The online gaming and gambling industry is massive right now. The total worth of the gaming industry is expected to be 51.96 billion USD by the end of this year. This is because people around the world enjoy gaming. It is a source of entertainment for people that is why gamers across the world engage themselves in some of the other games and services. Thereby, the increasing popularity and competition in the industry have led to the development and modification of the loyalty programs. The ultimate loyalty programs can help in retaining the loyalty of the gamers. However, the idealistic loyalty programs are not actually how they are supposed to be.
In today’s time, the gamers are endowed with a lot of different and the better options that are just one step away. Most of the services and gaming options offered are more or less the same with hardly any quality. This makes retaining gamers loyalty almost next to impossible.
So, there are few questions that need arise in our minds. Are loyalty programs really worth the effort? Do loyalty programs serve their actual purpose?
Every industry has different ways and means of computing customers. One of the best ways of retaining customer’s loyalty is by offering loyalty programs through online and offline channels. But in reality, these loyalty programs offers much less to the customers than what they promise.
The loyalty programs offered in the online gaming and gambling industry is no different. The gaming industry is constantly taken aback by constant data breaches, data thefts, fraudulent activities and illicit practices. In fact, it is one of the most prominent reasons gamers leave or never retain to a single game or service. As these platforms are not secure and are least transparent. As a result, customer retention and acquisition become almost next to impossible.
Yes, the loyalty programs in the gaming industry are broken. Yes, they need to be fixed. There are several flaws in the loyalty programs offered to the gamers. Let’s discuss them here.
• Traditionally, the gamers are rewarded in points. These points are given to the players to ensure that they return after playing. However, when you put some kind of condition on redeeming or retaining the points the chances of players retaining to your conditions are lessened.
• These points are not easily redeemable. Thereby, they won’t abandon the gamers from joining some other gaming service. Gamers cannot get cash back on these points. Therefore, these points are just points and are not going to lure the gamers for a long time.
• Not all loyalty points are legit. Likewise, not all loyalty points are fraud or scams. But gamers are more conscious than ever due to the prevalence of illicit practices amongst data thieves.
• Loyalty programs offered to the gamers are irrelevant. One loyalty programs cannot serve every type of gamer. There are gamers that play every day and then there gamers that only play on the weekends. Obviously, both are giving different business so offering a single loyalty program is not at all relevant.
• Just like everything else, loyalty programs need promotion too. Nobody will be interested in your program if it fails to create a necessary hype among the gamers. Your loyalty program is of no use if the gaming community is not talking about it. It makes the gamers less informed and engaged.
The idea of blockchain can revolutionize the loyalty programs in the gaming industry
The blockchain technology proves to be a cutting edge for the online gaming industry in many ways. Blockchain technology has started to change the way people view games and the overall gaming industry. The application of blockchain seems to be really interesting and promising for each and every aspect of the gaming industry including the loyalty programs.
The Blockchain powered gaming platform like Big Bang and many others offer a frictionless, secure and transparent platform to play and entertain themselves over a gaming platform through varied games and services. The data stored in blockchain is secure from any kind of alterations and manipulations. Therefore, it reduces the chances of data thefts and frauds. The technology develops a safe and secure, trustless network that has a low transaction fee. The decentralized technology eliminates the involvement of third parties to the illicit activities practiced by the grey markets are nullified.
Moreover, the gaming industry constantly suffers a heavy loss as they are unable to retain gamers through broken loyalty programs. Blockchain can fix the loopholes in the broken loyalty programs. Let’s see how?
• The gamers playing on the blockchain powered gaming platform earn tokenized rewards and not mere points. These loyalty tokens are rewarded for participating in various games and services. You can easily redeem these points anytime and anywhere.
• These loyalty tokens can be exchanged or traded for other cryptocurrencies like Bitcoin. These tokens can also be traded for fiat currencies like dollars, Euros etc. While the traditional gaming platforms offer you with loyalty ‘points’ on blockchain powered platforms you are actually earning ‘money’.
• The online gaming platforms rely on the blockchain technology for securing data and information cryptographically. The data is secure from hacking and other cyber threats like frauds, scams, data manipulation, and identity thefts. The tokenized loyalty program offered by blockchain powered gaming platforms is 100% secure loyalty reward program for the gamers worldwide. These platforms will have smart contracts that ultimately ensure that gamers earn loyalty points only when all the terms and conditions of the contract are met.
• The blockchain platforms definitely do not rely on one size fits all model. It rewards the gamers if they are involved with the services. Even if the gamer is working with more than one operator, the gamer shall be tokenized.
• Not just the gamers but operators can also benefit from these gaming platforms. The registered service providers or operators can manage campaigns and promote their services on the gaming platforms. The conventional gaming industry fails due to ‘lack of promotion’ created for the loyalty programs. However, in blockchain powered platforms the operators need to not spend a penny on the promotion of loyalty programs as the platform itself rewards the gamers in tokens.
Conclusion
It is quite evident, that blockchain technology is having a positive impact on every sphere of the major industries. The online gaming industry is no different. In fact, blockchain technology has proven to completely revolutionize the gaming industry.
The online casinos, eSports, and gaming industry in general constantly suffers from frauds and illicit activities ultimately leading to broken loyalty programs that cannot ideally lure the gamers. However, the groundbreaking blockchain technology aims at disrupting the online gaming industry by improving the loyalty programs through cryptographically secure tokens, ameliorate betting and transactions, and rendering breakthroughs that host various types of games and services on a single platform.
This is just a beginning as robust platforms like Big Bang, Flux, Buff, and others will complete revolutionizing the gaming world through the evolution of blockchain technology.
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