Forget ponzi economics. The better way to move2earn is a là SweatCoin, whose deployment on Near is widely accepted to be the main driver for the number of Near wallets going from 2M in Jan 2022 to 20M by Nov, writes boydcohen CultureWeek
Earning more tokens and acquiring more non-fungible tokens supposedly leads to users becoming rich. In the heyday of play-to-earn, users indeed were able to earn insane amounts of high-value tokens. One user,dozens or more M2E games
SweatCoin’s journey is unique in that it was founded in 2014, and although the founders had aspirations to bring the reward token on-chain back then, they knew it was way too early, and so it remained a Web2 app. And thanks to great execution and brand building, SweatCoin had more than 100 million users before it was deployed on the Near protocol last year.
Because SweatCoin survived close to a decade without having digital assets like NFTs or a reward token on-chain, it was forced to build a business model that didn’t rely on them. Not surprisingly, in private conversations with several blockchain developers for the M2E project I lead, WheelCoin, I learned that there had been a bit of a bidding war among several leading blockchains to bring SweatCoin to their ecosystem.
Thus, by not having the ability to monetize digital assets the way crypto-native M2E apps have done, SweatCoin built what I believe to be a much more sustainable business model. With the transition to Web3, SweatCoin hasn’t lost its roots, but instead is now layering in more on-chain digital assets, including the reward token itself.A business model to emulate
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