Gamification of DeFi explained

Almost all intelligent organisms on our planet spend some part of their lives playing games and contests. Undoubtedly, humanity takes the palm of victory in this. Research shows that on average a modern person spends 20–24 hours a week on video games. We play video games while we eat breakfast, on our way to school, university, or work, during lunch, and when we get home after a hard day. Game development technologies are constantly being improved, which makes them perhaps the least popular industry in the modern world. They are so deeply rooted in all areas of our lives that a unique term — gamification — was coined for this purpose.

Octies love games and consume all gaming content with incredible thirst and delight. In this article, we will learn “what does gamification means” and some “examples of gamification”. Get ready, players! Plunge into the world of fantastic adventures and the mechanics of our favorite pastime.

What is Gamification?

The term itself appeared in the 2000s, although certain elements of its characteristics existed as early as the 60s of the last century in the USA. The world is constantly changing, but the concept has existed since ancient times. So what exactly is the definition of gamification?

Gamification is the process of stimulating different groups of people and engaging them in various non-game contexts by applying game design elements and using game mechanics. It motivates players to achieve their goals by fulfilling certain conditions and receiving a token of experience. This mechanic has been used for millennia in education and entertainment. In this case, classic elements of gamification were points, leaderboards, badges, etc. Now, you know the gamification meaning.

Benefits of Gamification

Gamification is widely involved in the educational, scientific, game, and other entertainment processes. As it turned out, it has many advantages that positively affect all groups of people and stimulate them to further development. First of all, using gamification makes it possible to expand the interactivity of any process, making it more active and fun. It allows different groups to be involved in teamwork and creates a spirit of healthy competition. Gamification helps cognitive development in those groups of people where it is integrated. In addition, it improves the availability of information and increases interest among those who participate in the chosen activity. Gamification also allows you to see and feel incredible feedback. It’s possible because all participants know their characteristics and their level of success. At the moment, gamification stimulates and gives passion to learning something and helps many to become leaders and champions.

Examples of Gamification

As we said above, gamification is used in many areas of our lives. Often, you can find examples that are unexpected but interesting and original. In general, gamification is most widely used in educational and training programs. Many applications encourage students to learn a particular course or subject by integrating gamification features, calculating points, or giving points. Other users see this, and at the expense of human conscience, they want to achieve this result. Examples can be the scientific platform Cyber ​​Discovery and the application for learning English Duolingo. Many music applications offer to complete various quests and tasks for points. The most striking example can be called the music application Yousician. A good example can be sports and various sports programs. Nike+ Run Club encourages its customers to exercise, for which they can earn points that they can later spend.

Main Features of Decentralized Applications Gamification

In the last few years, another field of application has appeared in gamification. We are talking about the blockchain and DeFi industry. Undoubtedly, one of the advantages of these industries is the possibility for the user to receive passive income. Many startups use different approaches to doing business, including gamification. Best of all, this is enabled by DeFi technologies. First of all, they are free to new ideas and solutions since there are no regulators, and the power over the platform or application belongs entirely to the users.

After the NFT, DeFi, and GameFi boom that started in 2019, a large number of companies started to integrate various elements to attract an audience that is not familiar with the concept of blockchain to their platforms. The gamification system helped the best in this. It increased the influx of various groups of people who were offered the new Play-To-Earn method. The entire process of receiving monetary rewards has been completely gamified, which makes you want to have fun and earn money.

Gamification of DeFi Brings Industry to a New Level

Gamification benefits make a huge contribution to the development of the DeFi industry. First of all, this is an incentive to create new game projects that will be competitive in the general market of video games. Another plus is transparency. Due to DeFi technologies, each player always has access to all information related to the game. Nothing is hidden from him moreover, the player always sees his rating. Many GameFi projects use a kind of leaderboard, which every enthusiast and game adventurer dreams of getting to the first place. Gamification of the blockchain becomes possible in the synthesis of decentralized applications and borrowing certain aspects of gaming spheres. A business can adopt certain blockchain models, such as passive income, and add them to their games or projects. This makes your projects more flexible and transparent, which attracts a wider spectrum of the cryptocommunity.

Future of Gamified DeFi

Gamification is a great example of how an industry can change when approached and used creatively. Thanks to it, you can attract large groups of users and encourage them to use your product. Moreover, we notice how, gradually, the leaders of the gaming industry are increasingly turning to DeFi and blockchain technologies. After all, this makes all procedures fully transparent and traceable. The Play-to-Earn technology has given a powerful message and is encouraging more and more communities to choose GameFi over traditional video games.

About OctoGamex

OctoGamex is a decentralized multi-chain NFT Trading Platform built for In-Game and Metaverse Assets, connecting gamers, games, and guilds around the world. We’re building a single access point to the GameFi NFT ecosystem, enabling among others such products as: Multichain Marketplace, CrossChain NFT Bridge, Marketplace Widget, Analytics for MMs, NFT rental and lending services, and would love to share more with you.

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