🪐AMA Recap of Sweat Team

BlokHash

10 min readSep 9, 2022

Session Info :

1. Introduction
2. Twitter Questions
3. Pre-selected Telegram Question

AMA Recap :-

Blokhash : Guys Chats Locked For AMA Session ❤️
We will start our session very soon 🔜
Blokhash :Hey Guys Let’s welcome @OfirsTelegram from Sweat Economy
Ofir Avigad: Hi everyone! Ofir from SWEAT here
Blokhash: Let me introduce some rules of our session to avoid confusions and do it very smoothly
Blokhash: 1. This AMA is divided into Three Sections.
Introduction — I will ask questions to you about Sweat , about team and stuff.
Selected Questions — There were dozens Of Questions that our community members asked. We have selected some of them for you. They are both from Twitter as well as Telegram. Also, We have Rewards for them as well.
Blokhash: @OfirsTelegram alright !?

Introduction

Ofir Avigad
Hi everyone. This is Ofir Avigad, Marketing Director at Sweat Economy. Very excited to be here today. We’d like to introduce the SWEAT token and Sweat Wallet to you today, which is a web3 project developed from Sweatcoin (web2 app).
In 2016 we created our first app — Sweatcoin (web2), which has made 110M+ people more active. Our new web 3 Sweat Wallet already has 13M+ wallets created in four months, the Sweat Wallet is the fastest growing DApp of all time!
Users receive SWEAT tokens for steps with no sign up fee / expensive NFT required to start earning, which creates a very large and loyal rapidly growing user base. Users discover many web3 features for the first time in the Sweat Wallet, like NFT driven games, sponsored learn to earn with our partners and staking.

Q.1 Blokhash: Can you please introduce the team of Sweat to us ? Like to know the OGs ?

Ofir Avigad: The Sweat team includes:

- Oleg Fomenko, Co-Founder: He has Held a wealth of strategic Roles and focus on Behavioural change at BT, Visa, CocaCola, Pepsi, BCG & Sweatcoin.

- Anton Deralykta, Co Founder: Previously, founding CEO of a VC focused on Health Tech, Talent Tech and Future of Work while managing senior roles at Reebok, Kearney, Ward Howell, Pepsi & Sweatcoin.

- Egor Khmelev CTO & Co-Founder: Co-founded a number of successful technology businesses in Moscow.

- Henry Child, Chief Crypto Officer: worked in crypto for over 3.5 years, most recently as Head of Tokens at Bitfinex and Tether. Previous experience includes Deliveroo and hedge funds.

Jessica Butcher, Chief Marketing Officer: Technology entrepreneur, angel investor, advisor and NED with a demonstrable track record of launching and scaling businesses for 20 years. Co-founded award-winning businesses that have raised over $150M cumulatively.

Blokhash: Look like team is very experienced 😳
And look at our co founder many good names.

Q.2 Blokhash: If you look at other projects, M2E is very interested in the beginning, but the value of coins decreases due to the shortcomings of mining, so the value of nft also decreases. Is there a plan for incineration or buyback to solve the shortcomings of mining for SWEAT project?

Ofir Avigad:
Most tokens fail because they have no real revenue model, it’s only about getting more of the token, to get a better NFT, to get more of the token, and so on… We have already established a profitable Web2 business model, and are accelerating this into Web3. Firstly, users do not require upfront investment to earn SWEAT. That’s how ‘ponzinomics’, as you call them, work. Instead, we have two key sources of revenue: business partnerships with big brands and organizations that pay to engage our huge Web3 community (13M+ wallets created already).
In addition, user transaction fees in the Sweat Wallet app will be huge, and be a main revenue driver. All this revenue will be used to buy and burn the token. Most importantly, we are giving users a product that offers them true value and a token that offers real utility: through the Sweat Wallet, users will stake the token to enjoy amazing rewards (stablecoins, event tickets, NFT drops), to play NFT games and earn yields.
Blokhash You guys are really doing in web2 👌
Now we will rock in web3 ☺️

Q.3 Blokhash : We want to invest in $SWEAT tokens. What are some ways to participate in the sale? If I miss the sale, how can I invest in $SWEAT?

