TL;DR Breakdown
- Animoca Brands has announced plans to launch its metaverse token based on the Bitcoin blockchain.
- Bitcoin’s expanding roles in the digital realm.
Description
In a significant development within the crypto gaming and metaverse investment space, Animoca Brands, a prominent player in this arena, has revealed plans through its subsidiary, Darewise Entertainment (also known as Life Beyond Studios), to launch an innovative metaverse ecosystem token on the Bitcoin network using the Ordinals protocol. Darewise Entertainment, a subsidiary of Animoca … Read more
In a significant development within the crypto gaming and metaverse investment space, Animoca Brands, a prominent player in this arena, has revealed plans through its subsidiary, Darewise Entertainment (also known as Life Beyond Studios), to launch an innovative metaverse ecosystem token on the Bitcoin network using the Ordinals protocol. Darewise Entertainment, a subsidiary of Animoca Brands, aims to construct a comprehensive metaverse ecosystem centered around Bitcoin Ordinals.
Animoca Brands wants to create a BRC-20 token
Bitcoin Ordinals is a protocol that enables users to record NFT-like assets onto the Bitcoin blockchain and create BRC-20 tokens on the Bitcoin network. The metaverse envisioned by Darewise encompasses various elements, including gaming, brand integrations, real-world experiences, and more. Notably, Darewise is the studio behind “Life Beyond,” an upcoming metaverse game with NFT integration. This game is set to become the first to implement the newly announced Bitcoin-based metaverse token for in-game assets and virtual lands.
Collaborating with Horizen Labs, the same company that contributed to the development of smart contracts and token strategies for ApeCoin, Darewise Entertainment is poised to create this groundbreaking Bitcoin token. It is worth noting that Life Beyond had previously released gaming NFTs on the Ethereum scaling network Polygon. Robby Yung, CEO of Animoca Brands, expressed his excitement about Life Beyond Studios pioneering the use of Bitcoin Ordinals. He emphasized that continuous innovation is a defining characteristic of the Web3 industry, and with the emergence of Ordinals, Animoca Brands is well-positioned to push the boundaries of its application.
The Ordinal inscriptions at the heart of this development are digital assets that are meticulously archived down to a single satoshi, which represents the smallest unit of Bitcoin (1/100,000,000 BTC). While trading activity surrounding these virtual artifacts has experienced a recent downturn, the crypto space continues to witness the introduction of new products, including a social graph and another Bitcoin-based metaverse ecosystem currently in the works. Benjamin Charbit, co-founder and CEO of Darewise Entertainment, emphasized the vast potential of Bitcoin extending beyond its role as a store of value.
Bitcoin’s expanding roles in the digital realm
Benjamin Charbit also noted that while we are still in the early stages of exploring these possibilities, the potential for Bitcoin to evolve and become more versatile is substantial. Animoca Brands has emerged as a major player in the metaverse domain, with investments in numerous companies and projects, boasting a valuation of $5.9 billion as of September 2022. The company also publishes a range of NFT-based games, with “The Sandbox,” an Ethereum-based metaverse game, being one of its notable titles.
Animoca Brands recently secured $20 million in funding for its latest metaverse project, “The Mocaverse,” which is just one of several gaming initiatives under its expansive portfolio. Yung clarified that the Bitcoin metaverse token is distinct from “The Mocaverse,” although Life Beyond Studios is actively involved in the project. He hinted at future collaborations between the AAA universe being developed and the broader Mocaverse, underscoring the interconnected nature of Animoca Brands’ ventures in the metaverse space.
This announcement from Animoca Brands and Darewise Entertainment underscores the growing significance of the metaverse and NFTs within the cryptocurrency and gaming industries. It represents a significant step toward integrating Bitcoin, the leading cryptocurrency, into immersive virtual experiences, opening up new avenues for creators and users within the metaverse ecosystem. As developments in the space continue to evolve, it is clear that blockchain technology, NFTs, and cryptocurrency will play pivotal roles in shaping the future of gaming and digital interaction.
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