How Gamification Brings Fun to Crypto & Trading Platforms in the UAE
A fascinating shift is taking place in the UAE’s trading market. The value of cryptocurrency transactions in the UAE has surged to an impressive $35 billion between July 2022 and June 2023, indicating a robust and expanding crypto presence in the region. Apart from this, cryptocurrencies have also been integrated into daily transactions, remittances, and purchases.
However, amidst the growth on one side, trust, security, and education are the core factors that hinder its wider adoption. Users are seeking support, motivation, and knowledge to navigate this complex world of online trading. Why not leverage the robust potential of crypto with the engaging elements of gamification to fuel increased adoption?
Why does the UAE stand out for online trading?
In recent years, the United Arab Emirates (UAE) has become a popular destination for crypto companies. The government has also supercharged its regulatory efforts, focusing on digital assets for trading and investing, aiming to pose itself as a global leader in blockchain technology. With the nation’s thriving economy, more residents find online trading a viable means to supplement their incomes. In fact 59% of crypto users see it as a long-term investment. The UAE government's well-thought initiatives, regulations, and broader vision for the future foster the sector’s unprecedented growth in the region. Let's look at some of their initiatives,
Dubai’s Innovative Initiatives:
Financial Services Regulatory Authority (FSRA) in Abu Dhabi, took an early lead by introducing guidelines on cryptocurrencies and digital assets.
The Emirates Blockchain Strategy 2021 transforms 50% of government transactions into the blockchain platform.
Abu Dhabi Global Markets (ADGM) has introduced the world’s first Distributed Ledger Technology (DLT) Foundation Regulations 2023 to provide a regulatory framework for blockchain foundations, Web3 entities, and DAOs
Accepts Cryptocurrency Payments:
A growing number of businesses in the UAE including several retailers, online e-commerce platforms, luxury real-estate developers, and other professional service providers, have begun accepting cryptocurrency payments.
Active Crypto Community:
The World Blockchain Summit Dubai, held on Nov 2023, brought together industry experts, innovators, and crypto enthusiasts worldwide, providing a deep dive into the world of blockchain, cryptocurrencies, and digital assets shaping the future. The Future Blockchain Summit, to be held on Oct 13 and 14, features top industry experts delivering insights on blockchain, crypto, NFT, and the Web3 space.
Challenges in Crypto and Online Trading
Crypto and online trading present numerous challenges due to their complex nature and market volatility. They are:
Lack of Engagement: The traditional trading interfaces may be dull and not engaging to the users due to the lack of interactive elements. This can make the trading experience monotonous and reduce broader adoption.
Complexity & Weak Investor Psychology: Cryptocurrency and online trading involve intricate concepts that can overwhelm newcomers. In fact, according to a study, 70% of people don't invest in crypto due to a lack of knowledge.
High Losses: The rapid market fluctuations and the volatile nature of the market often lead to substantial losses. It becomes challenging for traders to predict and mitigate potential risks effectively.
Gamification is the Solution
Gamification incorporates game-like elements in non-gaming platforms like online trading and crypto investing. Investment Gamification turns everyday financial tasks into milestone-based tasks that are both rewarding and exciting with game characteristics like points, levels, badges, leaderboards, and challenges. Its main objective is elevating user experience, adoption, engagement, and financial literacy within the crypto and DeFi landscape. With two-thirds of UAE adults interested in cryptocurrency and heightened interest among young adults, incorporating gamification would be the best solution to make crypto trading platforms more enjoyable in the UAE.
Gamification of Crypto Trading Platforms in the UAE - Examples
BlockTrade is a crypto trading platform combining blockchain technology and gamified elements to provide an immersive experience for digital assets. With its recent launch of Blocktrade 3.0, the platform was designed with a Greek gods theme, NFT avatars, a level system, and more personalization. Since the launch of Blocktrade 3.0, it has seen significant user engagement with more than 100,000 plays.
WunderTrading:
WunderTrading is an automated crypto trading platform that provides tools and services to help traders make informed trading decisions. It ran a trading competition called ‘Trade Battles’ in which users with the highest volume earn an exciting prize pool. It also offers various discounts, credits, and trading bits for all the participants.
