Sweatcoin is a web3 project that rewards physical activity with a new form of currency called sweat coins.

How did Sweatcoin attract users?

Sweatcoin attracted users by promising a valuable asset, their engagement and attention, which can be monetized through partnerships with brands.

How did Sweatcoin grow its user base?

Sweatcoin grew its user base through a clever referral program where users earn sweatcoins by walking or inviting friends.

What is the goal of Sweatcoin's token?

The goal of Sweatcoin's token is to create a currency that represents the value of physical activity and establish a movement economy centered around it.

How does Sweatcoin monetize attention?

Sweatcoin monetizes attention through brands and advertisers buying sweat tokens, which support the token price and provide yields to users.

Web3 Business Model: Growing 100M Users | Anton Derlyatka & Oleg Fomenko

Name: Web3 Business Model: Growing 100M Users | Anton Derlyatka & Oleg Fomenko
Uploaded: 2023-08-23 14:31:27
Description: Sweatcoin aims to create a tokenized consumer product that rewards physical activity, monetizes engagement through partnerships, and plans to expand its web3 business model to incentivize physical activity and generate revenue for token holders.

This article is a summary of a YouTube video "How to grow 100 million users with web3 business model | Anton Derlyatka & Oleg Fomenko of Sweatcoin" by Tascha Labs

TLDR Sweatcoin aims to create a tokenized consumer product that rewards physical activity, monetizes engagement through partnerships, and plans to expand its web3 business model to incentivize physical activity and generate revenue for token holders.

Tokenization and Blockchain

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As Sweatcoin decentralizes, users will have the opportunity to monetize their physical activity data, with the ownership of this data being transferred to a DAO (Decentralized Autonomous Organization) where users can have control over their data and make decisions as token holders.
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"I want to expose my data for Analytics and we know that this is extremely valuable information like levels of physical activity and the changes and fluctuations like when covet started and Spain started." - The value of personal data for analytics and predicting healthcare costs and population weight is significant.
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The future of web3 business models involves generating revenue from data analytics and distributing the value to token holders through DAOs or platforms.
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The parameters in Sweatcoin's tokenomics, such as emissions and curves, will be constantly changing and evolving based on the number of active users and their walking activity, with the goal of optimizing for specific market conditions and involving the community in the decision-making process.
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Tokenization is a game-changing concept in the business world, enabling new ways of doing things and creating novel opportunities.
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"If you have a digital asset or something that you can tokenize like we do with physical productivity that is inherently valuable and has not been tokenized before, you should be thinking about going to blockchain." - Oleg Fomenko

User Growth and Engagement

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The promise of an asset with value, such as paying people to walk, attracts users and creates a flywheel effect where increased engagement leads to more valuable assets of attention and physical activity that can be monetized.
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The translation of user engagement into physical activity is highly appealing to healthcare providers and insurers, presenting opportunities for partnerships and cost reduction in healthcare systems like the NHS.
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"Very low completion rate 27 when sweatco is at Play that number goes up from 27 to 87 percent so NHS." - The Sweatcoin app's partnership with the NHS resulted in a significant increase in user engagement and completion rates, showcasing the value of collaboration between businesses and public sectors.
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The majority of Sweatcoin's user growth is organic and viral, with only 25 to 35 percent of users being paid for, showcasing the effectiveness of their referral system and sustainable unit economics.
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"We have three million active wallets right now, indicating a significant user base for our web3 business model."

Web3 Business Models

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"This conversation is going to be really really useful to you and if you are a investor. It's also going to be a super helpful conversation for you to think about where web3 will be going in coming years."
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"It's impressive how Sweatcoin was able to grow 100 million users with their web3 business model."
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"It was very important to make sure that we're building on a chain that is energy efficient, so our proof of stake is focused on burning calories as opposed to electricity or fossil fuels."
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Sweatcoin has become the largest project on the near blockchain, with a user base of nearly 14 million wallets holding the token, making it a significant player in the web3 space.

Physical Activity and Health

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The vision behind Sweatcoin is to create an open economy of movement, where physical activity is rewarded and a new generation currency is used by billions of people, highlighting the potential for widespread adoption and impact.
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The universal desire to be more active transcends individual goals and circumstances, highlighting the importance of promoting physical activity for everyone, regardless of their fitness level or mental state.
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The mission of Sweatcoin is to make the world more physically active, and the value of physical activity is reflected in the price of sweat, not the other way around.
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Sweatcoin envisions a future where governments could accept Sweatcoin as part of individuals' taxes, reducing the burden on the healthcare system and generating higher tax revenues over their lifetime.

Q&A

What is Sweatcoin?

— Sweatcoin is a web3 project that rewards physical activity with a new form of currency called sweat coins.
How did Sweatcoin attract users?

— Sweatcoin attracted users by promising a valuable asset, their engagement and attention, which can be monetized through partnerships with brands.
How did Sweatcoin grow its user base?

— Sweatcoin grew its user base through a clever referral program where users earn sweatcoins by walking or inviting friends.
What is the goal of Sweatcoin's token?

— The goal of Sweatcoin's token is to create a currency that represents the value of physical activity and establish a movement economy centered around it.
How does Sweatcoin monetize attention?

— Sweatcoin monetizes attention through brands and advertisers buying sweat tokens, which support the token price and provide yields to users.

Timestamped Summary

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00:00
Sweatcoin, a web3 project with a tokenized consumer product, has grown to over 120 million users worldwide by creating a sweat economy where physical activity generates a new form of currency called sweat coins.
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05:11
Sweatcoin rewards users for physical activity, monetizing their engagement and attention through partnerships with brands, and attracting healthcare providers and insurers, resulting in increased activity and completion rates.
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12:13
Sweatcoin founders created an app to track steps, gradually improving it and gaining positive feedback, leading to unexpected attention and significant user growth, offering an efficient advertising channel for brands and engaging with smaller partners for business growth.
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21:40
Sweatcoin grew its user base to 25 million active users by improving their product, implementing a referral program, leveraging influencers, and expanding into new markets, resulting in a balanced user breakdown by geography and a successful launch into on-chain.
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28:20
Sweatcoin aims to create a currency representing the value of physical activity, allowing insurers to offer discounts and governments to incentivize citizens, with the revenue generated being reinvested into the token's value for a profitable business and growth.
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39:00
Sweatcoin's web3 business model has three million active wallets and prioritizes active users, with plans to introduce new functionalities, dynamic NFTs, trading, and monetization of physical activity data in the future, while also providing valuable data on physical activity levels for predicting healthcare costs and population weight.
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47:06
In the future, data analytics will generate revenue for token holders through a platform, with businesses in the fitness industry partnering with Sweatcoin to issue their users with the cryptocurrency, driving demand and revenue for the token.
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55:52
Sweatcoin has achieved high conversions in several countries but faces regulatory challenges in the US, and they are working on launching there while ensuring compliance; they determine coin-to-token conversion parameters based on walking habits and community governance, and plan to involve the community in optimizing tokenomics for different market conditions to create a long-lasting sweat economy.