Binance gamification model to spread crypto knowledge
The world of crypto and blockchain is an ever expanding and evolving ecosystem.
This implies that the evolving technology gives the users to be well versed with the new tech, concepts to avail of the new opportunities.
Education is the key to evolution
For an exchange to evolve it is necessary to bring new products and services to the fore. So when we talk of an exchange like Binance it is constantly coming out with new offerings for its user base.
The end user needs to be educated
To be able to avail of the new offerings the users need to be updated with the technology, terminology and features.
With this intent Binance has launched a Word of the day Activity.
The game activity period is 2023-09-25 00:00 (UTC) to 2023-10-01 23:59 (UTC)
named as WOTD which is an educational word guessing game. This game allows a user to increase their crypto vocabulary.
Each eligible user can play up to two WOTD games and test their knowledge related to crypto vocabulary.
Each day a topic is given and a user can play the games for that day.
Users are required to get a total of five correct answers during the entire activity period.
Playing your game
A user needs to have a Binance account and in order to play he needs to login to the account.
A user can play the first game by visiting the link here
Upon completing the first game a user can the next game by clicking the "Get A New WOTD" button.
The user is required to share the selected article on their social media account.
This would unlock the WOTD game.
The Prize pool
All users who successfully complete 5 WOTD games correctly would share the prize pool of 500,000 Binance Points.
These Binance points can be redeemed at the Rewards Hub
Gamification to help the users
Ask a person to learn something new and they tend to stay away due to a learning curve. However if there is a reward and a game attached to the exercise then people are more likely to learn and complete the task.
This is the idea of gamification that businesses use with great success.
The method employed by Binance is a prime example of how gamification can be done to increase engagement and in the process the end users would be able to enhance their knowledge and the exchange would be able to increase the interaction with the users.
Currently Binance is facing many challenges on various fronts. Despite these headwinds the Binance team is doing everything to ensure that it retains its existing user base and increases their interaction with the exchange.
This seems to be a strategy if we look at the rewards offered by Binance for the WOTD game play activity.
The entry level is kept to be a low 5 game solving so that more and more people can win and get a share of the prize pool rewards.
If we look at the rewards from the rewards pool then most of the rewards are in the form of fee reduction in trading.
Thus as more and more users win these rewards they would be encouraged to encash the reward points for these trading discounts.
Having these fee discount and reduction coupons would encourage the users to carry out more trades in their Binance account.
Is the strategy a winner for Binance?
If we look at the rewards then it consists of a reward pool of 500,000 Binance Points.
This reward pool would not incur any upfront financial cost to Binance.
however when the users redeem these reward points they would exchange them for trading discounts.
One they carry out trades it would boost the trading volume on Binance.
It may be noted that Binance of late has seen a significant drop in trading volumes.
With the right incentives to trade Binance can bring in more trading volumes which can help in consolidating the position of Binance as an exchange of trust and credibility in the crypto market.
Plus the fact that this initiative of Binance to increase the awareness about crypto amongst its user base can go a long way.
Its activity of asking the participants to share the activity post on various social media can bring in more new users to the Binance platform.
In case you are a new user interested in participating in the WOTD game activity then you can sign up for a Binance account here