Darewise Entertainment, a subsidiary of Animoca Brands, is partnering with Horizen Labs to develop the first metaverse token on Bitcoin.
Horizen Labs, a blockchain firm, will guide on token development and provide consulting services.
Both firms are respected entities in the web3 and gaming arenas, and their alliance aims to challenge Ethereum’s(ETH) dominance in the space.
“The potential for Bitcoin to become more than just a store of value is immense. To achieve that potential, we need to roll up our sleeves and build,” stated Benjamin Charbit, CEO of Darewise Entertainment.
His words show the ambitious nature of the project, given Bitcoin’s original design as a peer-to-peer transaction platform, not necessarily optimized for complex smart contracts and token transactions.
The proposed token will serve as the primary currency for Life Beyond, Darewise’s flagship game. It will facilitate transactions involving in-game assets, virtual lands, and more.
Yat Siu, the co-founder and executive chairman of Animoca Brands, called this a “pivotal moment” for Bitcoin, saying, “high-quality gaming is one of the keys to mass adoption.”
However, some industry experts may question the ability of Bitcoin’s existing infrastructure to accommodate such multifaceted transactions.
Horizen Labs, specializing in zero-knowledge cryptography, will provide technical and consultation services. “We are beyond thrilled to be working with Darewise and Animoca Brands. Our long history with Bitcoin makes this an inspiring project for us,” noted Robert Viglione, CEO of Horizen Labs.
Despite their ambitions,there are hurdles to overcome. For instance, they must demonstrate that a Bitcoin gaming ecosystem can work well and grow.
“We’re essentially testing Bitcoin’s potential in a fast-changing digital world,” said Vincent Marty, chief product officer at Darewise Entertainment. “In the coming months, we’ll reveal tech advancements that will impact not just Life Beyond but also metaverses and games globally.”