by MTHULISI SIBANDA
JOHANNESBURG, (CAJ News) – THE surge in Web3 technology adoption in Africa reflects the continent’s proactive role in shaping the future of decentralised systems and contribute to global discussions on the democratisation of technology and finance as well as digital empowerment.
This is according to a senior executive in the move-to-earn (M2E) space as the continent emerges as a growing hub for innovation in Web3 technology.
This is defined as an idea for a new iteration of the World Wide Web which incorporates concepts such as decentralisation, blockchain technologies and token-based economics.
Oleg Fomenko, co-founder of M2E platform, Sweat Economy, said Africa’s vibrant tech ecosystem showcased a growing community of developers, entrepreneurs, and enthusiasts exploring decentralised technologies and Web3, with its emphasis on blockchain and decentralised finance (DeFi), and decentralised applications (dApps), had in Africa found fertile ground for experimentation and implementation.
“African innovators are leveraging Web3 to address local challenges, promote financial inclusion and create sustainable solutions,” he said in an interview with CAJ News Africa.
Sweat Economy is making the most of Africa’s emergence as a growing hub for innovation in Web3 technology to expand into the continent.
Its expansion into Botswana and Ghana, following the acquisition of a proof-of-movement patent in Nigeria, signifies a strategic move to tap into the fast-evolving African market.
“Africa continues to become a hotbed for innovation, including the implementation of blockchain technology,” Fomenko said.
The continent witnessed a 429-percent increase in blockchain deals, as distributed ledger technology (DLT) companies raised US $474 million in 2022, a significant rise from $90 million the previous year.
M2E technology is a recent innovation in the blockchain space that rewards people for physical activities like exercise.
Fomenko said Sweat Economy’s expansion to Africa broadened the platform’s global footprint and promoted physical well-being on a broader scale, on their quest to create a “Movement Economy” built around the value of physical activity.
“By reaching African users, the Sweat Economy can foster healthier lifestyles and incentiviSe physical activity to profoundly impact public health and healthcare systems, increase productivity, support mental health, and extend peoples’ life expectancy.”
Fomenko said Sweat Economy’s recent achievement of 1 million active monthly users signified a groundbreaking moment for M2E, Web3 adoption and global health.
This milestone underscores the effectiveness of incentivizing physical activity through blockchain-based platforms, demonstrating the increasing acceptance of Web3 applications in promoting positive behavior and trust in the technology.”
– CAJ News