If anything, you have to give praise to any blockchain company for trying to explore new boundaries and opportunities. Although most people associate Ripple with finance, the company is trying to branch out a bit. A new $100 million fund has been created in order to merge blockchain technology and video games. With the support of Ripple, this could turn out to be a successful venture in assuming that developers show any interest in it.
Ripple Games
This isn’t the first time that a company has tried to bring in blockchain technology to the video gaming industry. In fact, numerous projects already exist in this particular industry. Most of them haven’t gained as much traction outside of blockchain and cryptocurrency enthusiasts but Ripple still aims to take a slightly different approach and cater to developers directly. The creation of a $100 million fund can certainly contribute to that extent.
One of the main reasons that this fund has been created is to bring in more developers that are willing to ‘revamp’ the gaming industry. More specifically, there is a strong focus on introducing digital marketplaces within these video games. With this, players will have a lot more power over their in-game assets and potentially let them sell items as they see fit. Although it is currently unlikely that any of the big game publishers and developers will accept such a model. This is because the middle man would most likely be cut out entirely.
Ripple is the only firm that is involved in this business model. The $100 million fund will be looked over by Forte. This firm was founded by gaming executives and has already received a lot of positive attention over the past few months. Plus, it has also got the backing of several investors, including Coinbase Ventures and Andreessen Horowitz. Ripple has the technology in place to facilitate international operations on a ledger. There is an interesting opportunity on the cards with both of these parties teaming up.
As reported by The Merkle:
“There is a good reason as to why this new fund can be game-changing for the video games industry. The current lack of official markets to trade in-game assets in exchange for money has been well-documented. As such, a lot of ‘shady” marketplaces and unofficial sales listings are created which pose numerous risks to both buyers and sellers. With a blockchain to “facilitate’ this type of activity, a verifiable solution is introduced.”
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