Privately held cryptocurrency company Ripple Labs and gaming platform startup Forte are setting up a $100-million fund aimed at pushing video game developers to find ways to use blockchain technology for in-game marketplaces.
The fund is intended to “accelerate the mainstream adoption of blockchain technology in gaming,” the companies said in a Tuesday press release.
“Blockchain technology has the potential to improve game designs and help developers run better and more successful game economies, but for many developers it’s difficult to develop and deploy,” according to the announcement.
“Forte’s platform makes it easy for developers to apply blockchain technology to their games, increasing engagement and monetization with their players.”
More and more gaming companies are moving to in-game monetization, allowing players to pay for digital “assets" like character traits or costumes that add to their gaming experience.
“Gaming is a $140-billion global industry driven predominantly by digital microtransaction economies, which we believe will benefit immensely from the integrity and resilience of blockchain technology," Forte Chief Platform Officer Brett Seyler said in a statement. “The industry needs solutions that can support these economies at scale with cross-chain interoperability."
Forte said it has investment backing from well-known cryptocurrency and blockchain names including Coinbase Ventures, Coinbase co-founder Fred Ehrsam, and Earn.com co-founder Balaji Srinivasan, among others. Ripple is working on the idea with its Xpring initiative, which is aimed at developing infrastructure and advancing blockchain projects.
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