What areas of Crypto and Trading Platforms can be gamified?
Gamifying various elements of crypto and trading platforms elevates the excitement, enhances the trading experience, and makes it more rewarding for the participants! Let's take a look at the various areas that can be gamified.
Learning & Education: Crypto platforms can employ gamification methods like quizzes and interactive tutorials to educate users interestingly about cryptocurrency, blockchain, and related concepts.
Rewards for staking & yield farming: With Cryptocurrency Gamification, platforms can reward users with tokens or valuable assets for farming or staking their assets. These tangible benefits encourage users to perform desired actions, making them commit for longer periods.
NFT collectibles: Instead of offering digital coupons or discounts, companies can reward customers with NFT collectibles when they reach a milestone. These NFTs can be resold, exchanged, and traded, enabling users to monetize their achievements.
Crypto exchanges: Incorporating gamified elements in the crypto exchanges encourages more participation. Leaderboards, social interactions, collaborative challenges, rewards, or discounts for frequent traders promote active user participation.
Blockchain games: Blockchain-based play-to-earn games are prevalent in the crypto space. Users who play the game and reach levels receive points, rewards, or in-game assets.
Loyalty programs: Crypto platforms can incentivize users for their consistent engagement with loyalty rewards like exclusive access to new features, reduced fees, or personalized insights.
Prediction markets: Gamification in crypto platforms can also include rewarding participants for accurate predictions, especially when their forecast aligns with the market outcomes. Using leaderboards to list the top predictors adds a competitive edge, creating a sense of accomplishment.
Incentive programs: Cryptocurrency Gamification can also incentivize actions that benefit the network. For example, platforms can introduce special privileges for participating in governance, community forums, reporting security vulnerabilities, and referral bonuses for bringing in new members.
Benefits of Gamifying Crypto and Trading Platforms:
Increased User Engagement:
Cryptocurrency Gamification sprinkles excitement, making the trading experience more engaging and enjoyable. Interactive features, visual representations, and rewards create an interactive experience that motivates users to explore various features and makes them return for more. It increases user engagement and fosters long-term loyalty.
Example: BitOasis gives 75 AED as a welcome bonus for creating and verifying the account. Also, it provides exclusive rewards and cashback for referring peers to BitOasis and has a VIP program designed for high-volume traders to boost their revenue with rewards.
Improved Knowledge and Retention:
Cryptocurrencies are naturally complex, and they require a deep understanding to excel. Gamified trading platforms provide an excellent opportunity for beginners or anyone interested in learning trading to learn about market trends and trading strategies practically and interactively. Tutorials, quizzes, and simulated scenarios can be incorporated to teach users about various concepts.
Example: Binance rewards users through its ‘Learn and Earn’ initiative. This program allows you to earn free cryptocurrency upon completing its courses and quizzes.
Boosted Brand Loyalty:
Gamification creates a sense of community among the users of the platform. Social interactions, collaborative discussions, idea exchange, and friendly challenges promote healthy competition and provide a platform for sharing valuable knowledge. It fosters active participation and strengthens the crypto community. Example: Crypto.com's "Trading Arena" lets users compete against other traders. Every competition has unique challenges and rewards the top scorers with exclusive prizes.
Future of Crypto & Trading Platforms in UAE
With the continuous support of the UAE government and the growing interest among businesses and people, the future of crypto trading seems promising in the UAE market. People have started to recognize the vast benefits of digital currencies, and with the innovative use of technology, the popularity of crypto trading is likely to continue to grow. The UAE is well-positioned to become a leader in adopting crypto with a vibrant blockchain ecosystem and forward-thinking business community. Gamification in crypto and online trading platforms can transform how users interact with and understand cryptocurrencies. These game-like mechanics can create an immersive, educational environment that appeals to experienced users and newcomers. This will create a more inclusive crypto ecosystem in the UAE.
So, why wait? Ditch dry charts embrace engaging quests. Take flight with FLYY and gamify your platform today!
