In a surprising twist, Sweatcoin co-founder and Sweat Economy CEO Oleg Fomenko made an unexpected announcement during his keynote at the NearCON event. He explained the end of Move2Earn and presented a vision for a future that goes beyond traditional products.
Sweatcoin is a mobile app that allows users to convert their daily steps into a digital currency called “Sweatcoins”. These Sweatcoins can be used to purchase various products, services and experiences through the Sweatcoin marketplace or exchanged with friends and family.
The main aim of the app is to motivate users to live a healthier and more active lifestyle by rewarding them for their physical activity.
Fomenko expressed gratitude for participating in conversations within the industry over the past two days and acknowledged Move2Earn's passing.
He gave a brief overview of Sweatcoin's development, starting as a Web 2 platform in 2014 that incentivized physical activity.
Later, the company moved to Web 3 and launched Sweat Wallet and Sweat Token. Importantly, Fomenko emphasized the need to move beyond tokenizing existing assets and instead focus on creating entirely new assets.
The Move2Earn dilemma
Fomenko addressed the burning question about the fate of Move2Earn, comparing it with the historical performance of well-known projects such as StepN, Genopets and StepApp.
While he acknowledged the general state of the market, he questioned the notion of declaring Move2Earn entirely dead, drawing parallels to the fluctuations of the broader crypto market.
The Sweatcoin boss delved into a comparison between the current state of the cryptocurrency and the early days of the Internet. He pointed to the Internet's evolution from curiosity to mass-market phenomenon and suggested that the crypto space may be in a similar early phase and still has plenty of room for growth and development.
Designing for the next billion users
While addressing the need to deal with bad actors in the industry, he outlined key principles for building products for the next billion users.
Starting with a real problem, simplifying language, focusing on native mobile experiences, and recognizing the value of low-value transactions were among the key considerations.
He also called for a passionate advocate for shifting the success metric from Total Value Locked (TVL) to active users. Fomenko argued that living ecosystems require products designed for the masses, not just whales.
He added that Web3 companies should focus on building economies and not just products. He urged the audience to think beyond products and build economies using Web3 technology. He was inspired by the attention economy and proposed the creation of a movement economy
Finally, to encourage innovation for the next billion users, Fomenko announced that Sweat Economy is sponsoring a hackathon section focused on “DeFi products for the next billion people.” The winner will receive 50,000 users to test and validate their product.
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