KEY POINTS
Venture capital firm Animoca Brands has revealed intentions to establish a unified Bitcoin-based ecosystem spanning gaming, entertainment, education, and more.
In an X (Twitter) post shared today, the company declared, “Animoca Brands is coming to Bitcoin,” indicating that the OPAL Protocol, a collaboration between Darewise and Animoca Brands, will evolve into the largest Web3 ecosystem built on Bitcoin.
This ecosystem will encompass various sectors, including gaming, entertainment, Defi, education, and culture.
The OPAL Protocol will operate with the Runes token $BLIF and will be the designated solution for all forthcoming Bitcoin-based projects from Animoca Brands.
Notable members already involved in the ecosystem include Magic Eden, Xverse, Horizon Labs, among others.
Yat Siu, co-founder and executive chairman of Animoca Brands, remarked, “Building up our presence on the Bitcoin chain through the exciting work of the OPAL Protocol will help to advance our vision of an open metaverse in which all people have the opportunity to enjoy digital property rights and benefit from the power of network effects.”
This move signifies another stride by Animoca Brands into Web3. The company, a longstanding trailblazer in the field, boasts a portfolio of over 400 Web3 companies. Just two weeks ago, it reported strong financials for its Web3 ventures, with $558 million in digital assets and off-balance sheet token reserves totaling $1.8 billion.
Highlighting one of its recent endeavors, the company unveiled a partnership with Square Enix last week to expand the global reach of the Symbiogenesis NFT project.
As part of its strategy to advance Web3 adoption and knowledge, Animoca Brands disclosed plans to spearhead Web3 expansion in Japan at the beginning of the month. The announcement included plans for an upcoming NFT launchpad and a partnership with Nine Chronicles M for NFT sales.
In a similar strategic move targeting Saudi Arabia, Animoca Brands collaborated with KACST to establish a Web3 hub in Riyadh.
