Fitness in the world of metaverse.. burn fat and earn cryptocurrency

Gym at Metaverse 

Digital health and fitness company OliveX helps you monetize while burning fat, as the Hong Kong-based company rewards players with cryptocurrency and non-fungible NFT tokens as they flee pirates and invading monsters through a miserable wasteland.

Useful exercise for the waist and wallet at the same time

OliveX provides this capability to mobile blockchain gamers, as they can earn DOSE tokens and non-fungible tokens by completing missions within the company’s adventure game that require them to run for varying distances in the real world while holding their smartphone.

The virtual rewards they collect can be used to upgrade games, or to be traded on cryptocurrency exchanges and NFT token markets.

“Move-to-Ears is a game-changer, with players, for the first time ever, having true digital ownership of their games, and game developers winning,” OliveX founder and CEO, Keith Remgan, 37, said in a video interview. More because there is no middleman. So it's a win for everyone."

The company explained that its strategy enables it to capitalize on three thriving industries by combining fitness and mobile video games that incorporate blockchain technology. A virtual world in which players can build, buy and sell their in-game assets while interacting with other users and brands.

Utilizing the past to create the future

Ramjan's strategy seems to be timely especially as the non-fungible tokens continue to attract more audiences. His Australian-listed company raised A$8 million ($5.7 million) through a stock offering in November that was used to develop Dustland Runner, the first monetization-to-earning blockchain game launched in late March. Players take on the role of "sand runners" who are assigned to retrieve mysterious contraband and then deliver them in the desert inhabited by bandits and monsters.

The idea for the game came from a previous game called Zombies, Run!, which was said to have an average of 300,000 active users per month, of which about 50,000 are paid subscribers. The old game was produced by London-based game developer Six to Start, which was acquired by OliveX for $9.5 million in March 2021.

Now, OliveX is tapping into the design of another newly acquired product from the fitness gaming platform Sol Cycle to launch its next blockchain game, Dustland Rider, which is expected to be released in early June, replacing jogging with cycling. The company plans to integrate more sports, such as boxing and rowing, and start using motion detection technology in games.

Ramjan explained, “Our mission is to include 1 billion people. Meanwhile, I would like users to earn their first non-fungible NFT token and cryptocurrency through exercise.”

The company's decision to jump into the cryptocurrency world caught the attention of investors. The company has seen its market capitalization double over the past year to its current level of A$190.5 million. OliveX reported revenue of A$1.3 million in the six months to December, a 10-fold increase over the same period last year. Net loss narrowed 55% year-over-year to A$2.3 million. The company said it was studying plans for a second listing in Canada.

OliveX is an independent subsidiary of Animoca Brands, a gaming and blockchain technology hub in Hong Kong, which was valued at $5.4 billion during its last funding round in January.

Animoca said its portfolio has grown to more than 170 investments in companies associated with NFT and decentralized projects including Dapper Labs, developer of the leading blockchain game CryptoKitties, as well as Sky Mavis, creator of the online game Axie Infinity.

world of metaphysics

Interest in the world of metaverse increased after Facebook changed its name last October to Meta as part of the company's strategy to focus on the future of the Internet.

The term metaverse became the latest buzzword on Wall Street as investments poured in from global tech giants such as Microsoft and Google, as well as leading gaming companies including Epic Games and Roblox. Even major consumer brands like Nike, Denny, and Gucci are now rushing to establish themselves in this world.

Some analysts have already begun to publish estimates of the market's size, with investment firm Grayscale stating in a November report that metaverse sales would rise to $1 trillion via advertising, social commerce, digital events and other categories, but neglected to mention the timeframe for that figure. Goldman Sachs is even more optimistic, with the investment bank saying in January that the digital world could reach $8 trillion in revenue.

Co-founder and CEO of Everest Ventures Group, which has invested in OliveX, Allen Ng, noted that fitness apps will make up a "really big market" in metaverses, and attributed this to the fact that people are always investing in their health, especially now that the pandemic has boosted their health awareness. .

Ring Fit Adventure, a Nintendo-developed action-role-playing video game, sold nearly 7.4 million units between April 2020 and March 2021, when the coronavirus outbreak closed gyms and kept people stuck at home, according to Japanese company earnings report.

“When Ramjan came to us and said they could combine crypto and blockchain elements alongside the fitness market, we felt that made perfect sense. It’s like bringing two of the fastest growing markets together, where the potential is huge and the sector is still in its infancy,” Ng said. So OliveX has a good opportunity to lead this sector."

OliveX Company

Founded in 2017, OliveX was originally a subsidiary of Animoca Brands, which developed fitness apps and interactive workout mirrors. The company is headed up by Ramjan, a Chinese-Canadian basketball coach and software developer who first achieved success when he created CoachBase, a charting and play-sharing app.

OliveX then split from Animoca after it raised A$2.2 million in an initial public offering on the Australian National Exchange in August 2020.

OliveX's first attempt at cryptocurrency was an app that rewarded users with digital tokens for squatting in 2018, but the company faced difficulties because cryptocurrencies were not widely used at the time.

Ramjan believes: “The next 10 years will be for blockchain technologies and cryptocurrencies. I have seen that users’ adoption of NFT and cryptocurrencies has increased significantly over the past year.”