THNDR uses Bitcoin’s Lightning network in pivot toward casino games
Some blockchain game studios are moving away from game development and toward betting games or B2B offerings
Kitreel/Shutterstock modified by Blockworks
This is a segment from The Drop newsletter. To read full editions, subscribe.
THNDR, a game studio that’s launched half a dozen play-to-earn Bitcoin mobile games using the Lightning network, is pivoting to the “iGaming” market, which has elements of casino betting games.
The team is now launching a blackjack game called, unsurprisingly, Blackjack. It will appear across different iGaming platforms and aggregators at launch.
“It’s not as regulated as gambling. It’s actually regulated similar to, like, daily fantasy sports,” Desiree Dickerson, CEO and co-founder of THNDR, tells me. “The [iGaming] industry is really open to Bitcoin and just crypto in general.”
The Bitcoin-powered Blackjack game is actually PVP, instead of playing against the “house.” Dickerson sees THNDR’s version of blackjack as requiring more player skill than slots or blackjack at a casino.
The Blackjack game uses THNDR’s betting liquidity network and offers instant Bitcoin Lightning network payments.
THNDR previously released Tetro Tiles, a Tetris-like free mobile game, where you could earn satoshis based on the amount of time you spent in the game (the games are ad-supported). It was simple but fun, and I played it for longer than I expected as someone who usually goes for shooter-style PC games. THNDR has also released a solitaire game, a racing game, and other titles where you can earn Bitcoin.
“The gaming industry is just so brutal,” Dickerson said of the state of blockchain gaming and the gaming space more broadly. “There’s going to be some misses, just like in every other industry.”
But Dickerson isn’t the first builder I’ve heard of who’s shifted away from just blockchain gaming toward something a little different. THNDR is still maintaining its previous games for those who still play — but iGaming is its next frontier.
“People are always going to want to bet,” Dickerson explained.
For better or worse, I can’t help but agree. Neither of us are gamblers, but we also see where things have been heading this cycle. People are being more open about wanting to bet on things, and I think that’s partly why Polymarket did so well (the number of daily active traders has fallen substantially from its January peak, but hasn’t fallen off completely). Crypto is a high-risk, high-reward space, not unlike gambling.
THNDR isn’t alone in its shift away from more traditional crypto game development, too.
This year, I’ve spoken with other execs who not only see the rise of gambling and betting in gaming but have also moved away from blockchain gaming toward a B2B model, as THNDR has also done (THNDR is offering its betting games to other platforms).
“Traders are a new class of gamers,” Sam Barberie, head of strategy and partnerships at Horizon, previously told me.
Horizon notably moved away from game development after its first title, Skyweaver. So has Midnight Evergreen, a firm that’s moving from game development to acquiring other studios and products.
Midnight Evergreen CEO Steve Wade laid out the game industry’s massive hurdles ahead, arguing that there aren’t enough players or growth in gaming in general. So many gamers are stuck in “black hole games” like Fortnite where they don’t play any other title. There aren’t more players than before, and they aren’t spending more than before. Studios will need to be big enough to survive the storm — and many currently aren’t.
Wade told me that CEOs of nine different game companies have reached out to him, saying they’re in trouble.
While no one can guarantee what the future holds, I think he’s probably right. Gaming will continue to be a cutthroat industry, where only the very best games and teams survive. Those with a lot of cash who’ve been saving for a rainy day could weather the storm, while those who have spent more wildly could find themselves running dry.
For now, betting-based games are consuming market interest and attention. Recently, a new casino game Pebble City launched on Sui — a chain that’s focused on video games in the past. Now, that chain is offering a mix of traditional and betting games.
“More and more gaming is going to include gambling,” Dickerson predicts.
We’ll see if she’s right — so far, it looks like things are absolutely heading in that direction.
Get the news in your inbox. Explore Blockworks newsletters:
- The Breakdown: Decoding crypto and the markets. Daily.
- 0xResearch: Alpha in your inbox. Think like an analyst.
