to each other.

– A wide range of attractive products / services that can be exchanged from Sweatcoin, from e-books, clothes, to new iPhones, Samsung TVs, or even cash.

iPhone XS, USD 1,000 or curved Samsung TV can be exchanged from Sweatcoin

How does sweatcoin make money?

Up to now, Sweatcoin still allows users to download and use completely free, making many people question the feasibility of this model.

However, Sweatcoin has attracted up to 5.7 million USD of investment capital, including many famous funds in the startup market such as Goodwater Capital, Greylock Partners, Rubylight, Seedcamp, SmartHub …

The money comes from investors who have realized the extremely smart model of Sweatcoin, starting with limiting the number of “sweat coins” that customers can earn every day, ensuring only those who are really trying. new power pays off.

Sweatcoin has the following packages:

– Mover (free): Allows users to receive up to 5 cents a day.

– Shaker (prepaid 4.75 cents per month): Allow users to receive up to 10 coins per day.

– Quaker (prepayment of 20 cents per month): Allows users to receive up to 15 coins per day.

– Breaker (prepayment of 30 coins per month): Allows users to receive up to 20 coins per day.

– Trouble Maker: Not published.

All packages can not be purchased with real money, forcing users to consider their lifestyle before investing “sweat”, and once purchased, must try to operate to not miss the opportunity. Assembly.

1. Revenue from partners

Sweatcoin-exchanged products and services are divided into 2 groups: Daily and Marathon.

Any user has the ability to accumulate 10 – 50 Sweatcoin after a few weeks of use, and from there they can redeem promotional codes, discounts from the partners of the application.

For users who want to “play big”, they must be continuously active for 12-24 months, invite friends to join, and accumulate 20,000 Sweatcoin in exchange for products such as iPhone X, Samsung TV, or 1,000 USD cash.

This model is quite similar to the websites that sell promotion deals (Groupon or Hotdeal), when partners are willing to discount prices to connect with more customers.

2. Revenue from advertising

In addition to the “commissions” from partners, Sweatcoin also proactively placed ads within the application to diversify revenue sources.

Like many other applications, Sweatcoin has become an advertising partner from Google with many ads paid by “giants”.

But to increase “views”, Sweatcoin does not force users to see ads to use the app, instead, Sweatcoin dubs ads to be one of the ways to generate coins, causing customers to link. Keep logged in and watch to be rewarded.

However, the oldest Sweatcoin user insists that the ability to track activity and the pride of seeing himself trying every day is the main motivation for them to continue, the rewards only help them to be curious and track in the beginning.

“Psychological (but not physical) factors are what help users use Sweatcoin 3 times a day.” – Oleg Fomenko shared.

Currently, this project is burning a more daring intention, strengthening the security and technical foundation to turn Sweatcoin into one of the digital currencies, capable of exchanging and exchanging cash instantly.

Result

Shortly after its launch, Sweatcoin became a “familiar face” in the Top of the most popular health applications, on both the iOS and Google Play app stores.

Co-founder Anton Derlyatka confidently claims that Sweatcoin currently has 2.28 million regular users and is constantly growing.

However, Sweatcoin also faces certain difficulties. The first is that it “drains the battery” so fast that it makes the phone owner with a poor battery capacity unable to use it continuously.

Next is the security issue, many users express concern when this application collects their GPS data, posing many risks of disclosing personal information.

But Sweatcoin is still reassuring users about these issues, constantly releasing updates for over 10 million app installs.

The partners do not seem to care as more than 300 different brands participate in providing products and promotion services on Sweatcoin. The application also doubled the number of employees after successfully raising capital, promising to grow in the future.