How Hiding Crypto’s Influence Will Be Key To Unlocking Its Success

FinanceFeeds Editorial Team

In past years, cryptocurrency has advanced well beyond the technophiles responsible for its initial success to reach widespread name recognition. Crypto has found its way into news, music, culture, and other relevant facets of daily life. 

Financially, crypto has been a resounding success when measured by market capitalization, which is currently hovering around $1 trillion. If investment allocation is considered confidence in a product, service, or person, then crypto already has one trillion reasons to be excited about the outlook.

Yet, while crypto undeniably has reached the mainstream consciousness, adoption has not kept pace. The reason? Crypto remains needlessly complex. The lack of understanding and the stratification of the underlying technology ultimately prevents people from using them. Accordingly, more must be done to improve the user experience and educate people on this new technology to make crypto more accessible.

Heeding this reality, industry experts are increasingly focusing on blockchain gaming’s ability to overcome this knowledge gap. Gaming and gamification techniques, by extension, can be a great way to encourage people to experiment with the underlying technology at their own pace. The use of games for learning purposes is not new. It has been around for decades and has consistently proven a great way to convey new skills and knowledge in an interactive manner.

Raising Awareness Via Gamification

Blockchain-based gaming applications could serve as good starting points to drive global mass adoption of crypto and Web3 at large, but the existing range of blockchain games hasn’t been able to make much of an impact.

The reason: most Play-to-Earn (P2E) games don’t focus enough on user experience. They are more targeted at building robust incentive models for players. While NFTs and in-game currencies add more value for players, they are emerging technologies that most players don’t properly understand.

On top of that, the onboarding experience for most P2E games isn’t as seamless as traditional games. The complexities of setting up and managing wallets and navigating their way through NFT marketplaces and exchanges, among other things, are more than enough to overwhelm players who have never used blockchain.

The concept of true ownership via NFTs and incentivization via in-game cryptocurrencies is a game changer, but it can’t accelerate mass adoption if the entry barriers are too high. Blockchain game developers must focus on optimizing user experience first, then move on towards embedding in-depth token economics and reward models. 

There are a lot of promising concepts across the broader crypto landscape, but end users need to learn a ton of things before they can start using them. When users are forced to learn new concepts, the result is slow adoption. By contrast, end users will only learn new concepts and systems if they are clear and there are proper incentives for doing so. Blockchain games have already covered the “incentive” aspect; the only thing that remains is to make the learning curve more simplistic and user-friendly.

In this context, blockchain-based solutions like AAG and Jelurida are laying the foundation for a new era of blockchain gaming where P2E games will put users first. From simplified user experience to engaging and immersive game mechanics, these platforms provide secure, stable, and scalable infrastructures to enable developers and companies to build dynamic on-chain gaming environments without entry barriers.

For instance, AAG is simplifying the process for first-timers through its MetaOne Wallet. Unlike other existing wallets, the MetaOne Wallet doesn’t require users to remember their seed phrases. It also solves the limitations of existing wallets, including poor user experience and limited access to on-chain products and services. 

Many existing digital wallets are only designed to support a limited number of blockchain networks, which AAG’s MetaOne wallet overcomes by operating across Web3 and the Metaverse platforms. Moreover, to tackle the thorny issue of fraudulent tokens and applications, the wallet also features a built-in dApp store curated to make sure no scams proliferate while also proactively informing users about scams. Additionally, AAG has launched a crypto academy to educate newcomers on how crypto works along with the basic fundamentals of finance.

Leveraging Jelurida’s infrastructure, BridgeChamp – the first on-chain bridge gaming platform – supports an infrastructure that allows global players to compete casually and competitively. Unlike other P2E games, BridgeChamp’s in-game rewards and NFTs have added utility via direct use across partner stores, merchant outlets, and retail brands. This initiative enables players to simply play the game and use their rewards in real-world settings, meaning they don’t have to go through the complexities of navigating through secondary NFT marketplaces or crypto exchanges. 

The platform takes the concept of on-chain gaming to the next level by enabling real-time video conferencing between players. In addition, players can also create new tournaments, join existing tournaments created by other players, host competitions and community events, hone their skills by playing with bots, and many other activities. All of the features work seamlessly without forcing the underlying technology onto the user.

It is essential to realize that blockchain technology is continuously evolving and that cryptocurrencies are just one of its many powerful applications. Current blockchain-based products are laced with too many “technical” intricacies for the end users – so much that it hurts user experience and mainstream adoption. As emerging projects continue to remove the technical barriers and the unnecessary learning curve, cryptocurrencies will be able to achieve the desired level of mainstream adoption and acceptance.

Read this next

Digital Assets

As SPAC bubble bursts, Circle terminates its $9 billion merger with Concord

USDC stablecoin issuer, Circle has terminated its planned $9 billion SPAC merger with publicly traded blank-check company Concord Acquisition Corp.

Institutional FX

Integral reports lowest FX volume in two years

Foreign exchange trading volumes dropped in November across Integral’s trading platforms as currency markets saw a relatively quiet period after consecutive months of strong trading activity.

Technology

CDEX: Avelacom announces connectivity to Cboe Europe Derivatives

“We anticipate that many of our customers from Asia will be particularly interested in getting exposure to pan-European products via just one venue, which CEDX offers.”

Retail FX

BUX acquires Spanish Ninety Nine’s retail brokerage unit

“Thanks to this acquisition, Ninety Nine users will have access to a wide range of services provided by BUX, such as investing in Spanish, European and US stocks, ETFs, cryptocurrencies, fractional investing and the BUX Savings Plan.”

Digital Assets

SEBA and HashKey partner to expand crypto in Hong Kong and Switzerland

SEBA Bank AG has announced a new strategic partnership with HashKey Digital Asset Group as part of both firm’s expansion efforts in Hong Kong SAR. 

Executive Moves

Broadridge appoints Martin Koopman as Chief Product Officer

“Martin has a proven record of driving product innovation both at Broadridge and at previous companies. His vision and proven ability to execute will be invaluable as we become the foremost SaaS provider to the financial services industry.”

Digital Assets

DAM rolls out Moonwalkers v1 testnet ahead of support for yield-generating collateral

“We want to champion innovation by making it easier to securely direct stablecoin liquidity away from Ethereum towards newer networks without the constant vulnerabilities posed by bridges. d20 will help accelerate the adoption flywheel of emerging networks, and this is our first step towards making our omnichain promise a reality.”

Institutional FX

FIA EXPO: ICE’s Brian Norris talks ESG investment, carbon credits and market data

The FIA Futures & Options Expo, now in its 38th year, convened the listed derivatives dealers, thought industry leaders and other stakeholders for two days of networking.

Retail FX

Malaysia regulator exposes OctaFX clone, shady FB profiles

Malaysia’s financial regulator today warned online investors about the risks of following investment tips made on social-media platforms.

<