On Saturday, one of the biggest metaverse investment companies, Animoca Brands, announced plans to roll out a metaverse token through its subsidiary Darewise Entertainment. The token will be launched on the Bitcoin blockchain via Ordinals, a platform that allows users to inscribe fungible and non-fungible tokens on the oldest network.
Darewise Entertainment is the game studio behind an upcoming NFT-powered metaverse game called Life Beyond. This game will be the first to adopt the soon-to-be-launched metaverse token, which players will use to buy in-game assets and virtual lands.
Darewise has announced its partnership with Horizen Labs to create the Bitcoin-based token. Previously, Horizen Labs helped developers behind the popular NFT collection Bored Yacht Club create ApeCoin, an ERC-20 token that powers the NFT project. Currently, LifeBeyond gaming NFTs live on Polygon, an Ethereum layer-2 Network.
Meanwhile, Animoca Brands boss Robby Yung is excited over the impending launch of the Darewise metaverse token. He praises Ordinals developers for building such an innovative protocol. Yung says Bitcoin will soon no longer be viewed as a mere store of value.
The Ordinals Protocol
Ordinals launched in February 2023. At the time, more than 370,000 NFTs were inscribed on the Bitcoin blockchain within a month. However, data from DappRadar shows that the number of unique digital assets inscribed on Bitcoin via Ordinals had reduced to 89,000 per month as of August 31.
Whether the launch of Darewise’s metaverse token will bring back the hype remains to be seen.
Animoca Brands’ Other Projects
Animoca Brands has invested in several projects and companies in the metaverse space since its launch in 2014. The company’s valuation was $5.8 billion at the start of the year. Animoca Brands has published a number of popular NFT-powered games, including The Sandbox.
On September 11, the Hong Kong-based gaming company announced it had raised over $20 million in a funding round that attracted well-known venture capitalists, including CMCC Global, GameFi Ventures, Kingsway Capital, and Liberty City Ventures.
Yung said the funds will be used to build The Mocaverse, a metaverse project that will feature 8,880 non-transferable NFTs. When asked if the metaverse token will be used in The Mocaverse, he answered that it will be integrated in the future.
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