In a strategic move to advance the Web3 sector, Animoca Brands, a game software and venture capital company based in Hong Kong, has announced partnerships with the Opal Foundation and Saakuru Labs.
These collaborations aim to propel Animoca into the Bitcoin ecosystem and drive the expansion of Web3 gaming.
Animoca Brands Positions Itself for Web3 Growth with Strategic Alliances
By partnering with the Opal Foundation, Animoca Brands embraces Bitcoin’s potential by integrating BLIF tokens, the essence of the OPAL Protocol. This initiative, powered by the collaboration between Darewise and Animoca, aims to forge a Web3 ecosystem atop Bitcoin’s network.
This venture has quickly garnered support, with six Animoca Brands portfolio companies becoming genesis members of the OPAL Protocol. Looking ahead, all Animoca Brands’ Bitcoin-based projects will also align with Opal. This action ensures a consolidated and progressive development within the ecosystem.
Key industry players like Magic Eden, Xverse, ALEX, and HorizenLabs have already pledged their participation in this project. In the coming days, Opal will announce additional core members.
Vincent Marty, Chief Product Officer at Darewise, shared insights on the potential of the OPAL Protocol.
“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.
BLIF token offers a comprehensive digital life experience, transcending traditional gaming and entertainment boundaries. According to the information in its litepaper, Opal explained that BLIF “is rooted to the foundational layer, enabling access to higher levels of the ecosystem.”
Read more: Top 9 Web3 Projects That Are Revolutionizing the Industry
Simultaneously, Animoca Brands has solidified a strategic partnership with Saakuru Labs, the developers behind the L2 Saakuru Protocol. This alliance intends to enhance Web3 gaming adoption by integrating Saakuru’s blockchain technology. Furthermore, it also aims to solidify Animoca Brands’ influence in Southeast Asia.
Yat Siu, co-founder and executive chairman of Animoca Brands, highlighted the strategic importance of this collaboration.
“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.
This move also aligns with the dramatic expansion of the Web3 market. In a report, Research and Markets projected the Web3 market’s value to grow from $3.19 billion in 2023 to $4.43 billion in 2024, reflecting a CAGR of 38.8%. The potential for further growth is immense, with the market expected to reach $16.3 billion by 2028.
Read more: Top 5 Web3 Use Cases: Where Web3 Is, Where It’s Going
Furthermore, the report highlighted that this growth will be driven by increasing adoption, scalability solutions, and the evolution of token economies.
“Key trends expected in this period comprise technological advancements, developer creativity, cross-chain partnerships, edge computing enhancements, accelerated transaction speeds, tokenization, and developments in crypto economics,” the report stated.
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