Beyond Rewards and Incentives: The Role of Gamification in Redefining Learning

With the world becoming increasingly digitized in recent years, the concept of gamification has emerged as a transformative tool, one that has incentivized user attention in ways previously thought unfathomable. Within the realm of Web2 tech, the idea has seeped into wide-ranging domains such as video games, learning apps, and even social media platforms, allowing companies to maximize their user engagement both in terms of time and money.

A prime example of this is Duolingo, a platform assisting individuals in learning over 30 different languages. It makes use of a ‘badge system,’ which helps users accrue XP points each month, which can later be exchanged for various in-game rewards. Moreover, its subscription model requires users to pay a certain fee (monthly) to unlock additional features. In fact, Duolingo’s unique gamification setup has helped it accrue nearly 50 million monthly active users.

Similar attention-harnessing designs have also been employed by popular social platforms like Reddit — which uses a points system (called Karma points) to reward users — Instagram and even video games like CandyCrush.

Enter Web3

While the aforementioned use cases are no doubt exemplary when it comes to increasing consumer engagement, the power of gamification really shines through within the context of Web3, a future-ready iteration of the World Wide Web incorporating the ethos of decentralization and technologies like the blockchain, token-based economics and much more.

Banksters is a Web3-based PvP (player versus player) simulator that explores the world of fantasy trading, requiring each participant to predict the flow of the market in real-time, thereby influencing it and earning rewards in the process. To elaborate, the platform gamifies the complex world of trading, offering an educational journey disguised as a game.

Banksters employs real-world data and scenarios that are tailor-made to help players understand the dynamics of financial markets across the globe, allowing them to learn about various monetary instruments and investment strategies in a manner that is not overly technical but rather engaging and consumer-friendly.

For example, an in-game feature called ‘Elon’s Tweet’ mimics the market volatility that is induced whenever an influential figure in the investment world issues a bullish/bearish tweet or message in regard to a particular coin or offering, causing its value to spike or dip. By engaging with such dynamic elements, players are thrust into the shoes of real traders, requiring them to fast-track their financial literacy levels, understand risk management methods, and generally become more market savvy.

To put it another way, Banksters helps transform the addictive cycle of gamification into a cyclical loop of learning, self-improvement, and personal skill development.

Fostering long-lasting user engagement

In addition to delivering immediate rewards, which are no doubt compelling, the true potential of gamification lies in its ability to promote positive consumer behavior, allowing players to accrue real-world skills that can provide a wide range of long-term benefits. In this regard, the global gamification market (valued at $10 billion in 2022) is estimated to reach a valuation of $116+ billion by 2032, expanding at a CAGR of 27.9% during the said period.

These startling numbers demonstrate that when employed in a thoughtful fashion, gamification doubles up as a powerful motivational tool whose scope of use ranges way beyond mere user engagement and attention-grabbing.

For example, educational platforms like Khan Academy deploy gamified elements like points and badges to make the learning of complex subjects interactive and enjoyable, leading to better retention and understanding of the material. Similarly, healthcare apps like MyFitnessPal use the idea of tracking one’s food intake and daily exercise to encourage positive lifestyle habits, making the daunting task of weight loss more manageable and rewarding. In essence, gamification, when done right, can serve as a catalyst for meaningful, lasting change.

Looking ahead

As we head into a future driven by decentralized technologies such as blockchain, Web3, and decentralized finance (DeFi), it stands to reason that a new era of gamification is upon us, one where platforms aim not just to entertain but to educate their participants.

By the end of the decade, the Web3 sector global is expected to reach a valuation of $33.53 billion, growing at a CAGR of 47.1%. And, with platforms like Bankster helming the decentralized gamification revolution, the concept stands to be a tool for catalyzing individual growth while incentivizing users for their participation. Therefore, it will be interesting to see how this digital paradigm continues to evolve from here on out!