Hong Kong-based game software company Animoca Brands has announced its entry into the Bitcoin industry by backing the Opal Foundation, a new Bitcoin ecosystem protocol. The move aims to establish Animoca Brands as the largest Web3 ecosystem for gaming, education, and culture built on Bitcoin.

The company's involvement in Bitcoin includes supporting the Opal Protocol and BLIF token, which will serve as the Opal Protocol Runes token. This initiative is a collaboration between Animoca and the metaverse technology platform Darewise.

Animoca Brands sees Bitcoin as ready for Web3 and believes that the BLIF token will enable a "true digital life" on the Bitcoin network. The company's executive chairman and co-founder, Yat Siu, emphasized the importance of Bitcoin in the Web3 age, stating that Bitcoin has evolved from a store of value to a store of culture.

Six of Animoca Brands' portfolio companies have already joined as Genesis members of the Opal Foundation. Additionally, all future Bitcoin-based projects from Animoca Brands will partner with the Opal Foundation.

The Opal protocol, initiated in 2024, describes itself as a decentralized ecosystem protocol on Bitcoin powered by BLIF. It aims to create a digital extension of reality where banking, entertainment, education, and social interactions coexist harmoniously.

While the Opal protocol has not yet launched, it has already garnered significant interest, with more than 270,000 subscribers on X. The launch date of the Opal protocol and BLIF airdrop will be announced at a later date.

Animoca Brands' entrance into the Bitcoin industry coincides with the trading debut of spot Bitcoin and Ether exchange-traded funds (ETFs) in Hong Kong on April 30. Despite the ETFs' small trading volumes compared to those in the United States, Animoca Brands' partnership with the Opal Foundation signals its commitment to establishing a strong presence in the Bitcoin ecosystem.