OliveX wants to earn while you’re on fire. A Hong Kong-based digital fitness company rewards players with cryptocurrencies and NFTs as they flee from looting pirates and monsters across the wastelands of Dystopia.
WOaking out can be good for your beltline and your bottomline at the same time.That is the proposition OliveX Offers to players of mobile blockchain games.
Gamers can earn DOSE token Achieve NFTs by completing in-game missions in OliveX’s adventure games where you need to hold your smartphone and run different distances in the real world. The virtual rewards they accumulate can be used to level up the game and trade on cryptocurrency exchanges and NFT marketplaces.
“Move-to-earn is a game changer,” said Keith Rumjahn, founder and CEO of OliveX, in a video interview. “For the first time, players have true digital ownership of the game, and game developers and no intermediaries can make more money, so it’s good for both sides.”
OliveX said its strategy could leverage three booming industries by combining physical fitness with mobile video games that incorporate blockchain technology. The company’s long-term goal is to build an ecosystem of fitness games that integrates with: Animoka brand‘Metaverse title sandboxA virtual world where players can build, buy and sell in-game assets as they interact with other users and brands.
Rumjahn’s strategy seems to be timely as NFTs continue to attract an ever-growing number of mainstream viewers. His Australian listed company raised A $ 8 million ($ 5.7 million) through a November stock issue. Dusland Runner, The first move-to-earn blockchain title released in late March. Players are hired freelance and act as “dust runners” to collect and deliver mysterious smuggled goods in the end-of-life deserts inhabited by bandits and monsters.
Dusland Runner Based on a previous smartphone game called Zombies, run!It is said that there are an average of 300,000 active users per month, of which about 50,000 are paid subscribers. Zombies, run! It was created by a game developer based in London 6 to startAcquired by OliveX in March 2021 for $ 9.5 million.
OliveX is now leveraging another product design newly acquired from the fitness gaming platform. Sol cycle For the release of the next title Dustrand rider.. A blockchain game that may appear as early as June replaces running with cycling. After that, I would like to further incorporate sports such as boxing and boating and start using motion detection technology in games.
“Our mission is to carry a billion people,” Rumjahn said. “By doing so, I want them to earn their first NFTs and crypto tokens through the movement.”
OliveX’s decision to stay on the tide of cryptocurrencies has caught the attention of investors. The company has doubled its market capitalization over the past year to its current value of A $ 190.5 million. OliveX reported revenue of A $ 1.3 million in the six months to December. This is a 10-fold increase compared to the same period last year. Its net loss was A $ 2.3 million, down 55% from the previous year. OliveX said it is considering plans for a second list in Canada.
OliveX is a spin-off of Hong Kong-based gaming and blockchain powerhouse Animoca Brands. Equivalent to $ 5.4 billion in the latest funding round in January.. According to Animoca, the portfolio has grown into a decentralized project that includes more than 170 investments in NFT-related companies and pioneering blockchain game developer Dapper Labs. CryptokittiesAnd created Sky Mavis Axie Infinity online game.
OliveX is currently sandbox, This allows players to bring NFT rewards from the Dustland series to a wider Metaverse platform. Virtual Land will be attended by companies such as German fitness apparel retailer Gym Aesthetics, British playground maker Playinnovation and boutique fitness studio operator Trib3. These partnerships will help traditional brands shift their focus to the future of the Internet, and OliveX will reach not only cryptocurrency users, but also athletic enthusiasts who do not yet have knowledge of emerging technologies. Rumjahn said.
“In this fitness metaverse, where everything is interconnected, you can play your first game and hold your weapons, and you can continue to use them in multiple games,” he said. “How cool is it? That’s the dream we want to make.”
After Facebook changed its brand name as Meta last October as part of its strategy to focus on the “next frontier” of the Internet, interest in the Metaverse has increased. Metaverse has become the latest buzzword on Wall Street, with investments from global tech giants such as Microsoft and Google, as well as major gaming companies such as Epic Games and Roblox. Even top consumer brands such as Nike, Disney and Gucci are in a hurry to establish their presence in the Metaverse.
Some analysts have already begun publishing market size estimates. Grayscale said in a November report that Metaverse would grow into $ 1 trillion in sales opportunities across advertising, social commerce, digital events and other categories, but didn’t mention the time frame for that number. bottom. Goldman Sachs is even more bullish. Investment banks said in January that digital revenues could reach a whopping $ 8 trillion.
Allen Ng, co-founder and CEO of Everest Ventures Group, who invested in OliveX, occupies the “really really big market” in the Metaverse as fitness applications constantly invest in health, especially when a pandemic raises health awareness. Probably. .. Ring Fit AdventureAccording to the financial statements of a Japanese company, a video game developed by Nintendo that combines movement and role-playing will be held from April 2020 to March 2021 when the gym was closed due to the outbreak of the coronavirus and people were trapped in their homes. During that time, it reached 7.4 million units.
“When Rumjahn came to us and said that crypto and blockchain elements could be combined with the fitness market, we felt it made perfect sense. It’s like a combination of the two fastest growing markets. ” “The possibilities are huge and the space is in its infancy, so OliveX has a good shot to become the leader of this space.”
Founded in 2017, Olive X was originally a subsidiary of Animoca Brands, which developed fitness apps and interactive mirrors for workouts. The company is headed by Rumjahn, a Chinese-Canadian basketball trainer and software developer. He was first successful when he created CoachBase, an app for illustrating and sharing plays. OliveX spun off from Animoca after raising A $ 2.2 million in an initial public offering on the Australian National Stock Exchange in August 2020.
OliveX’s first foray into crypto space was an app that provided users with digital tokens by running squats in 2018, but the business struggled because cryptocurrencies weren’t widely used at the time.
Rumjahn said it’s important to design a “game sink” that keeps users hooked on activities supported by a well-designed economy that can spend money as part of a sustainable system. I did.
“For the next 10 years, it will be blockchain and cryptocurrency,” says Rumjahn. “Last year or so, we’ve seen a real increase in NFT and crypto user recruitment … We’ve moved from early adopters to mainstream, and now is the time to do that. I think.”