Individuals are being rewarded for burning calories by a fitness startup that is offering them the chance to win cryptocurrencies and non-fungible tokens (NFTs). OliveX, a fitness metaverse, intends to reward users for staying in shape with cryptocurrency. This will be accomplished using the company’s mobile blockchain game, which requires users to run in real life in order to achieve missions and other obstacles.
The only equipment required by gamers is a smartphone and running shoes. Users earn incentives that may be cashed out for cryptocurrency or NFTs as they run in real life.
Keith Rumjahn has dubbed the new approach “move-to-earn,” and he describes it as a game-changer.
“Our goal is to onboard a billion people,” he stated, “and as part of that, I want them to earn their first NFT and crypto token by exercising.”
Fitness is a fast-paced industry
OliveX will have challenges in achieving this lofty goal, but Rumjahn feels the company’s approach of investing in the fast-growing areas of gaming, exercise, and blockchain will be critical.
OliveX raised $5.7 million in 2021 from investors, which was used to build Dustland Runner, a move-to-earn game that gained critical praise. In a two-year period, the company’s market cap has doubled, while losses have decreased by more than half.
Players now have genuine digital ownership of their games for the first time, and game producers earn more because there is no middleman,” explains Rumjahn. “So it’s a win-win situation.”
OliveX was founded in 2017 as a subsidiary of Animoca Brands, which created fitness apps and interactive mirrors for working out. Rumjahn, a Chinese-Canadian basketball trainer and software developer, founded the company after launching CoachBase, an app for diagramming and sharing plays. OliveX was spun off from Animoca in August 2020 after obtaining A$2.2 million in an IPO on Australia’s National Stock Exchange.
In 2018, OliveX made its first entry into the crypto market with an app that rewarded users with digital tokens for practicing squats, but the business suffered because to the lack of widespread adoption of cryptocurrencies at the time.
Rumjahn believes it’s critical to create “game sinks” that keep consumers involved in the activity while also allowing them to spend money as part of a sustainable system.
Rumjahn said :
“Blockchain and crypto will be the next ten years. “In the last year or two, you’ve seen a significant increase in user adoption of NFTs and crypto… We went from early adopter to mainstream and based on that, we believe this is the right moment to do it.”
Since 2020, blockchain gaming has been steadily growing, with the business increasing by more than 2,000 percent in less than a year, according to a DApp radar analysis.
According to the data, blockchain games attracted over one million unique active wallets in the time period under consideration, with gaming protocols like Axie Infinity and SandBox being responsible for the increase.
Gamers can now own in-game things that can be traded for real money thanks to blockchain technology and advancements in NFTs. Given the rapid expansion of blockchain gaming, several experts claim that gaming is the best use case for cryptocurrencies.
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