Vested Interest #23: Mystery Boxes, Gambling, and $5 Trillion Collectibles Boom
NEXT.io Podcast18 Jul 2025

Vested Interest #23: Mystery Boxes, Gambling, and $5 Trillion Collectibles Boom

🎙NEXT.io Podcast #23 of Vested Interest with Pierre Lindh, Lloyd Danzig and Benjie Cherniak.


In this episode, we discuss the evolving landscape of collectibles and mystery boxes, drawing parallels to gambling mechanics. They explore the regulatory challenges these new products face, the recent shifts in the venture capital landscape, and the current headwinds for North American operators in the gaming industry.

⏰ Timestamps:

00:00 - Introduction

00:43 - Sponsor Messages

02:02 - Welcoming Lloyd & Benjie

03:06 - Mystery Boxes: Gambling in Disguise?

06:26 - Digital Buybacks and Market Liquidity

08:44 - Slot Mechanics in Collectibles

10:14 - Legal Risks & Regulatory Grey Zones

13:38 - Market Volatility & Platform Liquidity

15:11 - How Regulated Operators Might React

18:14 - Physical vs. Digital Collectibles Landscape

20:25 - Scaling Problems: Supply Chains & Pricing

24:12 – Why Most Gaming Funding Isn’t Broad-Based

26:19 – AngelList Trends & New LP Appetite

28:42 – The Category Leader Obsession

31:13 – Regulated Operator Headwinds in North America

35:44 – Regulatory Moats vs. Challenger Agility

38:45 – Long-Term Strategy: Fight or Join?

40:31 – Can There Be a National RMG Framework?

41:02 – Final Thoughts


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✩ Website - https://next.io/


This episode of NEXT.io is brought to you by:

Pragmatic Solutions – Leading iGaming platform technology.

https://pragmatic.solutions/


Pragmatic Play – Industry-leading content provider.

https://www.pragmaticplay.com/en/

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