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Oleg Fomenko is the co-founder of Sweat Economy. Fomenko is a Russian-born, London-based entrepreneur with experience at Coca Cola, Visa, PepsiCo and the Boston Consulting Group. Fomenko is also the founder and CEO of Bloom.fm, a mobile music streaming service that amassed over 1.2 million users by offering a deal of £1 per month for unlimited streaming. Shortly after Bloom.fm shut down, he began working on Sweat Economy.

Co-founder Anton Derlyatka holds an MBA from the London Business School and has also completed Executive Programs at Stanford Business School and US Berkeley. Prior to Sweat Economy, Derlyatka worked at a VC firm that specializes in fitness tech and held senior management roles at Reebok, Kearny and Pepsi.

Egor Khmelev is the CTO and co-founder of Sweat Economy. Khmelev is a developer and graduate of the Computer Science program at the University of London. Prior to Sweatcoin, Khmelev led several tech startups in Moscow.

Henry Child is the CCO of Sweat Economy. He began in traditional finance and worked at a hedge fund before transitioning into tech and crypto. He previously worked at the Deliveroo HQ and also held roles at Bitfinex and Tether.

The app aims to lower global carbon footprints by incentivizing physical activity to create a healthier and more active world. Sweatcoin pioneers a move-to-earn (M2E) style game, which is similar to a play-to-earn game, where users can earn monetary rewards for their participation. In this M2E game, users can actually earn crypto for being physically active in their day-to-day lives.

The team states that their app has increased their users’ physical activity by an average of 20% and has partnered with the NHS to help create a healthier society and reduce burdens on global healthcare systems. Moreover, though Sweat Economy states that they have never sold their users’ data, users will have the option to sell their movement data to healthcare companies.

STEPN has kickstarted the move-to-earn trend in early 2022 — with reportedly over 3 million users, it is the leading player in the M2E sector. While there are a wave of M2E incumbents joining the crypto space, Sweat Economy already has an existing application and global user base before launching a token and transitioning into a Web3 “lifestyle application”.

Find out more about STEPN — one of the leading “web3 lifestyle app” that started the move-to-earn trend.

Check out Genopets (GENE) — a Solana-based M2E game inspired by a combination of Tamagotchi, Pokemon, and Strava.

Learn more about Step App (STEP) — an Avalanche-based move-to-earn game where users and their metaverse avatars complete fitness quests and PvP (player versus player) challenges.

Read more about the different play, move, watch and create-to-earn sectors.

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