OliveX Holdings Limited (NSX:OLX) GameFi Ventures Invests US$500,000 into Dose


GameFi Ventures Invests US$500,000 into Dose

Sydney, April 6, 2022 AEST (ABN Newswire) – OliveX Holdings Limited (NSX:OLX), through its wholly-owned subsidiary OliveX (BVI) Limited, is pleased to announce that GameFi Ventures has finalized an investment into OliveX in the wake of a surge in move-to-earn game activity in the first quarter of 2022.

Fresh funding for OliveX

Blockchain investor GameFi Ventures’ transaction is valued at US$500,000 in DOSE tokens, representing a 50 percent discount on the token’s list price. The investment is structured with a one-year lock-up period, with a quarterly release schedule to GameFi over two years after expiry of the lock-up period, at a 30-day volume weighted token price.

Following the successful launch of the Dustland Runner move-to-earn fitness app (currently Alpha testing) DOSE’s 24-hour trading volume spiked to the current rate of 9.5 million. The DOSE OKEX closing balance jumped just over 100 percent between 30 March 30 and 4 April, climbing from almost USDT2.4 million to just over USDT4.6 million.

“OliveX is excited to be working with GameFi Ventures. We’re thrilled that there’s growing interest in move-to-earn game and app development, and that there’s investment to go along with that,” said OliveX founder and CEO Keith Rumjahn. “We’re committed to bettering our products and the experiences we provide to our users, and of course to continuing our efforts in fostering interoperability among ecosystems and metaverses.”

OliveX stakes indie health & fitness app

Complementing OliveX’s funding, the Company invested US$35,000 into workout design app Any Distance, designed for Apple’s iOS platform. The app allows users to build customized visual stories and share workout progress on social media outlets, and is supported by Apple Health. The app is compatible with running, cycling, hiking, skiing and snowboarding activity.

“Any Distance is a company that shares our vision, and is dedicated to encouraging people to stay active through gamified experiences. By supporting and incubating new players, we’re stimulating healthy growth in the industry,” said Mr Rumjahn of the investment decision. “Our fitness metaverse is all about expanding the size of the pie. We’re not concerned with the size of each piece.”

Sandbox welcomes new partners

Concurrent with the GameFi investment, OliveX’s Sandbox welcomed several new strategic brand partnerships. The Sandbox is one of the three tiers within the Company’s Fitness Metaverse alongside DOSE and Dustland, and the Incubate & Invest components.

Establishing a presence in the Sandbox lands are fitness apparel brand Gym Aesthetics, ondemand workout provider Les Mills, Playinnovation, TRAX, Salsation, and fitness studio operators GO24 and TRIB3. The brands are part of the ongoing development of the Sandbox Alpha 2 and ultimately the Fitness Metaverse.

Also joining the Sandbox are brands Cycliq and Stages Cycling, positioned cycling for broader collaboration with OliveX’s forthcoming move-to-earn Dustland Rider through conversion of select products into NFTs and bike sponsorships respectively.

Representing the intersection of health and fitness, cryptocurrency, and gaming, the OliveX Fitness Metaverse will be a welcoming virtual space for enthusiasts of all three, with DOSE underpinning the ecosystem’s interoperability.

About OliveX Holdings Limited

OliveXOliveX (NSX:OLX) is a digital health and fitness company selling innovative products and applications to deliver a unique user experience using artificial intelligence, gamification and premium content. With its flagship product the KARA Smart Fitness Mirror and associated subscription-based applications, OliveX provides a platform that links and engages consumers with brands, influencers and fitness coaches and that enables any space to become a personal fitness studio. OliveX has a market reach that spans over 170 countries.

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