Animoca Brands Partners with Opal Foundation to Develop the Largest Web3 Ecosystem

• Blockchain Council
• September 02, 2024

Hong Kong-based game software company Animoca Brands has announced a ground-breaking partnership with the Opal Foundation, aiming to create the largest Web3 ecosystem encompassing gaming, decentralized finance (DeFi), entertainment, education, and culture. This ambitious endeavor is set to be built on top of the Bitcoin network, leveraging the capabilities of the Opal Protocol and the BLIF token.

The collaboration between Animoca Brands and the Opal Foundation represents a significant step towards propelling the adoption of Web3 and decentralized technologies. By integrating the BLIF token, which serves as the foundational token of the Opal Protocol, Animoca Brands is embracing the potential of Bitcoin beyond its traditional role as a store of value.

“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,” said Yat Siu, co-founder and executive chairman of Animoca Brands..

Siu highlighted the recent introduction of non-fungible tokens (NFTs) on Bitcoin through ordinals as a catalyst for this transition, describing it as a “giant leap” that transforms Bitcoin from a mere store of value to a “store of culture” for the Web3 age.

The Opal Protocol, set to launch soon with Animoca Brands as its first strategic partner, envisions a connected digital realm where finance, entertainment, education, and decentralized governance coexist seamlessly. According to the Opal Foundation’s litepaper, the protocol aims to facilitate a “transformative shift” over the next decade, moving from the current fragmented ecosystem to a harmonized, globally accessible digital realm.

“We are proud to have Animoca Brands as our first strategic launch partner, as the Opal Foundation will help to bridge their vision to establish the open Opal protocol into Bitcoin and ordinals,” the Opal Foundation stated.

The partnership has already gained significant traction, with six of Animoca Brands’ portfolio companies becoming genesis members of the Opal Protocol. These companies, which include industry players like Magic Eden, Xverse, ALEX, and HorizenLabs, have pledged their support for the project, and more core members are expected to be announced in the coming days.

Vincent Marty, Chief Product Officer at Darewise, a metaverse technology platform collaborating with Animoca Brands on the Opal Protocol, highlighted the potential of the BLIF token. “Opal is not just about linking non-native Bitcoin applications to the Bitcoin community. It’s also about empowering native Bitcoin Web3 applications to thrive. BLIF serves as a universal incentive, fostering collaboration and innovation across the ecosystem,” Marty explained.

Animoca Brands’ move to embrace the Bitcoin ecosystem is part of a broader strategy to solidify its position in the rapidly expanding Web3 market. According to a report by Research and Markets, the Web3 market is projected to grow from $3.19 billion in 2023 to $4.43 billion in 2024, reflecting a compound annual growth rate (CAGR) of 38.8%. The potential for further growth is significant, with the market expected to reach $16.3 billion by 2028.

In addition to the partnership with the Opal Foundation, Animoca Brands has also solidified a strategic alliance with Saakuru Labs, the developers behind the L2 Saakuru Protocol. This collaboration aims to enhance Web3 gaming adoption by integrating Saakuru’s blockchain technology and strengthen Animoca Brands’ influence in the rapidly growing Southeast Asian market.

“The Southeast Asian market, with its burgeoning tech-savvy demographic, is primed to lead the Web3 revolution. Our partnership with Saakuru Labs is pivotal in catalyzing this shift, making the open metaverse a reality through gaming,” Siu said, highlighting the strategic importance of the collaboration.