Not many of you know Sweatcoins current estimated value, but I’m sure you know each one isn’t worth that much. As of now, one SWC is worth approximately $0.006 USD, which prices the 1000 SWCs you earned over the course of 4-5 months(if you have good conversion rates) at only six US dollars. Don’t worry, it didn’t used to be like this, but one major factor over-complicated trading and negatively impacted Sweatcoins rate.
The “transfer lock” is a feature they added to marathon offers in the late summer of 2018, and in short it only allowed users to use earned SWCs towards these offers. On trading Discord servers and online forums, each SWC was going for around $0.05-$0.06, but after they implemented this feature the prices only went downhill. People were buying these coins to get the $1,000 PayPal marathon offer, and when that option was removed for them trading started to die, interest over the app started to slightly decrease, and these trading platforms started losing many active users. The reason the value is so low, is because Sweatcoin has made things more complex and more confusing with this transfer lock. If you think about it, your earned 1,000 Sweatcoins are still technically worth $50 USD, you just have to reach an unreasonable threshold to cash out. Each earned Sweatcoin, is worth $0.05 as of now, but sweatcoin removes their endorsed $0.05 rate once it leaves your account. Discouraged after reading the description of the marathon offers, you decide to bail on the app and sell your Sweatcoins. Your 4 months of earned Sweatcoins, which are actually worth $50, are sold to some routine trader who paid a measly 5 dollars for them because they “have to profit.” This is an experience for many users, and I have seen it first hand with countless sellers who come to me looking to sell their Sweatcoins with the same exact story as the one I just stated. Everyone says that they just need to remove the transfer lock feature, but I believe it’s not as simple as that. Sweatcoin did it for a reason, and I’m sure it was justified.
In conclusion, sweatcoin needs to work on a way to improve the overall value and provide it to the community before implementing it. Involving the community more will gain more interest in the app and possibly increase its value. I have a suggestion that will possibly increase trading value, increase interest in the app, and keep discouraged sellers from deleting the app: make the marathon offers more reasonable. Having reasonable goals will encourage users to stick with the app and eventually get something out of it overtime. 1,000 earned Sweatcoins for $50 USD or even $40 USD sounds really good to me.
List any other cool suggestions below, but make sure it’s sort of legit. I may critique them or explain why it may or may not work.