Introduction to SEXN Coin
Web 3.0 has revolutionized internet usage and enabled complex token-based business models with the promise of making millions. NFTs, play-to-earn games, or creating assets for the metaverse, each business model has its own unique perspective that makes it valuable for the customers.
But a new cryptocurrency start-up called SEXN is trying to monetize sex. Their business model involves rewarding customers with proprietary cryptocurrency ($SST) every time they engage in sexual activity.
Sure, everyone wants to earn some extra dollars, but monetizing sex would involve sharing incredibly sensitive personal information with a third-party company to demonstrate that you indeed are having sex. In addition, SEXN plans to release a wearable device you have to wear during sex, which would collect biometric data to determine whether you are really having sex or just masturbating.
So the question remains, is the new sex-to-earn model here to stay, or is it an elaborate scam waiting to come crashing down? Let’s find out.
Background about SEXN Coin ($SST)
To reiterate, SEXN is an app built on the BNB smart chain and is designed to reward users for engaging in sexual activity. The company boasts about how everyone loves ‘money’ and ‘sex,’ and they combined both in a decentralized app using which you can earn coins for sex. They also plan to develop an e-commerce platform focused on sexual well-being, and users can use the earned SST token to shop on this website.
At launch, SEXN Coin did enjoy its initial hype and was traded at 0.032 USD a pop. However, the hype quickly diminished when people realized how unrealistic the idea was and how much sensitive information they had to share to earn money from the project.
SEXN ($SST) saw its price quickly diminish, and at the time of writing this article (29th August 2022), its price had fallen to 0.0008124 USD with a daily trade volume of just $2.72 USD.
Apart from the SST tokens, SEXN also offers NFTs on its own marketplace, with quite a few cartoon condoms and vibrators up for grabs. Initially, the NFTs cost around 0.8 Binance Coin a pop, and the total pre-sale saw the company raise $125,000, after which the price plummeted and currently has no value at all.
SEXN Coin also published a whitepaper explaining several revenue streams that early investors can take advantage of. This includes four “modes” for earning crypto on SEXN, which includes a coitus mode, which lets them earn SEXN’s $SOT. Other modes include Masturbation Mode (which generates fewer tokens), Super Mode, which implies extended foreplay followed by sex, and finally, Sadism & Masochism Mode, which involves sexual pleasure through your partner’s pain or humiliation.
Moral obligation aside, the content and roadmap, including the mode described, are vague, and it does not seem like a lot of thinking went into coordinating these plans. SEXN also promises to integrate a preparatory wearable with their app, which has not yet been released.
In an interview conducted by technology blog Grid, SEXN was asked about the technology that they will use to differentiate whether a person is engaged in sexual activity or other aerobic activities. SEXN responded that the heart rate during sex is different from other physical activities like running.
They also went on to explain how oxygen saturation is different during sex when compared with other sports and how the hand action can precisely determine whether a person is having sex or engaged in other activities. SEXN also addressed that users can not buy the NFT and engage in other physical activities in hopes of earning SST tokens, as the sweating and body temperature would be vastly different. However, the company failed to show any patent or medical reference to support its claims.
Is SEXN Coin ($SST) a rug pull Scam?
With so much uncertainty and ambiguity surrounding the SST token, it is very natural for investors to wonder if any of what SEXN claims is legit. Although it is not yet conclusive, several discrepancies strongly suggest that SEXN Coin ($SST) is actually a rug pull scam.
If you are unfamiliar, a rug pull scam involves a developer attracting investors to a new cryptocurrency project with exciting promises where they can easily make money, only to pull out before the project is ready. Early investors are left with worthless currency with no real value.
Several criteria point SEXN Coin to be a scam, and some of these points are discussed below:
SEXN crush: The SST token has already crushed with daily volume to be nearly zero. With the current market trend, it is highly unlikely for the price to increase anytime soon.
No reference to back up their story: There is currently no tech to conclusively determine the difference between sex and other physical activity.
Identical NFTs: NFTs are meant to be unique and exclusive, but the ones listed on SEXN are identical to each other.
Spammy website: It is highly unlikely that a company that focuses on sustainable and long-term business will not have a secured website. SEXN has no ‘HTTPS’ protection, making it susceptible to hacking and data breaches.
Currently, SEXN Coin ($SST) looks like a potential scam. But even if we give them the benefit of the doubt, there is no denying that the service they are providing is vague. It is highly unlikely that general people will share such intimate information about when they are having sex for money. The technology behind SEXN is also undeveloped, and the company has yet to answer some major cybersecurity questions raised.