- Animoca Brands and Opal Foundation collaborate to build a premier Web3 environment on Bitcoin that prioritizes culture, education, and gaming.
- The price of BTC reflects recent volatility, but historical statistics and expert Ali Martinez’s views point to possible future rises.
Animoca Brands, a game software developer company with headquarters in Hong Kong, has officially announced its entry into the Bitcoin industry. It has partnered with the Opal Foundation to support a new protocol within the emerging Bitcoin ecosystem.
Stepping Into the Bitcoin WorldÂ
This calculated move was made public on April 30 through a post on X, highlighting the company’s lofty goals to create the “largest Web3 ecosystem” structured around culture, education, and gaming and built around the company’s flagship cryptocurrency, BTC.
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
The creation of the Opal Protocol and the BLIF token that goes along with it is part of the partnership. This partnership, started by Animoca and the metaverse technology platform Darewise, is taking a big step ahead with the release of the BLIF token, also known as the Opal Protocol Runes token.
This is not just corporate growth; rather, it is a calculated turn to embrace the evolution of Bitcoin and emphasize its potential to serve as more than just a store of currency.
Opal Protocol: Combining the Virtual and Real Worlds
With the introduction of Ordinals, Animoca’s co-founder and executive chairman, Yat Siu, highlighted how revolutionary Bitcoin is. He stated:
“With Ordinals, Bitcoin made the giant leap from simply being a way to store value to becoming a store of culture for the Web3 age.”
This viewpoint serves as the foundation for the company’s plan to increase its visibility on the Bitcoin blockchain by introducing the novel OPAL Protocol. This is done with the intention of realizing their dream of an open metaverse in which everyone can access digital property rights and profit from network effects.
Animoca’s approach goes beyond just integrating technology. The business disclosed that six of the businesses in its portfolio have already signed on to become Opal Protocol Genesis members.
In addition, the Opal Foundation will be a partner in all Animoca Brands’ upcoming Bitcoin-based initiatives, demonstrating the company’s long-term dedication to this emerging digital ecosystem.
A decentralized environment built on top of Bitcoin, the Opal protocol is scheduled to launch in 2024 and is referred to as a “digital extension of reality.”
It promises a smooth fusion of virtual and physical worlds where social interactions, education, finance, and entertainment all live side by side. This novel strategy has the ability to reshape digital space interactions and increase their relevance to daily life.
The protocol has attracted a lot of attention even though it hasn’t been published yet, as seen by the more than 270k subscribers on its X profile. It is expected that the Opal protocol and the BLIF airdrop will officially launch on a date to be announced shortly.
The Volatility of the Bitcoin Market and Analyst PerspectivesÂ
It’s crucial to take note of Bitcoin’s recent market performance nonetheless. As of this writing, the price of Bitcoin, according to statistics from CoinGecko, is $61,141.80. It has dropped 1.85% over the last 24 hours and 7.62% over the last week.
Also, well-known crypto analyst Ali Martinez says that Bitcoin “consolidated” around the last two halving events, lasting 189 days in 2016 and 87 days in 2020, before the bull run started again.
Right now, BTC has been consolidated for the past 60 days, in line with what ETHNews previously disclosed.
Around the last two #halving events, #Bitcoin consolidated for an extended period — 189 days in 2016 and 87 days in 2020 — before the bull run resumed.
So far, $BTC has consolidated for 60 days! pic.twitter.com/qosvd2z4JN
— Ali (@ali_charts) April 30, 2024