- Cycliq (CYQ) partners with NSX-listed OliveX to become the first cycling brand to enter the metaverse
- The first part of the partnership will see Cycliq’s best selling products transform into digital collectibles which can be earned when playing the upcoming Dustland Rider game
- Dustland Rider will reward Cycliq users for their real-world cycling efforts in the form of in-game cryptocurrency known as DOSE Tokens
- Phase two of the partnership will see Cycliq release a range of NFTs and digital experiences within the fitness metaverse which can be used in-game or traded
- Cycliq is down 13.6 per cent on the market close with shares trading at 1.9 cents
Cycliq (CYQ) has partnered with NSX-listed OliveX to become the first cycling brand to enter the metaverse.
The first part of the partnership will see some of Cycliq’s best selling products transform into digital collectibles which can be earned when playing the upcoming Dustland Rider game.
Dustland Rider will reward Cycliq users for their real-world cycling efforts in the form of in-game cryptocurrency known as DOSE Tokens.
Phase two of the partnership will see Cycliq release a range of non-fungible tokens (NFTs) and digital experiences within the fitness metaverse.
The collectible NFTs can then be used in-game or traded in the Sandbox market or on Open Sea, an NFT marketplace.
“The focus of this partnership is to encourage more people to exercise and recognise the amazing health benefits cycling can offer,” OliveX Commercial Director Andy Hall said.
“By taking the Cycliq brand into the Sandbox and gamifying its products we can help support its messages about safety, health and speak to a brand-new audience.”
Cycliq will receive 50 per cent of the net proceeds from primary sales and 50 per cent of the 10 per cent royalty proceeds from secondary sales of the NFTs.
The partnership will run for 24 months with the option to extend for a further 12 unless terminated by either party if when one fails to perform.
“The Fitness Metaverse provides us with an unparalleled opportunity to extend our brand, partner with global sports companies and reward our ever-growing community of cyclists each time they ride,” Cycliq Chief Product Officer Michael Freiberg said.
Cycliq was down 13.6 per cent on the market close with shares trading at 1.9 cents.