Ripple and Forte have announced a partnership boasting a humongous $100 million fund to tap into the video game market.
Ripple is the parent company behind the massively popular XRP cryptocurrency. According to Fortune, it has now partnered with Forte, a San Francisco-based company formed by prominent gaming executives, who will oversee the fund.
Forte is reportedly backed by a range of big Silicon Valley players such as Andreessen Horowitz, Coinbase Ventures, and Battery Ventures.
The fund will be used by developers who will aim to tap into the ever-growing blockchain gaming market.
The move represents Ripple’s desire to expand its business and blockchain services beyond traditional financial routes.
The blockchain gaming market is growing by the day, with top crypto projects such as Ethereum, Tron, and EOS leading the charge.
Forte will aim to utilise Ripple’s technology such as the Interledger Protocol, which is an open source protocol used for conducting transactions across different blockchains.
In the event the Interledger Protocol is integrated into this new gaming venture, it could be used to facilitate microtransactions.
Microtransactions have become increasingly common in the gaming world. Popular games such as Fortnite and Apex Legends implement microtransactions to enable players to pay for better gear and loot.
The benefit of switching microtransactions to the blockchain is that in-game items become owned solely by the player and more scarce.
Through digital ownership, players will be able to create their own marketplace where they can trade with one another outside of the game.
This in turn enables the marketplace to be run entirely by the players, if they so choose.
Reportedly, Ripple and Forte will be distributing grants to game developers with more than 50,000 daily active users.
Interested in reading more blockchain gaming-related news? Discover more about how Enjin and Unity Technologies partnered together to release a software development kit on the Ethereum testnet.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.