Move-to-Earn Has a Ponzi Economics Problem

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.