OliveX Holdings Limited (NSX:OLX) to Invest in Move-to-Earn Project DEFY

OliveX Holdings Limited (OLX:NSX), through its wholly-owned subsidiary OliveX (HK) Limited, is pleased to announce that it has committed to make a strategic investment in the move-to-earn blockchain gaming sector, through an investment in the utility tokens (DEFY Tokens) to be created and launched by DEFY Labs Pte. Ltd (DEFY) (Proposed Investment).

OliveX's vision and strategy is to develop and invest in a number of move-to-earn titles in order to contribute to creating a fully open and interoperable metaverse in collaboration with strategic partners such as Animoca Brands. The Company's aim is to incubate projects via investment in early stage move-to-earn games within the ecosystem in order to expand the fitness metaverse and to provide a mechanism to create fully interoperable NFTs across the multiple platforms and metaverses. By increasing interoperability of NFTs, the Company aims to increase their utility, create further opportunities for trade and increases the value of the NFTs themselves.

The strategic investment into DEFY is a further step towards the Company progressing this vision. As part of the Proposed Investment, OliveX has also committed to provide cooperation assistance to DEFY to assist in the promotion of the DEFY Tokens leading up to its launch in Q1 2022. The Proposed Investment is also part of a broader investment with Animoca Brands Limited, to invest in the DEFY Tokens. OliveX will continue to evaluate other investments similar to the DEFY investment.

The Company initially commenced this vision with an investment in GENE, a utility token launch by Genopets, which is built on the Solana blockchain and is a virtual gaming metaverse, shaped and molded by the users' real life actions. The Genopet itself is a digital familiar which is connected to the user which develops and grows based on real life mind and body data, captured by the user's wellness wearables. As the user evolves, so does the Genopet linked to them.

The developments in relation to GENE has provided the Company positive feedback in relation to its strategic vision and the Company believes that DEFY has significant potential.

About DEFY DEFY is a Singaporean-based company with a business focus on location based play to earn games. Using NFT Virtual Private Masks, players obscure their identity and join the revolutionary organisation DEFY, with the mission of destroying the evil and all seeing Future Systems - an evil tech oligarchy dominating the world.

Players perform physical exercise in order to obtain and use intel in order to progress through the game's narrative. Gameplay features include location based exploration tasks as well as collaborative games using ciphers and code breaking. Players are rewarded with DEFY tokens for completing hacks, cracking codes and growing the community. DEFY is an open organisation, built for collaboration and integration with other projects in future.

The game was developed by the team behind District Racing and have extensive experience in developing and commericialising location based games and active lifestyle mobile apps. The team has also created and customised products commissioned by global brands such as Redbull, adidas, AIA & Royal Bank of Canada and their apps have achieved over 500k downloads, 1million activities and driven over USD$5million in revenue.

Keith Rumjahn, founder and CEO of OliveX, commented: "Our vision for the fitness metaverse isn't a monopoly controlled by a single entity, its an open and collaborative digital ecosystem that empowers user with digital ownership and promotes a healthy lifestyle. Both DEFY and Genopets are really exciting projects with some very talented teams and we are honored to be able to invest and contribute to incubating these projects.


About OliveX Holdings Limited

OliveX (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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