Hong Kong-headquartered game software and venture capital firm Animoca Brands announced its collaboration with Darewise, a company specializing in Bitcoin-based metaverse development, to launch the OPAL protocol project Opal Bitcoin and extend its operations into the Bitcoin realm.
The Opal Bitcoin is anticipated to evolve into a Web3 ecosystem encompassing various domains such as gaming, entertainment, decentralized finance (DeFi), education, and culture. Animoca Brands highlighted that all its upcoming Bitcoin-based projects will be developed in collaboration with Opal Bitcoin. Notable onboarded entities include Magic Eden, Xverse, ALEX, and Horizen Labs.
According to Yat Siu, executive chairman and co-founder of Animoca Brands, the introduction of Ordinals has propelled Bitcoin beyond merely a store of value, transforming it into a repository of culture for the Web3 era. Strengthening the company’s footprint on the Bitcoin blockchain through the innovative endeavors of the OPAL Protocol will further its vision of an inclusive metaverse where everyone can access digital property rights and leverage network effects for mutual benefit.
Animoca Brands is coming to #Bitcoin!Bitcoin is ready for Web3. OPAL Protocol (@OpalBTC), powered by $BLIF and initiated by @darewise & @animocabrands, is slated to become the largest #Web3 ecosystem of #gaming, entertainment, #Defi, education, and culture, built on Bitcoin.A… pic.twitter.com/WcJ65vMHfB
— Animoca Brands (@animocabrands) April 30, 2024
What Is The OPAL Protocol?
The OPAL protocol is a decentralized ecosystem operating on the Bitcoin network, fueled by the rune token BLIF. Its overarching vision is to offer immersive experiences while maintaining connectivity with Bitcoin’s real-world value.
BLIF is a token bridging the gap between BRC-20, Runes, and Wrapped ERC-20 standards. Acting as the foundational asset, it will unify all participants within the ecosystem, functioning both as a medium of exchange for digital goods and services and as a governance token.
Furthermore, the protocol introduces the concept of “Proof of Valuable Work,” which incentivizes ecosystem partners based on the value and benefits they provide to users. Central to this concept is “Value-nomics,” which aims to boost the ecosystem’s value through network effects, consequently enhancing the value of the BLIF token.
The company has emphasized that it is committed to fostering sustainable ecosystems, where the OPAL protocol’s “Proof of Valuable Work” model will reward ecosystem participants according to their contributions, bolstering the ecosystem and advancing the protocol’s long-term vision.
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