The token movement will be worth trillions – co-founder of Lab Economy

Improving health and physical well-being is one of the most common goals around the world. At the start of the new year, many people make New Year's resolutions to improve themselves in some way, and one of the most common resolutions is to exercise more.

According to the Pew Research Center, 79% of Americans who have made at least one resolution for 2024 will focus on their health, exercise or diet.

However, research shows that most people who make resolutions do not stick to them in the end. In the year A 2016 study found that only 9 percent of Americans who made a decision kept it. In fact, the second Friday of January is known colloquially as “Quitters Day,” which is said to be when people are most prone to abandoning their New Year's goals.

What can be done to encourage movement and physical activity throughout the year? According to Oleg Fomenko, co-founder of Sweatcoin and Sweat Economy, the answer is to provide immediate economic incentives in the form of crypto rewards.

Sweatcoin is a mobile-to-earn app that tracks users' actions and rewards points that can be redeemed for experiences and products, and Sweat Economy is the crypto ecosystem being built on top of it, centered around the SWEAT token.

In Episode 14 of The Agenda Podcast, host Jonathan DeYoung talks with Fomenko about the importance of movement, how to calculate how much a move is worth, and what the future economy might look like in the tokenized exercise trillion dollar industry.

What is the cost of a step?

Fomenko told Dayang that human activity and physical activity are incredibly valuable to communities, but remain undervalued in monetary terms. For starters, many active people generally require long-term medical care. When people are healthy, the whole country benefits financially, Fomenko argued:

“Health care providers, insurers, employers, and ultimately governments are benefiting greatly from your exercise. You'll live longer, and unfortunately, even logically, you'll pay more taxes because you'll be economically active for longer.

However, no one has put an objective monetary value on what any activity is worth. Fomenko compares exercise to concentration in this regard. “We now know how much your attention is worth, very, very precisely,” he says, pointing to Google, Facebook and Amazon. “Twenty years ago we didn't have an answer. We do now.

“Physical activity is equally very, very good for you because, as I said, it makes you more productive. It makes you live longer. It makes you healthier, sane, mentally. There are third parties willing to pay for it.”

Lab Economy breaks down a “unit” of activity into steps, and has begun awarding grants to researchers to determine the monetary value of 10,000 steps. Fomenko said that the project is in collaboration with the University of Cadiz in this effort and will soon inform more universities.

The future of the mobility economy

FOMECO expects tokenized activity to become a major economic force and grow exponentially once the monetary value of physical activity is recognized. Sweatcoin currently pays out SWEAT tokens to users who opt-in to its crypto features for the first 5,000 steps, which is (named after) Fomenko.

Using the focus analogy, “If humanity can build a $7 trillion economy around the value of our collective attention, why should the activity economy, or the economy we collectively build around the value of your physical activity, be anything less?” “

Fomenko hopes that everyone will be financially motivated to move more in the future:

“The trade-off in our minds right now is, oh, should I be healthy? That means I have to spend money. We have to flip it the other way. If I'm healthy, I'm earning because it's not just good for me; It's for everyone's benefit.”

As a co-founder, one day activity and exercise can be traded on major markets. When asked about the bright future of the sweat economy, Fomenko said:

“What I want to see is the latest obesity report in the U.S. headlined that the value of exercise has increased by 20%. This is a remarkable achievement because it means that sweat stops being a sign. It starts to be recognized as the value of exercise.”

To hear more from Fomenko's conversation with Agenda — including his thoughts on the health impact of Metaverse, how the Sweatcoin app can prevent fraud, the value of health data, and more — listen to the full episode on Cointelegraph's Podcasts page, Apple Podcasts, or Spotify. And don't forget to check out Cointelegraph's full lineup of other shows!

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