Ripple is making innovations with cross-border payments but is also slowly becoming a force to be reckoned with in gaming. As SBI Investment Korea Director Lee Joo-Hyuk put it, the company is at the center of blockchain use in the gaming industry.
Ripple in Blockchain Gaming
The investment exec made the comment, referring to Ripple’s involvement with blockchain gaming last year. In spring 2019, San Francisco-based Forte game company announced a partnership with Xpring, Ripple’s investment division. The partnership was announced as a fund worth $100 million, to make giant strides in the field of blockchain gaming.
Lee Joo-Hyuk made the comments while speaking on the funding SuperTree recently received. SuperTree is one of the world’s foremost blockchain gaming companies that recently announced new funding. The announcement was made on Tuesday and is a Series A investment worth 3 billion won, roughly $62.7 million. SuperTree plans to use the new funding to continue the development of its PlayDapp gaming service. The company also plans to pay good money to purchase intellectual property rights on a few popular games.
The investment round was led by two major Korean venture capital firms. They include SBI Investment Korea and Korea Investment Partners, currently the largest in the company.
Speaking on the investment, Lee Joo-Hyuk said the team believes SuperTree will increase in valuation in the near future. He said:
“It is expected that the game industry’s use of blockchain technology will become active around the world. In fact, Ripple, which ranks third in the market value of cryptocurrency in March last year, raised $100 million to accelerate the adoption of blockchain in the blockchain game platform Forte and the game industry. We are expecting the value of DApp and the blockchain game service platform ‘PlayDapp’ which SuperTree is developing, to increase further.”
The world of blockchain gaming is slowly increasing in popularity. SuperTree’s position as it tries to stay at the helm of it will continue to drive the sector as much as possible. The platform ensures a decentralized gaming platform by using meta-blockchain technology.
In December 2018, TRON unveiled the Tron Arcade, a developers’ platform to create blockchain games. The announcement specified that TRON will fund the project for three years with $100 million. At the time, CEO Justin Sun said the Tron Foundation is placing its focus on solving problems the blockchain gaming industry faces.
In November last year, popular French video game giant Ubisoft announced a partnership with Ultra blockchain game distribution platform. The two platforms said they will collaborate on future products that will run on Ultra’s UOS testnet. Ubisoft will serve as a corporate block producer.
Regardless of all the heavy funding the blockchain gaming industry currently sees, the sector still has a long way to go. A lot of blockchain games gain heavy traction at release. However, this traction usually fades with time. Heavy industry players need to put in more energy.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.