Source : coinquora.com
The crypto market is incredibly diverse. Over the past few years, several channels have opened for people to make money using cryptocurrencies. It is a stark contrast from the industry’s early days when people only knew how to buy and sell based on the market’s moves.
Today, more people are getting into crypto trading – and not just the basic stuff. Options like margin trading and futures have taken over the market, offering the potential for traders to make massive profits and expand their positions.
For many who are looking to get into crypto trading, things can be extremely difficult. The market’s volatility alone means that investors will need to be careful as they watch and make money. However, what if games could change things and present an even more open field for everyone to play in?
Crypto games are all the rage right now. Blockchain technology is finally penetrating the gaming market, and companies are employing different concepts as they look to increase their market share and grow their customer base. But, gamification has also expanded into different other facets of the industry.
For years, crypto traders have looked for ways to hone their skills and be even better at the act. Perhaps gamification could be the answer.
The Appeal of Games
Rewards for actions have already been a huge hit for the crypto industry. Services like Axie Infinity and Decentraland have already mastered the art of giving people things once they level up, and this same system could be used for trading.
Essentially, the reward system is simple. Gather a pool of traders together and make them compete for who is most profitable. There’s a leaderboard, and traders can match their skills with the best of the best. Whoever is victorious will eventually win a prize.
Currently, several services already operate in this space with the hopes of making it more prominent. A notable one is the League of Traders (lot. trade), which hosts tournaments, battles, and challenges for crypto traders. They level up as they succeed, and everyone is able to compete fairly.
League of Traders hosts these challenges and offers an open invitation. Any trader can join tournaments for free, regardless of their location or choice of exchange. All you have to do is register and get to trading. Winners get various rewards, which are usually gotten from sponsorship funds and participant contributions. Over time, a ranking of crypto traders will be formed, based on multiple tournaments. It will help investors determine the best traders, who can manage funds efficiently and it will provide even more opportunities within the ecosystem.
For now, rewards are paid in tokens of tournament sponsors, which have significant growth potential. Winners can be also rewarded in BUSD or LOTT – the tokens built by the League of Traders team or NFT LOT. Players can use the tokens in the game to trade, create NFTs, and receive even more rewards. In addition, there are more ways to profit using the platform, such as staking options up to 45% or even launching your own crypto tournament.
Gaming companies could also go the traditional route of sending traditional rewards. Everyone wants the feeling of getting something, and this will definitely incentivize people to compete – especially if they know that there’s a decent chance for them to win.
Or, they could jump on the current growing trend and incorporate things like non-fungible tokens (NFTs). Many traditional crypto games are tweaking their operating structure, incorporating NFTs as a reward. So, players who hit certain milestones get their rewards as NFTs. They could sell their NFTs on secondary markets (if they can get buyers), hold on to them, or sell the NFTs in the in-game marketplaces to a market of people who understand their value.
At the end of the day, it all goes down to the prospect of winning something. Everyone wants to feel that rush of competing with others and winning something. Traders aren’t left out, too.
What Gamification Can Do For the Businesses
There are quite a lot of benefits that gamification can bring to the trading space. Some of them include:
Awareness Opportunities for Exchanges
Crypto exchanges are the primary point of entry for anyone who is in crypto. Many of them compete for market share and are known to explore different tactics to grow.
However, gamification could be the answer that these exchanges are looking for. By targeting these games, exchanges can advertise to the people who need their services. You have a pool of traders together, and you know they need what you offer. Develop promotional material and market yourself on a trading game, and you’ll be able to get maximum exposure.
It also helps if the most successful traders actually use your exchange. You have social proof that attests to your superiority, and you can enjoy a massive customer acquisition success on there alone.
The Perfect Expansion Technique
Currently, the crypto market is one of the most vibrant in the world. However, not a lot of people have access to the skills and knowledge that they need to maximize their earnings with digital assets. A crypto trading game could be the perfect chance for traders to connect and share knowledge.
By examining each others’ strategies and growing through experience, beginner traders can become professionals in little to no time.
Also, when more people can find a community of traders to learn more, they become more incentivized to actually trade. The crypto market itself grows from there, and it goes on to possibly be the largest in the world at some point.
Adoption Isn’t A Problem
Another interesting point of appeal is the fact that adoption should be easy enough to achieve when it comes to trading games. Crypto traders already love what they do and want to get better. But, traders love the rewards they get even more.
By combining the possibility of getting those two, crypto trading games are a surefire hit. Traders get to earn even more while doing what they love, and exchanges have a great way to market to people who need their services.
With more people also coming into the industry, crypto has the opportunity to truly move into the limelight and challenge the $5 trillion-a-day forex market as the largest and most liquid in the world.
Only a few things benefit seemingly everyone in the crypto industry. Crypto trading games could be one of them.