Ofir Avigad: Our SWEAT public sale is open on DAO Maker! Check it out at: https://daomaker.com/company/sweat-economy
The DAO Maker partnership has helped us build relationships with top exchanges for primary listings that have been confirmed. Announcements will be coming out around Sep 10. Stay tuned to our Twitter page: https://twitter.com/SweatEconomy and token page: https://sweateconomy.com/token

Q.4 Blokhash : Can You please also tell me timeline or dates of sale , listing etc to make it easy to set reminders to the fam ?

Ofir Avigad: Sale is live right now
Listing on exchanges opens on Sep 13th, Tuesday next week!
All I can reply is :DDDDDD
I’ve been working as a token marketing manager since 2017… I’ve never had 110M web2 users + 13M web3 users involved in anything!
Blokhash : I see too huge userbase of Sweat app
Literally the numbers are huggggge

Q.5 Blokhash : The biggest problem with M2E is token inflation. Does SWEAT have a system to solve these problems?

Ofir Avigad: Yes!
1) First of all, there are no barriers to entry to earning SWEAT. We are bringing crypto mainstream and are monetizing our vast user base to allow people to earn something only for their steps. They don’t have to put in cash first.
2) SWEAT has fundamental value — utility, rewards, games, etc. — meaning people actually want to use the token, not just to earn more of it
3) Massive buy and burn initiative — much more info coming about this 48 hours before the sale
4) Supply — SWEAT will become more difficult to mint as time goes on (after 1 year it will be about 3x harder to mint). This, along with many other measures, prevents mass inflation.
5) We have a long term vision of building an open economy of movement whereby SWEAT can be mined for any physical activity, like swimming and cycling, and people can monetize their movement data, sell it to insurers etc. You can read more about this in our Litepaper.

Q.6 Blokhash : I think it will be important for long-term growth for those who are not interested in cryptocurrency to want to play games and buy NFT. How will Sweat attract users and appeal to themselves?

Ofir Avigad: Using SWEAT is free, and does not require holding NFTs that cost money. However we are issuing many types of NFTs.

First of all, NFTs will unlock games in the Sweat Wallet app. Secondly, we will have NFT galleries in the Sweat Wallet app, where you can display and use NFTs you own, which opens up the door for new collaborations.
Finally, we will integrate NFT marketplaces to the app. As for NFT drops, we are working to bring NFTs from sports celebrities, and metaverse collaborations.

Q.7 Blokhash : I know Sweat is a very big ecosystem and mang big numbers , can you tell me that what challenges you faced in building it. Like lockdown etc or others ?

Ofir Avigad: Our technology team has wanted to move to blockchain since 2016, when we first launched our app… but the technology was not able to support the massive volume of transactions our millions of users create.
During 2021, we created stress tests for each of the top networks, and NEAR had the best results for us on tx time, fee, and total throughput (parallel transactions at the same time).
Additionally, the NEAR leadership is committed to our collaboration, featuring us in their upcoming NEARcon in Lisbon as we will be launching the token at the TGE.

Q.8 Blokhash : As we all know , there are too many confusion regarding tokenomics and prices , even public price is too lower compare to the private or seed.
Can you please tell me more about this !?

Ofir Avigad:
Well, due to market being lower than last year + the desire to allow people participating to see price rises as in multipliers easier. Our honest / real valuation would have possible resulted in a rather stable price launch
And we wanted a party
PARTY!!!!!!!!!!!!

Twitter Segment Questions

Q.1 Blokhash : Can you tell us what is the important role of your tokens in your ecosystem? Explain its Utility and Real Life use cases? and Why should I invest long term in Your token?

Link : https://twitter.com/sonugamerr/status/1567038004925198342?t=IwttlQZ6wuV_xDDZIKfTtQ&s=19

Ofir Avigad:
The token is the emotional and financial reason why users walk with the app — as they get it.
From there, it’s all about what you can do with it.
In the short term we’ve made some incredible rewards available for people who stake SWEAT like world cup tickets, airpods, macbooks etc
In the long run Sweatcoin web2 already had a collaboration with the National Health System in the UK, whereby they partnered with us to reduce obesity in England

Q.2 Blokhash : Revenue is an important aspect for all projects to survive and sustain. So how does your project plan to generate profit and revenue??

