Gamified Trading Could be the Future, Notes Banksters’ Alexandru Carbunariu
Centralized exchanges (CEXs), according to Alexandru Carbunariu, the CMO at the edutech simulator Banksters, should put more effort into making crypto trading education more enjoyable and interactive. Carbunariu, who also advises on Web3, posited that Web3 platforms could learn significantly from their Web2 counterparts.
How Gamification Could Transform Trading
Carbunariu, endorsing the notion that education could be more engaging, agreed with the perspective that gamification could be effective in encouraging more positive trading behavior. He commented that though “gamified trading could be the future”, most of today’s Web3 games might not be going in the right direction. He objected to the prevalent ‘trade-to-win’ strategy and suggested that it instills more confidence compared to play-to-earn (P2E) models, especially for the newbies.
Meanwhile, regarding his stance on how competition could benefit Web3 platforms seeking to attract communities to their products, Carbunariu furnished his insights in a subsequent exchange.
Bringing Web2 Users In – The Role of Centralized Exchanges?
According to Carbunariu, most centralized exchanges fail to go the extra distance in properly educating their users. Citing his experience, he expressed the need for more endeavors in the direction of making education more enjoyable, rewarding, and interactive, akin to Web2. He proposes introducing interactive training and using everyday language while explaining products. Furthermore, he also discussed starting academy programs to improve user knowledge and alerts for user navigational help within complex UX/UI platform structures.
Is Gamification Helpful For Encouraging Positive Crypto Trading?
Carbunariu confirmed this, stating that a more enjoyable environment can potentially create stress-free user experiences, which, if devoid of financial loss, would be ideal. He felt that Web3 games were moving in the wrong direction and reiterated his conviction that trading through gamification has the potential to be the future for the first-time users, who should first understand it and then proceed to trade or invest cautiously.
Understanding the ‘Trade-to-Win’ model
Carbunariu offered some insights into the shift from the ‘Play-to-Earn’ model, arguing that it didn’t provide the necessary token stability. In contrast, their Trade2Win model gives users a chance to explore the product, learn about it, experiment with it and potentially emerge victorious. It is a similar model to the trading world where understanding, learning, and trading usually lead to profits.
How Does Banksters Facilitate The Development Of Effective Trading Strategies?
Carbunariu explained how their platform assists users in devising trading strategies through no risk exercises like “Abilities” which mimic real market conditions. Examples include “Elon Musk Tweet”, “CZ’s Effect”, “Market Squeeze”, “Hype”, and “Insider Trade”. These tools help users understand how their portfolio might react to these real-life events.
Fostering Competitive Spirit
Banksters encourages competition among its users by organizing tournaments and live streams with real USDT rewards. Carbunariu firmly believes that competitions, challenges, tournaments, and livestreams significantly boost community bonding with the product, enabling the team to collect useful and transparent feedback.
What Hinders Mass Adoption Of Crypto?
When it comes to factors deterring crypto’s large-scale adoption, Carbunariu feels lack of education and unrefined UI are often blamed. He argues that the slow progress towards mass adoption might also be because the crypto ecosystem is yet to discover the ideal product-market balance. The focus should on introducing professional projects that can serve the needs of a broader audience, thereby accelerating adoption.
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Frequently asked Questions
1. What is gamification in trading?
Gamification in trading refers to the use of game design elements and mechanics to enhance the trading experience. It involves incorporating features such as leaderboards, rewards, and challenges to make trading more engaging and enjoyable.
2. How does gamification benefit traders?
Gamification in trading benefits traders by increasing their motivation and engagement in the trading process. It can help traders to stay focused, track their progress, and develop better trading strategies. Additionally, gamification can make trading more accessible and appealing to a wider range of individuals.
3. What are some common gamification features used in trading platforms?
Common gamification features used in trading platforms include virtual currencies or tokens, achievement badges, levels or ranks, interactive charts and graphs, social trading functionalities, and real-time performance feedback. These features aim to provide traders with a more immersive and interactive trading experience.
4. Are there any risks associated with gamification in trading?
Yes, there are risks associated with gamification in trading. One of the main risks is that it may encourage excessive risk-taking or speculative behavior among traders who prioritize short-term gains over long-term strategies. Additionally, gamification can create a false sense of achievement or expertise, leading to overconfidence and potential financial losses.
5. How do financial institutions use gamification in trading?
Financial institutions use gamification in trading to attract and retain customers, as well as to enhance their trading platforms’ functionality. They may offer virtual trading competitions, educational games, or trading challenges to engage traders and encourage them to use their platforms. Some institutions also integrate social trading features to allow traders to interact and learn from each other.
6. How does gamification in trading impact the future of the financial industry?
Gamification in trading has the potential to revolutionize the financial industry by making it more accessible, educational, and engaging. It can attract a wider audience to trading and educate individuals about financial markets. However, it also raises concerns about ethical practices and responsible trading behavior, which need to be addressed to ensure the long-term sustainability of the industry.
7. How should regulators approach the integration of gamification in trading?
Regulators should approach the integration of gamification in trading with caution. They need to carefully assess the potential risks associated with gamification and implement appropriate safeguards to protect traders. This may involve setting clear guidelines for financial institutions, promoting transparency and accountability, and monitoring platforms to ensure fair and responsible gamification practices.