The crypto and NFT market has been slow but the innovation in the space keeps rolling on.
Olivex is one such company that keeps innovating even when hype recedes.
With “Building the fitness Metaverse” as its key mission, OliveX hopes to bring in an entirely different audience by gamifying fitness through crypto thereby both incentivizing and motivating people to do the hard work.
On the surface, this seems too good to be true. Read on to find out how one company aspires to tap into a completely different market in the metaverse, and how you can leverage their platform to get rewarded for your workouts.
Animoca Brands has a growing portfolio of more than 150 investments in NFT-related companies and decentralized projects with Sandbox and Revv racing as its most popular projects. In November 2021, OliveX raised AUD $ 8 million under Share Placement with support from Animoca Brands. As a 33% shareholder, Animoca brands serve as a key mentor in shaping the metaverse journey of OliveX.
With this partnership, it was natural for OliveX to enter the Sandbox by acquiring a 12×12 virtual land. The metaverse has created an additional revenue stream for both brands and individuals.
The core strategy is to build a hub that allows real-world brands to transition into this space. Think of it as a giant fitness expo like Arnold Classic where people get inspired by growing brands and eventually become a consumer. Consumers get to explore the brands and learn about the play to earn model.
Fitness City: Building a futuristic land with lots of green areas, mini-games, live events and experiences. Bring fitness brands into the hub and give them space to execute their strategy. The next phase is building avatars for the ambassadors from the brands and making them available in the gameplay. Just like that, fitness brands have another revenue stream for their business.
Brands currently building on OliveX include,
- Tribe international (TRIB3), a boutique fitness studio
- Cycling Stages, a company with a range of smart bikes, power meters and indoor cycling classes
- Salsation, a dance fitness company
- GO24, a high-tech gym in Hong Kong
- Gym Aesthetics, a German high-tech fitness apparel brand
- TRAX, an entertainment company
A key aspect that’s lacking in crypto
The majority of the people in the crypto industry are into health and fitness. According to Andy Hall, director of the OliveX Fitness metaverse, around 22% of the population in the UK are active. The problem, however, is that this 22% gets targeted every year. The runners start lifting, the lifters start running, the yogis start boxing and the boxers start rolling.
The industry finds it difficult to tap into the other 80%. OliveX aims to tap into the remaining 80% by incentivizing and motivating them to get active through their metaverse.
One of the most important factors in getting people motivated is social interaction. Being part of a community, meeting like-minded people, and having a schedule and a plan is currently part of many new gym franchises such as F45, BFT and Orange theory fitness. But what happens if there’s another lockdown? Or for people who aspire to get fit but are initially intimated to make it into a gym? An all-around fitness metaverse built now can tap into these markets.
Additionally, it will bring a new audience by bringing some fitness junkies into crypto and NFTs.
100 squats every day for 30 days for whitelist?
Lose 5% body fat for a 1/1 NFT? You bet.
Zombies, Run !: A leading gamified health and fitness application with 300k average users per month and 50k paid subscription users. It is an immersive running game set around the fictional base camp Abel Township in a virtual zombie apocalyptic world. In March 2021, OliveX acquired its game developer, ‘Six to Start’
Dustland Runner, is the world’s first move to earn, the audio blockchain game. Steered through immersive stories, Dustland runner rewards the user with NFTs and $ DOSE tokens based on the workouts. The rewards can then be used to upgrade in-game stats to tackle tougher missions. Dustland Runner currently has a 4.9 / 5 rating on Google Play.
As the game evolves, the company plans to integrate data from apps such as Apple Health and Strava in order to reward users for a wider range of workouts such as CrossFit, weightlifting and sport.
Building consumer trust
OliveX (NSX: OLX) is one of the few companies that is publicly listed on a stock exchange. All activities done by the company are reported to the National Stock Exchange of Australia (NSX) which is important in building consumer trust and credibility. Partnership, funding, roadmap and partnerships are all available for investors.
DOSE token: Utility and role
DOSE is an ERC-20-compatible fungible token and is an acronym for the chemicals released when getting fit and working out: Dopamine, Oxytocin, Serotonin and Endorphin.
DOSE tokens are awarded to players who complete workout-based games in the Sandbox, such as Dustland Rider, Dustland Runner, 22 Pushups and other experiences.
The total supply of DOSE is set at 5,000,000,000
Kara Mirror: How it fits in
Kara mirror uses Artificial Intelligence (AI) and gamification to provide an interactive workout using a display monitor and camera which allows the user to obtain real-time personal coaching programs and guidance. Furthermore, it can be used in the play to earn platforms of the fitness metaverse to earn rewards.
For brands, it helps them extend their reach to consumer homes and create their unique channel
For trainers, it helps them grow audiences beyond geo locations and connect with other coaches.
Essentially, the mirror becomes an asset. Way better than the clothes hanger stationary cycles become after a few months.
When technology such as Virtual Reality (VR), Augmented Reality (AR) and smart glasses get widely adopted, there is bound to be a change in the health and fitness sector. Crypto and Web3 add another layer for consumers and brands to benefit. Moreover, the long term benefits of a fit and healthy population deserve an article on its own.
You can listen to the full episode here for a deeper understanding of the fitness metaverse. OliveX also hosts a number of information sessions and webinars to educate the public on this emerging technology.
“The most exciting thing is that we don’t know what’s coming next ”
– Andy Hall
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DISCLAIMER: For educational purposes only. None of the material covered is financial advice.