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Ripple Labs, a San Francisco CA-based technology company that develops the Ripple payment protocol and exchange network plans to integrate blockchain technology with video gaming platforms. The company is funding $100 million to Forte, a San Francisco based startup company, which focuses on creating marketplaces to enable the sale of scarce digital products present in many games to initiate and boost the development of the video gaming project.
Forte is jointly supported by Coinbase Ventures and many other silicon valley investors. The collaboration between Ripple labs and Forte is expected to enhance the overall experience of gaming and increase its efficiency with the help of blockchain technology. The existing method of trading of in-game assets by players is a shady procedure and is often questioned in the eyes of the law. Players also involve third-parties like e-bay to complete the transaction. The collaboration is expected to change this scenario and make the whole operation function better and easier.
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Ripple labs is the creator of XRP cryptocurrency, which provides financial services as its core business. The company is foraying into the video gaming industry in a bid to diversify its business. The funds of the Ripple Labs will be distributed among those companies that have over 50 thousand active users. The developers will get the funds in the form of XRP coins, which could be worth millions of dollars each.
The video gaming industry has always been open to adopting new technologies, from console to the PC to mobile. There have been many attempts to embed blockchain technology into the gaming industry, which have not been able to attract much of a success — for example, CryptoKitties, which is a game built on the Etherum network. The game was successful in creating the initial buzz, but could not capitalize on the initial success. Ripple Lab’s blockchain platform will allow game designers to facilitate an economy that can serve all types of players, which is expected to ensure the success of this collaborative project.
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