The Effects of Ripple-backed Forte Saying It Will Use XRP as a Settlement Currency
Recently, Forte Labs announced its brand new $100 million fund backed by Ripple that will enable the traditional games to add key blockchain features.
This latest venture by former Kabam founder Kevin Chou and COO Kent Wakeford seek to revolutionize gaming by giving the developers a cut of peer-to-peer buying, selling, and trading of digital assets.
This venture further involves investors like Andreessen Horowitz, Coinbase Ventures, Coinbase founder Fred Ehrsam, and Coinbase CTO Balaji Srinivasan, Canaan Partners, Battery Ventures, 1confirmation, and a16z Crypto.
In his latest interview, Kent Wakeford talked about the role of gaming in the mass adoption of blockchain where he agreed that “gaming is going to be the killer application for blockchain.”
He further shared that gaming has been the leading application in driving both engagement and revenue which was true even for the giants like Apple and Facebook. Historically, he says, faster growth comes from gaming.
When it comes to the blockchain, the plan is not only to transform the existing gameplay but also to enable items in these games to become an asset that can be traded between consumers. Wakeford is also an advisor to Mythical Games that is built on the EOS blockchain.
Ripple & XRP Connection
Despite being partnered with Ripple on the fund, he says, they are “agnostic” to all the first level protocols like Ethereum, EOS, and Tron.
Moreover, Ripple and Forte are on the same page with mass market adoption of blockchain and crypto to first come from the gaming community. Here, the best thing for XRP is, it will be used as the settlement currency. But it’s not all, they are using the Interledger technology of Ripple.
“Through our platform we are having XRP as a settlement currency for when people trade or sell NFTs. We are also leveraging Ripple’s Interledger technology which allows for some nice advancements in smart contracts.
They’ve been a great partner and big supporter of our approach of interoperability and cross chain. Together we have launched a $100 million fund to help developers tokenize their NFTs and put them on the blockchain.”
Launched in mid-March only, Wakeford says the response has been “strong,” and it has been a successful GDC for them and they are further looking at over 50,000 registered users. As for a possible reveal at the GDC keynote next year, Wakeford said:
“That’s the space we want to play in, that’s what we’re building, a blockchain game engine with plug-ins for item tokenization, distributed hosting of assets, ID management, side chains, and more.”