Ripple Steps into the $180 Billion Gaming Gold Mine with Forte
That the gaming industry is lucrative but fragmented is true. With an ever-expanding base clocking 2.3 billion in 2018, gamers all over the world were projected to spend a whopping $137.9 billion by end of Q4 2018 according to reliable data from the games market intelligence company Newzoo.
The mouth-watering figure represents a 13.3 percent year over year gain of which approximately $70 billion flew in from mobile phone revenues which jumped 25.5 percent over the same time-frame. Interestingly, the global games revenue is expected to spike by another double digit figure, 10.3 percent, to $180.1 billion by 2021.
Therefore, for Ripple through its investment wing Xpring to partner with Forte and commit a $100 million fun dedicated specifically for developers keen on venturing, developing and launching blockchain-based games is a step in the right direction if not a show of their long term intentions. It is also a blatant demonstration that blockchain as a disruptive technology has the capacity to drastically cause a shift in any form of digital interaction.
Ripple’s Xpring and Forte $100 Million Fund
Forte, a blockchain platform where developers can launch new games or where existing games can be imported to, was created by a gaming veteran, Kevin Chou and together with Brett Seyler, their company has received funding from industry luminaries and seasoned venture capitalists including Andreesen Horowitz, Canaan Partners, CoinBase Ventures, Battery Ventures and others. In an interview, Ethan Beard, the head of Xpring said:
“We are thrilled to partner with such a world class team of game industry veterans. Both Forte and Ripple have a shared belief that blockchain technology will have a massive impact on games, and that providing tools that are easy-to-use, chain agnostic and interoperable is a necessary step in driving scale consumer adoption.”
Forte will heavily rely on Ripple technologies and will ride on their fast and transparent ledger as they help game developers create a better ecosystem where blockchain technology can be effective in improving game deigns while simultaneously increasing engagement thereby increasing revenue streams for ardent gamers.
Aside from the base layer, Forte will also make use of Ripple’s ILP where XRP will be used for settlement and Codius for seamless cross chain smart contracting purposes. To kick-start their project, Forte will be aiming at developers with more than 50,000 users willing to migrate from centralized to a decentralized operating environment.
While confirming, Allen Ma, the Vice president of partnerships at Forte, said:
“We’re excited to connect with developers who are running live game economies with tens of thousands of daily active users or more and have an active interest in using blockchain technology to improve their business.”
It must be remembered that the announcement comes roughly three months after Tron launched the Tron Arcade. With $100 million spread across three years, the fund would help in building a robust blockchain game ecosystem based off the Tron blockchain. Like Forte’s objective, Tron Arcade would directly empower developers as they create and innovate on new ideas while launching new games contributing towards an autonomous ecosystem as a strong and supportive community is built.
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