Animoca Brands Ventures into Bitcoin Space, Backing Opal Foundation for New BTC Ecosystem
Summary:
Hong Kong gaming software firm, Animoca Brands, is pioneering its venture into Bitcoin (BTC) through its support for the Opal Foundation, a cutting-edge Bitcoin ecosystem protocol. With the Opal Protocol and BLIF token at its core, the firm asserts its aim to build a large Web3 ecosystem for gaming, education, and culture on the BTC platform. Despite being unlaunched, the Opal protocol has more than 270,000 subscribers. The news coincides with the debut trading of Bitcoin and Ether exchange-traded funds in Hong Kong.
Renowned Hong Kong gaming software firm, Animoca Brands, is carving a niche for itself in the Bitcoin (BTC) arena through its support for Opal Foundation, a novel protocol within the Bitcoin ecosystem. On April 30, Animoca Brands officially expressed its foray into the Bitcoin space with the bold vision of creating a "massive Web3 ecosystem" encompassing elements such as gaming, education and culture, all resting on the BTC platform.
The incorporation of Bitcoin into the brand's strategy is tied to the Opal Protocol and the BLIF token, collectively known as the Opal Protocol Runes token, spearheaded jointly by Animoca and the metaverse tech entity, Darewise.
In the disclosure, Animoca extolled its impending BLIF token as a key instrument for navigating an authentic digital existence within Bitcoin's sphere, emphasizing BTC's readiness for the transition to Web3. "The arrival of Ordinals marked a monumental transition for Bitcoin, graduating it from merely a store of value to becoming a haven for culture within the Web3 era," claimed the executive chairman and co-founder of Animoca Brands, Yat Siu. He added, "By expanding our foothold onto the Bitcoin chain via the innovative ventures of the OPAL Protocol, we aim to propel our vision of an all-accessible metaverse wherein everyone enjoys digital property rights, harnessing the potential of network effects."
The unveiling also reveals that six companies in Animoca Brands' portfolio are charter members, and all upcoming Bitcoin-centric projects will join forces with Opal Foundation. Conceived in 2024, the Opal protocol identifies itself as a "decentralized ecosystem protocol on Bitcoin, accelerated by BLIF." Their outline discerns the OPAL protocol as a smooth amalgamation of virtual and real-life encounters that serve to digitally replicate reality, where transactions, entertainment, academics, and social interactions coalesce seamlessly.
Opal's representatives, in a comment from their official Telegram arm, deferred disclosure of the Opal protocol's inception and BLIF airdrop to a future date. Unlaunched as of now, the Opal protocol still boasts a subscriber base exceeding 270,000 on its X profile. "We are honored to have Animoca Brands as our premier strategic launch partner. Opal Foundation will facilitate their ambition to integrate the open Opal protocol into Bitcoin and Ordinals," affirmed the Opal group on their website.
Animoca was contacted by Cointelegraph to comment on this development but did not respond by the time of print. This announcement of Animoca's venture into Bitcoin coincides with Hong Kong's premier spot trade of Bitcoin and Ether (ETH) exchange-traded funds (ETF) on April 30. On the debut day, these ETFs registered modest volumes relative to the spot Bitcoin ETFs witnessed in the United States in January 2024.
Published At
4/30/2024 2:30:10 PM
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