Darewise Entertainment, a subsidiary of Animoca Brands, has teamed up with Horizen Labs to create the very first metaverse token on the Bitcoin network.
Horizen Labs, a blockchain company, will provide guidance on token development and consultancy services for this groundbreaking project.
The collaboration aims to introduce the first-ever metaverse token built on the Bitcoin (BTC) network, challenging Ethereum’s (ETH) dominance in the web3 and gaming industries.
“The potential for Bitcoin to expand beyond being just a store of value is enormous. To realize this potential, we must get to work and start building,” said Benjamin Charbit, CEO of Darewise Entertainment, emphasizing the ambitious nature of the project. Bitcoin was originally designed as a peer-to-peer transaction platform, not specifically tailored for complex smart contracts and token transactions.
The proposed token will be the main currency for Life Beyond, Darewise’s flagship game, enabling transactions involving in-game assets, virtual lands, and more.
Yat Siu, co-founder and executive chairman of Animoca Brands, described this as a “pivotal moment” for Bitcoin, highlighting that quality gaming is crucial for mass adoption.
However, some experts may question whether Bitcoin’s current infrastructure can handle such diverse transactions. Horizen Labs, known for its expertise in zero-knowledge cryptography, will offer technical support and consultation services for the project. “We are extremely excited to collaborate with Darewise and Animoca Brands. Our extensive experience with Bitcoin makes this project truly inspiring for us,” said Robert Viglione, CEO of Horizen Labs.
Despite their ambitious goals, there are challenges to overcome. They must demonstrate that a Bitcoin-based gaming ecosystem can thrive and expand. “We are essentially exploring Bitcoin’s potential in a rapidly evolving digital landscape,” said Vincent Marty, chief product officer at Darewise Entertainment. “In the upcoming months, we will unveil technological advancements that will not only impact Life Beyond but also metaverses and games worldwide.”
For more information, read about the rise in blockchain gaming revenue in May and the surge in investments to $476 million on DappRadar. Follow us on Google News for the latest updates.