Ripple Labs, the creator of XRP cryptocurrency, has recently revealed that it would be integrating blockchain technology with video gaming platforms. To begin with and to boost the development of this project, the company is joining hands with Forte. It is a startup collaboratively supported by Coinbase Ventures, along with other silicon valley investors.
The motive of the project is to enhance the overall experience of gaming and increase its efficiency with the help of blockchain technology. At present users/players are allowed to trade their in-game assets, but the method used was questionable in the eyes of the law very often. Plus the sales are made with an intervention of third-party service providers like eBay. Ripple is trying to change this scenario and make the whole operation function better and easier.
For doing this, the company does not mind to go beyond its financial sphere (its core business), and hence it has announced its desire to diversify the business into the video gaming industry. Forte is based in San Francisco-and focuses on creating marketplaces which will enable the sale of scarce digital products present in many games. To start it well, Ripple has announced funding worth $100 for Forte. This amount would be distributed among the game developers who has over 50,000 active users.
Fortune reported that Ethan Beard of Ripple’s Xpring development department has stated that these funds would be paid in XRP coins and could be worth millions of dollars each. He also expressed on the announcement of the integration of blockchain with the gaming sector. He said, “Video games have long been quick to adopt new technology, from console to the PC to mobile. Now, blockchain will help game designers who’ve had a hard time facilitating an economy that can serve all types of players.”
Such integration is not new to both blockchain and gaming industry; but, previous attempts made by many people could not attract much of success- one of them is CryptoKitties, a game built on the Ethereum network. The game was favorite in the beginning, but could not overcome the loops of the Ethereum network.