According to Cointelegraph, Australian rapper Iggy Azalea has announced the launch of a new online crypto casino called Motherland, which will be powered by her memecoin MOTHER. The Motherland casino was unveiled at Azaleaâs âMotherland Rodeoâ event at Solana Breakpoint in Singapore and is expected to go live in November.
Motherland will offer a variety of online gambling activities, including slots, blackjack, roulette, and poker. Additionally, players will have access to live dealer games, tournaments, sports betting, and other community-based gambling activities. Joe McCann, the founder of crypto hedge fund Asymmetric and adviser to Motherland, stated that the new casino is part of Azaleaâs long-term vision for her MOTHER memecoin. McCann emphasized Azaleaâs cohesive strategy in building a community around the MOTHER token and its utility.
McCann hinted at future broader utility for MOTHER holders but did not provide specific details. Currently, MOTHER holders benefit from a 20% discount when using the token to pay for passes to the US music festival Breakaway. The launch of Motherland follows Azaleaâs re-launch of a telecommunications company called Unreal Mobile, which offers tiered discount plans for MOTHER holders.
When questioned about the association of Motherland with the Solana network being a âmemecoin casino,â McCann dismissed the analogy, highlighting the existence of DeFi and decentralized physical infrastructure network projects on Solana. He pointed out that the trading of memecoins was perfected on Solana, despite not starting there.
The debate over the function of memecoins and their utility continues, with McCann suggesting that all cryptocurrencies have a memetic nature, including Bitcoin, which he referred to as the original memecoin. Despite Azaleaâs efforts, the MOTHER token has struggled to gain momentum. Launched on May 28, the token reached a peak valuation of $260 million but has since fallen significantly. At the time of publication, MOTHER has dropped over 78% from its all-time high, with a current market capitalization of $56.6 million, according to Dexscreener data.