Gamification in blockchain and NFT

Updated on August 22, 2022

Blockchain is revolutionizing the way we think about many important industry sectors, from finance to healthcare and manufacturing. Since this market is set to grow exponentially in the next few years, businesses must know how to embrace it for optimal results.

In this article, we’ll explore how gamification can facilitate blockchain adoption.

Despite the enormous potential of blockchain technology, adoption remains rather limited. One of the reasons behind the reluctance to embrace blockchain is the lack of awareness about how it works and the misconception that blockchain use is too complex for the average person or business.

Gamification can help overcome resistance to blockchain adoption, by making it easier and more enjoyable to understand its inner workings and benefits. Gamification is an incredibly effective strategy for learning about a new topic, since it naturally motivates users, piques their curiosity, and helps them understand real-life applications of new concepts.

Interest in cryptos continues to grow at a global level, partly thanks to the development of apps and platforms that help the public get acquainted with their benefits.

Gamification offers a great opportunity for businesses that design such applications. For instance, eToro, a trading platform that’s hailed as one of the best gamification examples in crypto, uses gamification to educate and motivate users so they can become increasingly invested in crypto trading.

NFTs or non-fungible tokens are unique digital assets or virtual property supported by blockchain technology. Businesses can create their own NFTs and retain ownership over them and the revenue they generate when sold to customers or supporters.

Although many companies have ventured into the NFT arena, once a token is sold, the user tends to save it instead of spending it, which interferes with the financial benefits of issuing an NFT and prevents further engagement.

To get around this, businesses can gamify their NFT ecosystems, and therefore provide strong incentives to existing and prospective users and supporters. For example, NFT-based gamification can be used to take loyalty programs to a whole new level. Instead of issuing digital coupons or discounts, companies can reward customers with NFT-based coupons or tokens every time they reach a spending milestone. These tokens could be worth a discount or a free item, depending on what’s more appealing to a given customer base.

Here you can see some examples of how gamified NFTs are used in retail, fast food, and fitness.

Gamification and blockchain with Smartico: A match made in heaven

At Smartico we’re experts in integrating gamification into business operations. Our blockchain gamification platform can help you leverage this innovative technology and make your business future-ready, by attracting new customers, inspiring them to use your blockchain-based products, and building loyalty.

Our goal is to provide personalized software solutions that support long-term business growth through our ample expertise in gamification CRM and gamified blockchain for iGaming, retail, FinTech, and sports betting. Request your free demo today.

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