A fitness company wants people to burn calories using blockchain technology, NFTs, and crypto rewards.
OliveX, a fitness metaverse, aims to reward users with cryptocurrency for staying fit. The company plans to achieve this goal with a mobile blockchain game. In the game, players can race in real life to complete challenges or other tasks.
The only hardware you need is your smartphone and your running shoes. As you run in real life, you earn rewards that you can exchange for cryptocurrencies or NFTs. According to Forbes, the new model is called “Move-to-Earn.” Keith Rumjahn, CEO and founder of OliveX, described the model as a “game changer”, stating:
“Our mission is to get 1 billion people involved and in doing so I want them to earn their first NFTs and crypto tokens through the movement.”
Fitness, gaming and the blockchain are key
Reaching this ambitious goal will not be easy for OliveX. However, Rumjahn believes the company’s strategy of investing in the fast-growing gaming, fitness, and blockchain industries will be key.
Investors appear to be buying the view. In 2021, OliveX raised $5.7 million which was used to develop Dustland Runner, a critically acclaimed move-to-win product. The company’s market capitalization has doubled, while losses have more than halved in two years.
Blockchain gaming has been on a continuous ascent since 2020. According to a report by DApp Radar, user activity in the industry has grown by more than 2,000% in less than a year.
Data shows that blockchain games currently have more than a million unique active wallet connections. Gaming protocols like Axie Infinity and The SandBox are responsible for most of the rapid increase in connected wallet addresses. Rumjahn explained:
“For the first time in history, gamers have true digital ownership of their games and game developers are making more money because there are no middlemen. So it’s a win-win situation.”
Blockchain technology and developments in NFTs have allowed players to own in-game items that they can exchange for real money. Some experts suggest that gaming is one or even the best use case for cryptocurrencies due to the rapid growth of blockchain gaming.
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