Understanding Gamification and its potential for NFTs

If you’ve been in the blockchain space for only a short amount of time, chances are you will have heard about NFTs and what they might mean for the art and crypto sectors.

Understanding Gamification and its potential for NFTs

What is Ether.Cards, you ask? Well, that's the easy part: it's a platform that provides various tools for both creators and marketplaces to gamify and subsequently monetize their NFT art.

At this point, you're usually either already jumping on our 'Register Now' to make sure you'll be the first one in line for our launch on the 18th of March... or you're wondering what language I wrote the above in.

If you’ve been in the blockchain space for only a short amount of time, chances are you will have heard about NFTs and what they might mean for the art and crypto sectors. But to really understand the opportunities the EtherCards team are unlocking, you need to understand what 'gamification' looks like.

'Gamifying' means applying the basic principles behind game theory and game design to make financial assets more human and rewarding. It is particularly useful when applied to store of value or long-term investment solutions, which are by nature relatively static... and frankly, often boring and convoluted.

This technique is built on the principle that humans find competing and winning rewards to be hugely stimulating, but the context in which those things happen in our financial system is not.

They also hugely enjoy getting good at something, and so are naturally more drawn to a skill-building game than to making deposits in an ISA or 401k. And lastly, they love making all of their decisions in complete autonomy - as testified by the recent surge in interest for retail investment solutions such as Robinhood or FreeTrade.

It's not all for fun and giggles though! These solutions have a significant upside for the institutions that run them, of course.

With retention and loyalty being the most important key revenue and growth drivers for banks and brokers alike, it's not hard to see why this seems to work for all involved. Rewards and 'recognition' can also lead users to feeling more appreciated and valued, with both features being the hallmark of a healthy customer-brand relationship. It's a no brainer!

You probably didn't think of them as such, but you've already engaged with plenty of gamification in your journey as a customer.

If you have a frequent flyer card or a credit card with cashback, you've already been 'playing' every time you cash in a reward.

You will have also received 'sign on' bonuses or initial discounts from all sorts of online businesses, and probably have your pockets full of 'get the 10th one free' slips from your local coffee shop.

In recent times, some financial institutions have gone further: BBVA launched a very successful platform that would reward customers for watching instructional videos about their platform. You might know major crypto exchange Coinbase has released a similar initiative through their cash-for-learning 'Coinbase Earn' programme.

You might be wondering, as any seasoned crypto investor would... am I late to the game, though?

Well, this year's Mordor Intelligence's report on the Gamification market seems to disagree. While they reference the market is already healthy and sizable, they expect it could grow from the current 7.17$ billion to a whopping $23 billion in just over 2 years.

This post was written by the team at Ether.Cards.

EtherCards is a platform that provides various tools for both creators and marketplaces to gamify and subsequently monetize their NFT art.
The project is launching on the 18th of March with a main sale of limited edition EtherCard NFTs and has partnered with companies like Brave and Chainlink. If you want to know more and participate in the main sale, please visit the EtherCards website.