Link : https://twitter.com/ErnestL71707813/status/1567144504737599489?t=CdJqF7QmE3Mycjms0CsG0Q&s=19

Ofir Avigad:

1. We make money from people buying their first crypto on SWEAT wallet / or topping up their existing holdings.

You’re going to need XYZ enough SWEAT to get the best rewards in our staking programs, and many users will buy more SWEAT.

2. NFT games on the SWEAT wallet enable people to compete with each other. First NFT is free for all users, for the 2nd you need to pay.

3. Ads, partnerships, where external companies pay us to give our users rewards for holding SWEAT. For example, Sweatcoin web2 just offered me 3 months of Amazon music for some Sweatcoins… in Web3 the rewards are even bigger.

Q.3 Blokhash : What is your project’s objective? What is the ultimate goal of your #Sweatcoins project in the cryptocurrency space? Tell us more about that. Can you kindly share some forthcoming events with the community?

Link : https://twitter.com/naved75723/status/1566831389064007682?t=enLUa6QBBM5_1bHWWutyng&s=19

Ofir Avigad:

1. Always the number one goal — make the world more physically active!

2. To become a new type of blockchain business that proves you can be a success story while being free to use, no initial investment required, mass market, many people who have never owned crypto will come to us bc they simply start earning for walking….

Discord :- https://discord.gg/CjNVZvKH

Q.4 Blokhash : What gamification systems are you looking to implement?What systems will be in place for those who want to really grind and earn SWEAT vs a player who installs the app and has it just running in the background not really taking much notice of it?

Link : https://twitter.com/VinayKumar_1998/status/1566839712467148801?t=lz4xhMMamT5PTsGE5637bg&s=19

Ofir Avigad:
Our web2 users don’t earn crypto — they MUST download SWEAT wallet web3 to earn crypto. So we keep pushing them prompting them and so on to get it

Q.5 Blokhash : Marketing is a central element for every project, so that everyone knows the potential that a project can bring is vital to achieve the goals set. What is your strategy to attract new users and Investor to your platform and keep them long term ?

Link :- https://twitter.com/Ox_Ayush/status/1567034856517009409?t=6R7UfzsH6MjH7k8ts5zjhg&s=19

Ofir Avigad:
Fist of all 100% of our users so far have come from Sweatcoin Web2 and it’s huge 110M user base.
Furthermore, we have Brave ads planned, many many KOLs and influencers in Japanese, Korean, English, Turkish, Spanish, Polish and Russian… across Telegram, Discord, Twitter and Youtube
We have massive rewards like I wrote coming up, and people will take note they have to get the wallet to earn them.

Telegram Segment Questions.

Q.1 Blokhash : I like the $sweat project very much … But, i have a question regarding the inactivity fee that was mentioned on the roadmap .. can i get more clarity on it ..

Ofir Avigad:
You need to keep walking along time to keep the tokens that you’ve earned… if you stop being an active user you can lose the tokens you haven’t received yet
All tokens are on a 24 month unlock schedule, so the ones you have haven’t unlocked yet, they will lose them.

Q.2 Blokhash : What’s the main features of sweat which them make unique and interesting while many other can’t do this ?

Ofir Avigad: The number on eunique thing is that we are coming from a Web2 company with 110M users that sends us 30K downloads per day from it’s user base, and massive relationships

Q.3 𝑃𝐴𝑅𝐼𝑆𝐻𝐴 𝐾𝐼𝑁𝐺 . What’s your main focus right now,can you tell me?are you focused on the community or market/Exchange or the products?

Ofir Avigad: Our main focus right now is to have as many people who opted in to our wallet to get them downloaded and logged in. Most of our users (over 50%) have never used crypto before, don’t know secret phrase login etc.

Q.4 Senorita , Hello👋
Are you a global project or local project? At present, which market are you focus on, or is it focused on building and growing to gain customers, users and partners?

Ofir Avigad: We are a global project, we are live in every country except the ones no one is live in — Russia, USA, China.
We are live everywhere else! Sweatcoin web2 has been the #1 app in 58 countries.

Q.5 Prothom Alo, :
Where can I buy your tokens right now what is your current contract and how can I buy them.?

Ofir Avigad: You can buy our tokens on DAOmaker https://daomaker.com/company/sweat, and on Sep 13th we will list on top exchanges globally and you’ll be able to find it there.