Crypto Gaming: The clever mix of Gamification, Blockchain and Cryptocurrencies
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Today, the world of video games (and gaming in general) is no longer reserved just for “gamers”. The gaming scene is an economically attractive sector which generates a lot of interest, notably from the cryptocurrency market.
Drimify has decoded this phenomenon for you.
When Gaming meets Blockchain
Gamification, the new asset for marketing strategies
The principle of gamification is to take specific elements and mechanisms from games and apply them to activities or fields which are not originally recreational. The objective is to boost the level of engagement and client loyalty via gameplay with a points system, rankings or even challenges to complete to unlock certain badges and rewards.
Numerous businesses have already made the leap after recognising the potential of gamification. Marketing departments use games more and more often to engage their clients more and acquire new clients. Instead of simply handing out coupons, loyalty points or discounts, they now spice up their digital marketing strategies by using gaming mechanisms and enticing rewards. Creating engagement as the game allows them to draw in their clientele, but it also allows them to convey their image as a very modern brand.
Efficient Gamification thanks to Blockchain
Blockchain technology allows them to store information on a decentralised database in a completely secure way. Protocols can also be installed to monitor the game mechanisms and ensure that there are no malfunctions. Therefore, if ill-intentioned people wanted to hack into the system, all possible changes would be recorded and verifiable. The invention of this technology combined with gamification has therefore made it possible to make the exchanges secure thanks to this transparency, and to further re-establish faith in the online gaming industry.
This association also gives a larger scope to cryptocurrencies and NFT by giving users more tangible elements associated with the experience. All virtual profits generated can easily be exchanged for other cryptocurrencies or even to traditional currencies through a centralised exchanger. Giving this choice to users encourages them to be more engaged and can give a brand more traction. They feel they are being put in the spotlight and the gamification elements become unique and unfaltering.
The future of Gaming with Crypto Gaming
The success of Play-to-Earn Games
The notion of crypto gaming therefore includes the combination of gamification, NFT, cryptocurrencies and Blockchain. This new market is particularly focused upon Blockchain games to dominate the global video game scene. Among them, play-to-earn games are the leader of the category as Axie Infinity demonstrates. The principle of these video games is to collect, exchange and resell NFTs “in-game”. By combining entertainment and obtaining cryptocurrency rewards, they generate a large number of transactions on the blockchain.
The popularity of play-to-earn games is built on a player’s investment strategy who is offered the chance to earn rewards based on the time they invest and their engagement in the game. They can then claim their rewards in the form of NFTs which can be used in a range of ways: in exchange for other cryptocurrencies or to upgrade their character or personal gaming experience. The introduction of this new passive revenue model has already seduced millions of active players around the world.
The arrival of the Metaverse and the future of Cryptocurrencies
The Metaverse is a space where the line between the real world and the virtual world becomes blurred. It allows the interconnection between different virtual universes such as video games, online shops and even social media. Users can effortlessly navigate between these universes, own NFTs or trade in cryptocurrencies, all in the same secure space. In the metaverse, you are in control of your content and your experiences. These virtual worlds are attracting more and more players who want to create a world, an avatar and a made-to-measure experience.
The Sandbox is an example of a metaverse which has been able to quickly take advantage of gaming mechanisms. The platform’s users can not only play and interact with each other, but also build, own and monetise their virtual experiences by acquiring plots. The gamification of metaverses has facilitated this new economy based on Blockchain and cryptocurrency to attract brands such as Adidas, Ubisoft and even Gucci. They already constitute 15 to 20% of plot owners in The Sandbox.
Games, Blockchain and Cryptocurrency: the winning trifecta
After playing its cards right in the 2010s, gamification is now more than a simple trend. It is an up-to-date strategy which is here to stay. Together with Blockchain and cryptocurrency, they form the winning trio for creating a successful engagement strategy for any type of community through rewards. These three combined elements establish a trust which will incite real interest among users.
It is still early days for the crypto gaming industry but it has already managed to bring together a loyal and engaged community. The global gamification and video game market accounts for tens of billions of dollars in revenue each year. Many companies that are popular worldwide are already riding on this success and are gamifying their products by creating their own NFTs or joining metaverses.
Drimify’s expert team can support you in your ventures into gamification and the cryptocurrency ecosystem. Let us advise you on how to give a new dimension to your project.
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