Announcement: OliveX Aims to Create the First Blockchain Cycling Game in the World with the Acqusition of SOL Cycling
Highlights
- OliveX to acquire gamified fitness platform SOL Cycling, including its associated licences, material contracts, intellectual property and media from Huo Xing Limited Company (Redline) and SOL Cyclinge founder Scott Williams
- SOL Cycling is a gamified fitness platform that integrates with a physical bicycle where physical output by the player progresses them through the game’s narrative
- OliveX aims to bring the SOL Cycling game engine to the fitness metaverse and DOSE ecosystem and build the world’s first ever blockchain cycling game
- SOL Cycling will allow OliveX to build additional fitness based titles and tap into the USD$54.44 billion global cycling market (2020)
- As part of the acquisition, Redline and OliveX have also entered into service contract to continue to develop the SOL software in Taiwan
22 November 2021 — OliveX Holdings Limited (OliveX or the Company) (NSX:OLX) is pleased to announce it has, through its wholly-owned subsidiary OliveX (HK) Limited (OliveX HK), entered into:
- an Asset Sale Agreement to acquire the gamified fitness platform SOL Cycling from Redline; and
- a Software Development Agreement with Redline and SOL Cycling founder, Scott Williams for the purposes of continuing to develop the SOL software in line with the Company’s strategy,
(Proposed Acquisition). The key terms of the Asset Sale Agreement and the Software Development Agreement are set out in the Annexure to this announcement.
About SOL Cycling
SOL Cycling is a gamified fitness platform that integrates with a physical bicycle. Utilising an exercise cycle with Bluetooth Power/Speed sensors the game monitors the players physical output and progresses them through the game’s narrative as they continue to work out.
The main products of Sol Cycling comprises of Mars (which utilises images from NASA’s JPL & UofA), Everest and Undead each with its own unique terrain to conquer and storyline to complete. The game was developed by Redline with an initial release date of Feb 2021.
OliveX and SOL Cycling
OliveX’s strategy is to continue to build an open and fully interoperable fitness metaverse and amass a tier 1 portfolio of gamified fitness applications for its user base. The SOL Cycling game engine is not only complimentary to OliveX’s other gamified fitness offerings such as Zombies, Run! and Dustland Runner but also provides access to a wider fitness focused user base of active cyclists within a significantly sized global market — USD$54.44 billion global cycling market (2020).
OliveX will seek to further develop both blockchain and non-blockchain game offerings utilising the game engine from SOL Cycling and leverage the existing SOL Cycling community and user base. In doing so OliveX aims to create the world’s first ever blockchain cycling game.
The potential sweat-for-reward blockchain based game will allow players to earn rewards in the virtual world for physical output they put in in the physical world, these rewards will include digital items in the form of:
- DOSE, the OliveX utility token, which can then be used to make upgrades to characters and access additional features
- Collectable digital assets known as non-fungible tokens (NFTs) which can be utilised in-game or traded in the secondary market
Keith Rumjahn, founder and CEO of OliveX, commented:
“The acquisition of SOL Cycling is a clear step forward on our strategy to build the fitness metaverse and will allow us to create the world’s first ever blockchain cycling game. Dustland Runner was our initial starting point but at OliveX we will continually seek to grow and diversify our fitness based blockchain gaming portfolio to build a fully interoperable and open fitness metaverse, and SOL Cycling ticks all the boxes in what we are looking for to build that ecosystem.
SOL Cycling brings a fully developed game engine, within a significantly sized global cycling market that will benefit greatly from porting to blockchain and the sweat-for-reward game model. We feel as though there are limitless possibilities for the fitness metaverse and look forward to further developing SOL Cycling with the support of its founder Scott Williams”
About OliveX
OliveX is a digital health and fitness company delivering unique user experiences through fitness gamification, augmented reality, and play-to-earn experiences. The OliveX fitness metaverse provides platforms that enable real-world fitness to merge with the digital universe in order to engage consumers with brands, influencers, and coaches. OliveX is designed for those who exercise at home, at the gym, or outdoors in over 170 countries.
The DOSE token, created by OliveX as a cross-platform token for the fitness metaverse and the utility token for run-to-win games within the OliveX ecosystem including Dustland Runner. DOSE is an ERC-20-compatible fungible token and is an acronym for the chemicals released when getting fit and working out: Dopamine, Oxytocin, Serotonin and Endorphin. Dustland Runner is the first ever blockchain fitness game where players physical output is rewarded in the virtual world with digital items.
