OliveX to raise $5.8M via share placement to build fitness metaverse

Michelle Lim

2 years ago

OliveX, a digital health and fitness company listed on the national stock exchange of Australia (NSX), today announced it will be raising AUD$8 million (US$5.8 million) via a share placement with investors including Hong Kong-based blockchain gaming company Animoca Brands, One Football, a digital media platform for football, and Bombora Investment, as it builds out a fitness metaverse.

Fast facts

The proceeds from the share placement will be used to fund the development of OliveX’s first fitness metaverse game, Dustland Runner and other fitness metaverse projects, OliveX said.

Incubated by the Hong Kong Cyberport, OliveX is building a digital fitness metaverse that incorporates fitness gamification, augmented reality and blockchain-based play-to-earn experiences. The company has created an ERC-20-compatible fungible token — DOSE token — as a cross-platform token for its fitness metaverse and utility token for games within the OliveX ecosystem, including Dustland Runner where players are rewarded for completing their workouts in the physical world with digital items in the virtual world.

OliveX recently acquired SOL cycle, a gamified fitness platform that is integrated with a physical bike, and the company intends to utilize the game engine to build one of the world’s first blockchain cycling games, OliveX CEO Keith Rumjahn told Forkast.News.

“At both OliveX and Animoca we share a clear vision of an open metaverse where true digital ownership resides with the users and digital assets are completely interoperable,” said Yat Siu, group executive chairman and managing director of Animoca Brands, and non-executive director of OliveX, in a statement. “OliveX’s fitness metaverse is the first of its kind and the early adoption of fitness based blockchain gaming is a unique opportunity to not only bring digital property rights to users, but also to improve their lifestyle and wellbeing while allowing them to earn rewards from exercising.”

In August, OliveX partnered with Resources Capital Football Club (RCFC), a local team playing in the Hong Kong Premier League, to launch non-fungible token (NFT) collectibles for the team.