Hong Kong-based gaming software company Animoca Brands announced its entry into the Bitcoin ecosystem by supporting a new Bitcoin ecosystem protocol, the Opal Foundation. On April 30th, Animoca Brands declared its future in Bitcoin and outlined its ambitious goals to build the largest Web3 ecosystem for gaming, education, and culture based on Bitcoin.
Animoca Brands’ Bitcoin Move
The company’s transition to Bitcoin includes the Opal Protocol and the Runes token, which will be part of the BLIF token launched by Animoca and the metaverse technology platform Darewise. In the announcement, Animoca introduced the upcoming BLIF as a token that will be part of the Bitcoin ecosystem and declared Bitcoin ready for Web3. Yat Siu, chairman and co-founder of Animoca, stated:
“With the arrival of Ordinals, Bitcoin has taken a giant step from being merely a store of value to becoming a cultural icon for the Web3 era. The exciting work of the OPAL Protocol will enhance our presence in the Bitcoin ecosystem, helping advance our vision of an open metaverse where all people have the opportunity to benefit from crypto ownership rights and leverage the power of network effects.”
Key Details to Note
The company’s X announcement detailed that six of Animoca Brands‘ portfolio companies have already joined as Genesis members. It also stated that all future Bitcoin-based projects of Animoca Brands will partner with the Opal Foundation. Launched in 2024, the Opal protocol positions itself as a decentralized ecosystem protocol supported by BLIF on Bitcoin, and the related whitepaper states:
“The OPAL protocol is not just a playground; it’s designed to be a blend of virtual and real-life experiences where banking, entertainment, education, and social interactions coexist harmoniously as a crypto extension of reality.”
According to spokespeople from Opal’s official Telegram group, the launch date for the Opal Protocol and the BLIF airdrop event will be announced at a later date. Although the Opal protocol has not yet been launched, as of the writing of this article, the X profile has over 270,000 followers.
Animoca’s announcement of entering the Bitcoin ecosystem came on April 30th in Hong Kong, when spot Bitcoin and Ethereum exchange-traded funds began trading. On the launch day, the ETFs recorded lower volume data compared to those seen in the United States’ spot Bitcoin ETFs in January 2024.
