cryptocurrency mvp in sweatcoin
Paweł Łuczak
Exploring web3 and crypto at Sweatcoin, we set out to gauge user interest in our token and assess the potential for pursuing our ambitions in this space
problem
Sweatcoin wanted to create a crypto token, but most of our 80+ million users didn’t have much experience with crypto. Our surveys showed that 80% of them were unsure about using it because they didn’t know enough or were afraid of losing money. Before we moved ahead, we needed to figure out if our users were interested and ready to use crypto and web3 technology.
solution
We decided to run a test to measure our users’ interest in web3. With our existing in-app Marketplace and a user base of over 80 million in 2022, we adapted current features to create a simple offer. Partnering with Luno, a leading UK trading platform, we allowed users to exchange their sweatcoins for Bitcoin tokens. The goal was to create a FOMO effect, sparking curiosity about crypto without overwhelming users. To simplify the process, we set a maximum purchase limit of $20 and displayed token values in USD instead of confusing Bitcoin decimals.
We began by partnering with Luno and introduced the ‘Exchange’ tab within our app’s Marketplace. Users could easily spend their sweatcoins on Bitcoin tokens and transfer them to their Luno account. The initial response exceeded expectations – we ran out of the first batch of $50,000 worth of tokens within just 7 days, much faster than our predicted one-month window. Encouraged by this, we worked with Luno to generate additional codes, eventually increasing the total to $300,000 worth of tokens.
Following this success, we launched a similar test in the US with Bitfinex. This time, we made the process even simpler and included an educational section in the app to help users better understand cryptocurrencies and web3. We started with $400,000 worth of tokens, all of which were claimed before the test even concluded.
The success of these tests confirmed our assumptions: our user base was ready for the next step into the world of web3. By leveraging existing features, we created a quick, low-effort MVP, tested it with millions of users, and paved the way for the launch of the $SWEAT token. Now, users can mint real crypto assets simply by moving.
An easy-to-follow and understand sign-in flow was key to our success
We aimed to create a purchase and options selection flow that was easy for non-crypto users to understand, guiding them through each step of the redeeming process
The animated icon was the cherry on top at the end of the flow, informing users that their purchase was being processed
Like this project
Posted Sep 30, 2024
Exploring web3 and crypto at Sweatcoin, we set out to gauge user interest in our token and assess the potential for pursuing our ambitions in this space
