- Forte and Ripple have teamed up to launch a $100 million fund to support gamers
- This move is meant to push the integration of blockchain in gaming
- The funds are to be disbursed in the form of XRP
Now, it seems Ripple and Forte plan to tap into that market as it was reported on March 12, 2019, that the two will be teaming up to set up a $100 million fund for developers which seeks to advance the implementation of blockchain in gaming. This comes just weeks after Ripple donated towards fighting poverty and also debuted their cross-border solution with the UAE.
Funding the Game
The fund in question will be overseen by Forte, which specializes in gaming and has backing from big firms such as Andreesen Horowitz, Coinbase Ventures and Battery Ventures.
Ethan Beard, a senior executive with Ripple’s development arm Xpring, shed some light on why the company is interested in gaming.
According to him, the gaming community has always been at the forefront of embracing new technologies, from the console to mobile gaming. By introducing them to blockchain, they will be able to help developers who have been struggling to facilitate an economy that can serve all types of players.
There is certainly a ready market in the gaming industry for blockchain, especially in the secondary market where all things virtual such as virtual coins, various gadgets, and accessories in games and even gaming accounts are sold. By making use of blockchain, the ownership and transfer of these items can be tracked and a permanent record can be kept, which benefits both the gaming companies and the gamers themselves.
Blockchain saw even more prominence in the gaming community with the rise of ‘Crypto Kitties’, a came that saw users pay huge amounts of money for custom blockchain-based kittens. This served as an introduction as well as a launch pad for blockchain in gaming.
Brett Seyler, who is Chief Platform Executive at Forte, said:
“Crypto Kitties introduced what a blockchain could do. It showed the benefit of having a public record of transactions people could trust, and how an in-game economy is well suited to blockchain.”
The $100 million in funding will be distributed among developers with daily users around 50,000, says Ripple. Also, the funds will be disbursed in the form of XRP tokens, though it is expected that most developers will convert them into fiat.