Ripple launched its Xpring initiative designed to help startup developers in May 2018 and has stepped up its efforts by venturing a gaming industry reportedly worth $140 billion.
In an announcement published on Tuesday, March 12, Ripple noted that the Xpring project would be collaborating with Forte, a startup focused on blockchain-based gaming.
The two will now work together on a $100 million fund whose target is to provide funding and tech support to game developers.
The Verge reports that Ripple will provide the entire $100 million funding, while Forte will be in charge of managing the funds- with the aim of seeing developers help in accelerating the adoption of blockchain technology into the global gaming industry.
A press release announcing the collaboration stated that Forte will use tech innovations that leverage the “open-source solutions” available as a result of its cooperation with Ripple.
As per the statement, the solutions available to Forte include the use of the open-sourced Interledger Protocol, a “container-based hosting solution”- that refers to the smart contracts-enabled Codius platform, and XRP (for payment settlements).
The companies agree that using blockchain technology could help developers improve game designs, and thus be able to create and oversee successful game economies. However, the majority of gaming developers find it difficult to integrate the tech, including its deployment, the firms noted in the announcement.
To help with this, developers will now be able to use Forte’s tech platform to integrate blockchain technology into their games. The initiative should see developers increase the levels of engagement the community has with the games and thus help in the monetization process.
The Xpring/Forte partnership will see the funds used to primarily support game developers whose gaming platforms offer “live game economies” and which command a daily active user base of over 50,000 people.
The senior VP at Xpring Ethan Beard said that the Forte’s had a team of world-class veterans, whose experience in the gaming industry would be crucial to achieving their goals. He was referring to the startup’s founding team that comprises members from gaming giants like Unity, Kabam, and GarageGames.
Beard added that Ripple and Forte held a mutual belief that the use of blockchain technology is set to bring an enormous influence on the gaming industry.
Access to such a solution gives developers and users the tools they need- easy to use, are “chain agnostic and interoperable.” According to him, this is a development phase that should see the industry scale and increase adoption.
Forte’s chief platform officer, Brett Seyler, added that as a $140 billion industry, the gaming sector is “driven predominantly by digital micro-transaction economies,” and that blockchain technology gives it the much-needed integrity and resilience.
Based in San Francisco and founded in February this year, Forte is relatively a new-comer in the market.
However, its unique potential to impact the gaming industry has seen it already attract backing from the likes of Andreessen Horowitz, Coinbase Ventures, Battery Ventures, Canaan Partners, and 1confirmation among others.
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