Figuring out has develop into a trending dialog on social community platforms. Train, particularly indoor-style, is influencing life-style amid a variety of COVID-19 lockdowns globally.
Blockchain.Information spoke to Keith Rumjahn, CEO of OliveX and Founding father of DOSE token, to discover the potential growth of a move-to-earn enterprise mannequin and the way cryptocurrency shapes the digital health and sports activities trade.
Driving a bicycle is greater than only a enjoyable bodily exercise these days because the connection between health services and private cell units is about to introduce customers to a brand new chapter within the digital world.
Transfer-to-earn: Dustland Rider
OliveX, a Hong Kong-based health startup firm based by CEO Keith Rumjahn in 2017, demonstrated their newest upcoming product, Dustland Rider, in a latest press occasion in Hong Kong. It supplied an alternate approach to encourage the general public to get into the crypto area by merely driving a bicycle.
By finishing particular missions by linking customers’ cell units, a so-called move-to-earn (M2E) strategy and it is software mechanism in order that customers can get pleasure from their health achievements in trade for incomes token rewards.
Particularly, the digital well being platform designed a collection of eventualities with immersive tales and missions for customers to expertise within the Metaverse whereas exercising. Customers would want to deal with some challenges on this digital sport to win factors or tokens; for instance, customers is perhaps rewarded a novel golden yellow sports activities swimsuit in the event that they full driving 100km within the sport.
Tokens would be capable of buy further tools or upgrades to characters within the sport or be traded on the secondary market.
The corporate mentioned their Dustland Rider would go stay quickly, anticipating to roll out by the top of September or October of this yr.
OliveX is a gamified health ecosystem to reinforce the exercise expertise by way of sport design strategies and play-to-earn mechanisms, in keeping with its whitepaper.
Previous to launching the Dustland Rider, the corporate rolled out one other comparable move-to-earn audio health software to the market in 2021, known as Dustland Runner, a survival theme-based health sport.
The official whitepaper reads that Dustalnd Runner is the primary proof of exercise audio sport, permitting gamers to earn some native token and even acquire Non-fungible tokens (NFTs) or different financial incentives by way of bodily operating in every day life. As well as, its NFT, named Kettlemine, may be minted on the Polygon chain, adopted by incomes extra DOSE tokens by burning Kettlemine NFT.
CEO of OliveX and Founding father of DOSE Token Keith Rumjahn Rumjahn
In an unique interview with Blockchain.Information, Keith Rumjahn, CEO of OliveX shared his journey of operating a startup enterprise.
“One of the reasons I founded this company is that I realised some data apps could sell out our exercise data to other commercial companies. As a user, however, we lost our ownership of data ourselves, not aware of (our data) being sold, and even we do not get any benefits or cashback from it,” mentioned Keith Rumjahn.
OliveX’s Rumjahn disclosed that some well-known data-driven service platforms would buy or utilise these customers’ motion knowledge to reinforce the aim of their sale, comparable to deploying extra rental autos to a particular space the place extra individuals train.
Then again, the upper visitors acquisition prices for tech big platforms comparable to Google or Apple dominating the market is one more reason why Keith Rumjahn intends to ascertain a decentralised platform by himself.
When requested methods to differentiate and make the model extra distinctive to take care of its benefits amongst rivals, Keith Rumjahn mentioned understanding the gaming lifecycle and the speed of retention amongst customers are important to designing gaming merchandise, as customers usually intend to search for extra fashionable or trending merchandise inside a brief interval, mentioned Keith Rumjahn; bringing innovation and a contemporary product thought can be key parts for OliveX to distinguish their merchandise amongst rivals.
The sense of enterprise and trade data helped Keith Rumjahn to equip a delicate consciousness to satisfy prospects’ wants. The Canadian Chinese language basketball coach and software program developer mentioned customers usually benefit from the range of sports activities, as a few of them would take part in a number of sports activities inside a time frame. The corporate would develop extra varieties of sports activities, together with Boxing or Yoga, to broaden the “portfolio of game, so that users might have more options to choose their own favourite sports.”
Nonetheless, the 37-year-old govt mentioned he hopes the general public to construct up a daily train behavior in the long run, “I hope the public would be able to build a healthy lifestyle and regular exercise habit, no matter whether playing our game or not in the future,” which is rather more vital goals to him personally whereas main the corporate to maintain being aggressive amongst rivals.
The corporate was acquired by Animoca Manufacturers in 2017 and is a spin-off of the mum or dad firm. Over 27% of its shares are owned by the main gamification platform.
Initially, the previous health app developer was operating a enterprise of building sensible mirrors. This interactive gadget can monitor physique motion for analysing physique figures with health centres earlier than getting into the crypto world.
