Altcoin News: Ripple Invests $100 Million in XRP in Video Games

March 14, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The Ripple Foundation manages a fund called Xpring. This fund was established to support companies that want to pioneer with blockchain. Xpring has announced this week that it wants to invest no less than $100 million in blockchain gaming.

Making the game economy more realistic

Ripple guarantees this amount but it is managed by Forte. This company has only been in existence for a month and is developing blockchain products and platforms for the gaming industry. Forte’s CEO, Kevin Chou, founded the mobile gaming company Kabam, and Forte’s co-founder, Brett Seyler, worked for GarageGames, Unity and Beyond Games.

The ultimate goal of the partnership between Ripple and Forte is to make in-game economies more realistic. Games must closely reflect the real world by using blockchain technology.

Ripple invests in gaming for a reason. The idea is that XRP will be used in all these in-game economies. Allegedly even that $100 million is paid in XRP.

Use between different blockchains

In order for such an in-game economy to succeed, a few important conditions must be met. It is extremely important that gamers actually own their assets. Blockchain can facilitate this with non-fungible tokens. This is a difficult word for non-exchangeable tokens, each token is unique and can be linked to ownership. These one-of-a-kind tokens can then be processed into smart contracts for buying, selling or trading.

Forte wants to build a protocol together with Xpring that makes it possible to send coins between different blockchains. Suppose Fifa has its own blockchain and so does Tetris, you should be able to spend the same coin in both games. Ultimately, that must take the form of a wallet that is integrated into old and new games.

“Blockchain technology has the potential to improve games and help developers run better and more successful game economies, but for many developers, it is difficult to develop and implement,” the accompanying press release says. “The Forte platform makes it easy for developers to apply blockchain technology to their games, increasing engagement and revenue generation with their players.”

Author: Marko Vidrih