Ripple is betting $100 million you'll want to game with crypto
Ripple has made a statement that they will be donating 100 million US dollars to undisclosed game developers that are working with blockchain. This forms part of Ripple's Xpring initiative.
The fund will be managed and controlled by Forte, even though 100% of the funds are coming from Ripple, which is a newly launched company that is set up to develop blockchain products and platforms for the gaming industry.
Forte is a new company born from individuals with a lot of experience and impressive resumes. The CEO of Forte, Kevin Chou, was the founder of the mobile gaming company Kabam and the co-founder of Forte has held executive roles in numerous gaming companies such as Beyond Games, Unity, and Garage Games. The company also has impressive funding behind it as it receives funding from a16z Crypto, Coinbase Ventures, and Coinbase co-founder Fred Ehrsam.
The whole purpose of this venture is to create economies in games which closely mimic our real-life experiences. XRP is the cryptocurrency used by Ripple which will naturally be the token which underpins these economies.
There are a number of things that need to be in order to ensure gaming with cryptocurrency is successful. Firstly, the players of the game will need to have access to the assets. Players can use smart contracts to buy, sell, and trade this one-of-a-kind asset. Forte and Xpring are aiming to create “a wallet that will be easy to use and integrate with both new and existing games on many platforms and facilitate cross-chain transactions using Interledger.”
We are still in the very beginning stages of using cryptocurrency when gaming and, hopefully in the near future, we will be able to facilitate trading between games built on different blockchains.
As it stands, the games are crude and mainly unpopular. The most popular game which has incorporated cryptocurrency is Fortenite which has allowed players to trade with Monero since January 2019.
If Ripple could have its way, everyone would be able to use XRP to convert one virtual currency or in-game asset into another. The future of cryptocurrency in gaming has just begun.