Gambling for ‘OG and Crypto Degens’ is coming to Solana

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Decentralized finance (DeFi) platform Hxro has announced that a newly formed studio, Bitblox Games, has been established to develop on-chain player versus player (PvP) games of chance that leverage the Hxros-based platform ​Solana.

In a blog post on Thursday, Hxro said Bitblox Games is where “OG degenerates meet crypto degenerates,” referring to the crypto slang term for traders or risk-loving degenerates. He also named Brandt Page, Vice President of Business Development at Hxros, as CEO of Bitblox Games.

Bitblox dramatically expands the scope of what igaming can be, Page said in the announcement. Blockchain-based games provide additional transparency for gaming operators while giving players the ability to bet in new and engaging ways.

The gaming and casino industry calls online gaming igaming. But unlike most video games, the vast majority of games of chance aren’t immersive worlds, don’t feature well-developed characters (if any at all), and prioritize financial betting mechanics over to other types of gameplay.

Instead, the igaming industry offers its users flashy browser-based gaming experiences where thousands of dollars can be won or lost with the click of a button.

Hxro co-founder Dan Gunsberg called on-chain gaming where certain elements of a game involve crypto transactions or data stored on a crypto network, a surprisingly underserved subset of the gambling industry in line.

Bitblox will usher the online gaming industry into the Web3 era, supporting Hxro Networks’ goal of being the world’s largest source of igaming derivatives and liquidity, Gunsberg said in a statement.

While the gaming industry may view its products as a form of gambling, a number of video game streamers and live-streaming platforms like Twitch have taken strong stances against online gambling in recent months. Twitch called unregulated gambling sites dangerous in a blog post and in October 2022 banned creators from live-streaming online gambling sites like Stake, which allows users to gamble with crypto.

The online gambling industry recorded $5 billion in revenue last year, according to the American Gaming Association, but easier access to gambling also makes it easier for players to deal with the potential downsides that come with such games. activities.

The National Association of Addiction Professionals has reported that problem gambling is linked to a higher suicide rate than alcohol or substance abuse, while the National Council on Problem Gambling estimates that about two million Americans are struggling with a serious gambling problem.

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