Animoca Brands clinches Hong Kong Govt grant to develop Chinese exercise app

Animoca Brands ASX AB1 Hong Kong Government develop Baduanjin exercise app
Animoca Brands and NPKFA will develop a Baduanjin exercise app after receiving a grant from the Hong Kong Government.

Animoca Brands Corporation (ASX: AB1) and its partner North Point Kai Fong Welfare Advancement Association (NPKFA) have clinched a A$750,000 grant from the Hong Kong Government to create a health app based on a popular Chinese exercise Baduanjin.

The Hong Kong Government’s Innovation and Technology Fund for Better Living was set up with A$85 million to finance technology projects that improve daily living by making it healthier, safer, more comfortable and convenient.

As part of the initiative the government division awarded the duo the grant, which will provide the backing needed for 12-months to develop a Baduanjin qigong mobile app for Android and iOS.

Funding will also cover two years of maintenance.

The app is based on the concept of using a mobile device camera, which provides a real-time feed of an individual carrying out the exercise for artificial intelligence tracking and analysis. The app would then guide the individual through Baduanjin routines.

According to Animoca, the app will encourage a healthier life-style for its users by enhancing motivation and adherence to exercise routines.

Research has shown that Baduanjin has many health benefits and can improve quality of life, sleep, blood pressure, heart rate, grip strength, balance and flexibility.

Animoca and NPKFA plan to launch the app in Hong Kong then expand into China and other countries.

Animoca believes the technology it develops while creating the app would also contribute to new developments and be useful in other apps.

CryptoKitties teams up with Stephen Curry

Earlier this week, Animoca announced its blockchain-based game CryptoKitties would be bringing sports memorabilia to the field with renowned basketballer Stephen Curry lending his name to the game.

CryptoKitties players can now collect special-edition cat based on Curry, known as CurryKitties.

Using blockchain technology, CryptoKitties players can adopt, raise and trade virtual cats with the aim of collecting and exchanging the felines.

Animoca claims it is the first-time sports memorabilia has been integrated into blockchain gaming.

In late afternoon trade, Animoca’s share price had risen more than 6% to A$0.05.

Lorna has more than 10 years' experience as a finance journalist and editor. She has written for numerous industry publications reporting on various sectors, including: resources, energy, construction, biotech, pharma, science and technology, agriculture, and chemicals. Specialising in resources, Lorna has also covered a myriad of small and large cap ASX and dual-listed stocks.