People 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 complete missions and other objectives.
The only equipment required by gamers is a smartphone and running shoes. Users earn rewards that may be cashed out for cryptocurrency or NFTs as they run in real life.
According to Forbes, Keith Rumjahn has termed 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.”
OliveX will have challenges in achieving this fitness goal, but Rumjahn thinks 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.
Since 2020, blockchain gaming has been constantly rising, with the industry increasing by more than 2,000% in less than a year, according to a DApp radar analysis.
Rumjahn said:
“For the first time ever, players have true digital ownership of their games, and game developers also earn more because there’s no middleman. So it’s a win-win.”
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 pundits claim that gaming is the best use case for cryptocurrencies.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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