Solana-based platform Hxro is set to introduce player-versus-player (PvP) gambling games through a newly-formed studio, Bitblox Games.
The DeFi platform sees the combination of gambling and crypto as a perfect match for risk-loving traders or “degenerates.” Hxro’s co-founder Dan Gunsberg referred to on-chain gaming as an “underserved subset” of the online gambling industry, which Bitblox Games aims to bring into the Web3 era.
Hxro, a decentralized finance platform, has recently announced the creation of Bitblox Games, a studio focused on developing player-versus-player (PvP) gambling games that utilize Hxro’s Solana-based platform.
Hxro calls this the “OG degens meet crypto degens” and believes that gambling and crypto are a match made in heaven. Bitblox Games aims to bring the online gambling industry into the Web3 era by offering transparent and engaging betting options to players.
The “igaming” industry, as the gambling and casino industry calls online gambling, is different from most video games. While the latter features immersive worlds and well-developed characters, the former prioritizes financial betting mechanics over other types of gameplay.
The vast majority of gambling games offer flashy browser-based gambling experiences where players can win or lose thousands of dollars with a click of a button. Hxro’s co-founder, Dan Gunsberg, believes that on-chain gaming, where some game elements involve crypto transactions or data stored on a crypto network, is an underserved subset of the online gambling industry that Bitblox Games can fill.
The potential downsides of online gambling are a controversial topic in the video game industry. Livestreaming platforms like Twitch have taken a strong stance against unregulated gambling sites, calling them “unsafe.”
Twitch has banned creators from livestreaming online gambling sites, including Stake, which allows users to gamble with crypto. While the online gambling industry generated $5 billion in revenue last year, it also poses risks to players.
According to the National Association of Addiction Professionals, “problem gambling” is linked to a higher suicide rate than alcohol or substance abuse. The National Council on Problem Gambling estimates that around two million Americans struggle with a severe gambling problem.
Hxro and Bitblox Games aim to bring a new era of transparency and engagement to the online gambling industry by leveraging the power of blockchain technology.
However, the potential risks associated with online gambling cannot be ignored, and players must be aware of the potential consequences.
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