Hong Kong-based game software company, Animoca Brands, has made a significant move into the Bitcoin industry by supporting the Opal Foundation, a new Bitcoin ecosystem protocol. On April 30, Animoca Brands announced its entry into the world of Bitcoin, with the goal of creating the largest Web3 ecosystem for gaming, education, and culture, all built on Bitcoin. This move involves the Opal Protocol and BLIF token, which will be the Opal Protocol Runes token launched by Animoca and Darewise, a metaverse technology platform.
Animoca Brands sees the upcoming BLIF token as a means to enable a “true digital life” on Bitcoin, asserting that Bitcoin is ready for Web3. Yat Siu, the executive chairman and co-founder of Animoca Brands, stated that Bitcoin has evolved from being a simple store of value to becoming a repository of culture for the Web3 era.
According to Animoca Brands’ announcement, six of its portfolio companies have already joined as Genesis members, and all future Bitcoin-based projects from the company will partner with the Opal Foundation. The Opal protocol, initiated in 2024, positions itself as a decentralized ecosystem protocol on Bitcoin powered by BLIF. The launch date of the Opal protocol and BLIF airdrop will be announced at a later date, as confirmed by Opal’s representatives.
Despite not having launched yet, the Opal protocol has garnered significant attention, with over 270,000 subscribers on its X profile at the time of writing. The Opal Foundation expressed its pride in having Animoca Brands as its first strategic launch partner, as the company will help establish the open Opal protocol into Bitcoin and ordinals.
Animoca Brands’ decision to enter the Bitcoin industry coincides with the trading debut of spot Bitcoin and Ether (ETH) exchange-traded funds (ETFs) in Hong Kong on April 30. However, these ETFs recorded relatively small volumes compared to the spot Bitcoin ETFs in the United States in January 2024.
In light of this news, Cointelegraph reached out to Animoca Brands for comment but did not receive a response at the time of publication. The entrance of Animoca Brands into Bitcoin aligns with its vision to expand its presence in the cryptocurrency industry and leverage the potential of the Opal Protocol to create a thriving Web3 ecosystem.