Feb 1, 2023 at 03:00The Sweat Economy, the team behind the popular move-to-earn Sweatcoin app, recently announced the launch of the NFT game, Sweat Hero. This led to the resurgence of SWEAT native token trading. And it’s only a closed beta for now. The open game’s beta is scheduled for release in the second quarter. Will SWEAT be able to repeat the success of Stepn (GMT), whose token was worth $4 with a market capitalization of $2,284,071,097 and a trading volume of $3,108,632,776 at the peak of its fame?
SWEAT is up. But for how long?
The Sweat Hero public announcement was first made on January 25. Following that, after a long period of silence, there is finally movement around the token. On September 13, 2022, SWEAT reached a record price of $0.07 as the token began listing on exchanges, but has since hovered around $0.009-$0.010. News of the arrival of Sweat Hero was able to move that price up. At the time of writing, the coin’s price had risen to $0.015 (+43.50% in one month).
On the Bybit crypto exchange on January 30, SWEAT ranked second in search queries for the week, surpassing even Aptos (APT). The token value increased on all exchanges where it is traded (KuCoin, Bitfinex, Uniswap (V3), OKX, Gate.io, Huobi, Bitget, and so on).
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According to CoinMarketCap, trading volume for the last 24 hours was $3,864,253, down 22.31% from the day before. At that point, 37.57% of this volume fell on the Hotcoin Global exchange ($1,481,239). OKX is in second place, at 25.31%, or $997,459.
According to dAppRadar, over the past 30 days, the number of unique active wallets holding SWEAT increased by 29.72% (449 thousand). This means that the number of people who want these coins has increased. During the same period, the number of transactions was 23.65% higher (701 thousand).
The total fiat value of assets in dApps’ smart contracts increased by 77.61% ($197.94) over the last week.
Based on the chart, the noticeable growth came after the Sweat Hero announcement.
Dune data shows that holders are buying more SWEAT than they are selling in the course of increased trading. It seems that they are trying to accumulate tokens in the hope of further growth and the opportunity to sell at a higher price. At the same time, the balance of one wallet contains 31.8% of all tokens in circulation (a total of 2,049,222,600 SWEAT are circulating with a total supply of 22,151,394,057 coins; the maximum number is unknown). Most of the tokens are likely from the Sweatcoin Foundation’s treasury and/or the company’s own stockpile.
In an exclusive commentary to buidlbee, the Cryptonauts YouTube channel authors noted that GameFi could make a comeback soon. So Sweatcoin has a good chance.
“Head-to-head battles are great, and although we think, GameFm to do closed testing because now they can bootstrap the economy while getting feedback to impri will make a comeback. It’s a bit hard to attract new users at this moment. Smart of the teaove.”
This month, for example, Yuga Labs, the company behind the popular NFT collection Bored Ape Yacht Club (BAYC), announced the launch of the Dookey Dash game starting January 18. While the main coin of the ApeCoin ecosystem (APE) had previously hovered around $4 after the Dookey Dash started, it crossed the $5 mark a few days later and briefly traded even at $6. As of February 1, APE is worth $5.82, with a daily trading volume of $112,058,165 and a market capitalization of $2,143,313,662.
Will Sweat Hero be as successful? Current sentiment on SWEAT is very bullish, InvestorsObserver says. However, this analytical platform measures the Sweat Economy’s performance over the past five days by volume and price momentum.
Sweat Hero: how the game works
In the game, two players have to fight each other. The winner gets extra SWEAT.
To do this, you will first need to acquire a virtual pair of legs (Legs NFT). The strength of these legs will be based both on the physical steps of the user, as well as on virtual steps which must be earned in the game.
In Sweat Hero, physical steps are the base metric for combat. It resets every 24 hours, so the odds go up if you walk every day. One energy point is consumed per battle. Rarer NFTs will have more energy. Energy regenerates over time.
So far, there is no data on how to get the game’s NFTs. However, judging from the fact that Sweat Wallet has the option to buy NEAR tokens, it is likely that players will have to buy in-game NFTs (or advanced rare versions with good bonuses).
Buying NFTs to get more tokens is similar to Sweatcoin’s competitor app, STEPN. In this play-to-earn game, users have to buy NFT sneakers that “work” for a limited amount of time, after which they must either be fixed or replaced with new ones.
The idea of battles against other players looks interesting. But how promising Sweat Hero is is hard to say since the game has not yet been released.
What is Sweatcoin (SWEAT)?
The Sweatcoin tokens were launched in the summer of 2022. The application is based on the NEAR protocol blockchain. It rewards SWEAT tokens to users for steps taken, thereby encouraging physical activity. In the app, the coins can be exchanged for gift certificates, and discounts at popular sports stores donated to charity, or deposited in the Jar.
According to the developers, there are already more than 120 million application users worldwide. And there are a total of 3 million SWEAT in deposits.
Only 10% of SWEAT was available during the public launch; the rest will be unlocked linearly over 24 months. The same applies to tokens gained by users before the token launch.
There are several mechanisms for burning tokens (removing them from circulation). Also, over time, mining SWEAT by walking will become more and more difficult. The first 5 thousand steps in a day are converted into SWEAT tokens; the rest are converted into sweatcoins.
The increasing complexity of obtaining tokens and constant burning should increase the SWEAT price over time.
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