Fitness apps will occupy a ‘very, very large market’ in the Metaverse
OliveX, a Hong Kong-based digital fitness company, wants people to make money while burning fat. It will provide cryptocurrencies and NFTs to players as they flee from pirates and monsters, and traverse the dystopian wasteland.
Exercise is good for the waistline and bottom line of hips, that’s OliveX’s advice to its mobile blockchain gamers.
Players can earn DOSE tokens and NFTs by completing OliveX’s adventure game missions, which require players to run various distances in the real world with a smartphone in hand. The virtual rewards they accumulate can be used to level up the game or trade on crypto exchanges and NFT markets.
“The way you make money through mobile is a game -changer,” Keith Rumjahn, 37-year-old founder and CEO of OliveX, who is also a Chinese-Canadian basketball coach and software developer, said in a video interview. Ownership, game developers also earn more because there are no middlemen, so it’s a win-win. “
By combining physical fitness with mobile video games that incorporate blockchain technology, the company says it can tap into three booming industries. The company’s long-term goal is to build an ecosystem of fitness games integrated with Animoca Brands’ Metaverse game Sandbox. In this virtual world, players can create, buy and sell their own in-game assets while interacting with other users and brands.
With NFTs reaching more mainstream audiences, Keith Rumjahn’s strategy seems to come at just the right time. His company went public in Australia and raised A$8 million ($5.7 million) in a rights issue in November to develop Dustland Runner, OliveX’s first blockchain game launched in late March this year . In the game, players will take on the role of “runners” who are hired as freelancers to recover and deliver mysterious items in an apocalyptic desert inhabited by bandits and monsters.
Dustland Runner is a reference to a previous smartphone game, Zombies, Run!. The latter is said to have an average of 300,000 monthly active users, of which about 50,000 are paying users. Zombies, Run! is the work of London-based game developer Six to Start, which was acquired by OliveX in March 2021 for $9.5 million.
Today, OliveX is gearing up for its next game, Dustland Rider, with newly acquired fitness gaming platform Sol Cycle. The blockchain game, which could launch as early as June, will use cycling as a gaming tool to replace running. After that, the company hopes to include more sports like boxing and rowing, and starts using motion detection technology in games.
Blockchain game Dustland Rider, source: OLIVEX
“Our goal is to get a billion people involved,” Keith Rumjahn said. “I hope they can get their first NFTs and crypto tokens by exercising.”
OliveX’s decision to join the cryptocurrency bandwagon caught the attention of investors. In the past year, the company’s market value has doubled to $190.5 million. Its financials showed revenue of $1.3 million for the six months to December, a 10-fold increase on the previous year, while net losses narrowed 55 per cent to $2.3 million. The company said it is considering a secondary listing in Canada.
OliveX was founded in 2017 as a subsidiary of Animoca Brands, which developed fitness apps and fitness interactive mirrors. In 2018, OliveX made its first foray into encryption with the launch of an app. The app rewarded users with digital tokens for performing squats, but business struggled because cryptocurrencies were not widely used at the time.
The company was spun off from Animoca after raising A$2.2 million in an IPO on the National Stock Exchange in August 2020. It is worth mentioning that Animoca, a Hong Kong-based gaming and blockchain company, has achieved a valuation of $5.4 billion in its latest round of financing in January this year, and its portfolio has grown to cover more than 170 NFT-related companies and decentralized projects, including Dapper Labs, which developed the blockchain game CryptoKitties, and Sky Mavis, which developed the online game Axie Infinity.
According to OliveX, it is building a virtual fitness world inside the Sandbox, which will allow players to bring their NFT rewards from the Dustland series of games to the wider Metaverse platform . In this virtual land, there are German fitness clothing retailer Gym Aesthetics, British playground manufacturer Playinnovation, and boutique fitness studio operator Trib3. Keith Rumjahn said the partnerships could help legacy brands transition to the internet of the future, while OliveX could reach cryptocurrency users, as well as fitness enthusiasts who haven’t yet understood the emerging technology.
“In this fitness Metaverse where everything is interconnected, people can play their first game, keep their weapons in the game, and keep using them in multiple games. How cool would that be? That’s us A dream you want to achieve.”
Interest in the Metaverse has exploded since Facebook renamed itself Meta last October as part of its strategy to focus on the internet’s “next frontier”. With the influx of global tech giants such as Microsoft and Google and gaming companies such as Epic Games and Roblox, the Metaverse has become the latest trending word on Wall Street, and even top consumer brands like Nike, Disney and Gucci are scrambling to get their hands on the Metaverse. Build your own presence.
Some analysts have begun to estimate the size of the Metaverse market. Digital currency investment and management firm Grayscale said in a November report that the Metaverse will grow into a trillion-dollar market opportunity in advertising, social commerce, digital campaigns and other categories, but it did not mention the number Implementation timeline. Goldman Sachs is even more optimistic, saying in January that the digital space could generate $8 trillion in revenue.
Allen Ng, co-founder and CEO of Everest Ventures Group (EVG), an investor in OliveX, said fitness apps will have a “very, very large market” in the Metaverse because people will always invest in their health, especially It is the new crown epidemic that has enhanced their health awareness. Nintendo sold 7.4 million copies of Ring Fit Adventure, a video game that combines exercise and role-playing, between April 2020 and March 2021, according to Nintendo’s earnings report.
“When Rumjahn approached us and said they could combine cryptocurrency and blockchain elements with the fitness market, we thought it made a lot of sense, like combining the two fastest growing markets,” said Allen Ng . “It’s still early days in this field, but the potential is huge, so there’s a good chance that OliveX will be a leader in this space.”
Keith Rumjahn believes that it is important to design an event that immerses users and is supported by a good economic system . In such an environment, user consumption is part of the ongoing operation of the system.
“The next decade will be the decade of blockchain and cryptocurrencies. Over the past year or so, we’ve seen a real increase in the use of NFTs and crypto… We’re moving from being an early adopter of the technology to Mainstream, so we think what we’re doing is in line with the times.”
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