But, the pandemic of COVID-19 crushed many health centre operations, leading to large downsizing and even termination of these health centres, forcing OliveX to rework itself once more.
In the meantime, the Hong Kong-based firm later found the potential growth within the crypto area and declared to listing on the Nationwide Inventory Alternate of Australia (NSX: OLX) in Australia in 2020 and launched its Preliminary Public Providing (IPO).
The Australian-listed firm has been elevating over $2.6 million between 2017 and 2018 during the last three rounds, in keeping with Fobes.
Moreover, the corporate realises the potential enterprise growth within the crypto and digital economic system. Senior administration determined to broaden their footprints within the digital area.
Gamification could possibly be a better approach to persuade sports activities lovers who don’t develop into acquainted with cryptocurrency to get into digital sports activities within the Metaverse. A latest survey by ChianPlay means that 75% of traders be a part of the crypto area due to GameFi.
In contrast to different conventional or developed health purposes out there, OliveX launched its native token known as DOSE for its M2E in 2021, which may be traded on a minimum of three main crypto trade platforms, together with OKex and Gate.io and KuCoin.
Keith Rumjahn mentioned their launching of Preliminary Coin Providing (ICO) is even sooner than their most important rivals, together with STPEN, Solana-based move-to-earn apps.
DOSE is the key buying and selling medium inside its ecosystem, permitting customers and traders to unlock gadgets, buy NFT or be a part of particular occasions and sport modes, in keeping with its whitepaper.
In introducing why OliveX listed their very own native token-DOSE, quite than adopting different mainstream or benchmark tokens, Keith Rumjahn Rumjahn mentioned DOSE as an Ethereum-based token, “we wish to build our own specific token in terms of fitness,” including that “adopting those mainstream or benchmark tokens might be hard to maintain its balance of internal economy (of the game)”
“Many games (developers) would generate their own tokens to each different game but might not be connective to each other. DOSE token would connect all the products instead, including Dustland Runner and Dustland Rider,”
Topic to the character of the volatility amongst tokens within the crypto market, Keith Rumjahn additional defined that that might be harder to peg with their merchandise in the event that they adopted different tokens. A constant token can be vital to take care of the steadiness of the product value and their “in-game economy.”
Keith Rumjahn believes the exterior and floating value of its token out there wouldn’t undermine the corporate’s efficiency, including that he wouldn’t set any concentrating on value for DOSE because the milestone for the long-term achievements.
DOSE reached its all-time excessive at $0.4051 on Nov 3 in 2021. As per the time of writing, DOSE was buying and selling at $0.01097, in keeping with knowledge platform supplied by CoinMarketCap, with a market cap of over $3,703,000, per the present circulating provide of DOSE of about 337.6 million. Its most provide can be reached 5 billion DOSE cash.
OliveX’s token gives totally different sorts of buying and selling providers, together with staking and swapping with different token buying and selling pairs.
Topic to latest crypto winter influenced by the collapse of LUNA and UST, many of the main benchmark tokens sank from their all-time-high,
Concerning threat administration, Keith Rumjahn mentioned the corporate has the experience groups in managing threat and the instruments of treasury governance for monetary operations, whether or not within the inventory market or the crypto market. The corporate is assured in avoiding liquidity dangers from the crypto market, backed by Animoca Model’s liquidity pool, particularly to strengthen its liquidity when vital.
In consequence, the fitness-based firm might focus its sources on sport growth, “Our capital is mainly used for operating the game, rather than putting them for investment-purposed,” added Keith Rumjahn.
Constructing a digital health centre in Metaverse
The fitness-based firm additionally reveals its ambition by getting into into the Metaverse. OliveX enjoys a 12X 12 land plot on the Sandbox, the place the corporate is establishing a digital leisure and even digital Gross sales area, in keeping with the official whitepaper.
By introducing strategic companions, together with Phases Biking, TRIB3, and TRAX, the corporate goals to convey digital health expertise and NFT collectables to the Metaverse group.
By partnerships with some native health manufacturers, the corporate believes that might be an efficient approach to appeal to sports activities lovers to hitch the Metaverse, who’re outsiders to this trade.
OliveX intends to abroad market within the long-term, together with Japan and South Korea, by recruiting native operation groups for group administration.
Outlook in direction of digital trade growth in HK
Creating blockchain-based startups in Hong Kong is difficult by way of authorized and regulatory challenges. Keith Rumjahn suggests native regulators ought to optimise insurance policies, permitting extra open-mind and crypto-friendly laws within the metropolis.
When it comes to funding, that might be nice to permit firms to put money into crypto-related industries or startup firms by way of licensing in order that extra capital from the top-end may penetrate to the bottom-end facet of the enterprise.
Picture supply: OliveX