Thursday, November 30, 2023

Centralized exchanges (CEXs) play a crucial role in acquainting new users with the crypto landscape, yet they fall short in adequately educating their user base, contends Alexandru Carbunariu, Chief Marketing Officer at educational technology simulator Banksters. In Carbunariu’s view, who is also an advisor in Web3 technologies, a proper educational approach should involve making the learning experience both interactive and enjoyable. He encourages Web3 platforms to draw inspiration from the strategies employed by their Web2 predecessors.

The Future Lies in Trading Through Gamification

Elaborating on the necessity for a more engaging educational approach, the CMO agrees with proponents of gamification as an effective method to promote better trading behavior. However, Carbunariu warned in his discussion with News that current Web3 games have, in many instances, deviated from their intended purpose.

Discussing the trade-to-win model, Carbunariu argues that it is superior to play-to-earn (P2E) models as it fosters confidence, making it particularly suitable for newcomers. In written responses to News, he also elaborated on the importance of competitive elements for Web3 platforms aiming to build committed communities around their products.

Questions and Answers with Alexandru Carbunariu News (BCN): With centralized exchanges serving as key gateways to the crypto world, how can they improve or diversify their educational strategies to attract more Web2 users?

Alexandru Carbunariu (AC): In my experience, centralized exchanges fall short in sufficiently educating their audience. Several initiatives can be taken to enhance educational outreach, such as making it more interactive, rewarding, and relatable. It would be prudent to examine successful strategies from Web2 platforms for inspiration. The advent of new regulatory frameworks will likely also bring about specialized training models.

Strategies to attract Web2 users could include:

  • Developing interactive training programs with built-in incentives, akin to those deployed by Revolut.
  • Engaging key opinion leaders to present products in a transparent manner, while avoiding technical jargon.
  • Launching educational academies that equip ordinary users with a higher level of knowledge, and providing explicit information on associated risks.

BCN: Is gamification an effective strategy for encouraging responsible and beneficial crypto trading over the long term?

AC: Absolutely. An engaging and enjoyable environment not only alleviates stress but, if separated from the financial risk, can be ideal. Our data from A/B tests and focus groups corroborate the efficacy of this approach. Banksters aims to educate users about crypto trading, non-fungible tokens (NFTs), and other aspects by employing gamification as a key strategy.

BCN: Could you elaborate on how the trade-to-win model distinguishes itself from the play-to-earn model?

AC: Trade-to-win encourages users to first test and understand the product, interact with it, and ultimately succeed. Rewards are dispensed at the conclusion, tying the incentives to performance. This approach mirrors the dynamics of real-world trading, where education, practice, and proficient trading lead to gains.

BCN: How does Banksters assist users in formulating low-risk trading strategies?

AC: Our platform incorporates features we refer to as “Abilities,” which emulate real-market events such as influential tweets or market phenomena. By incorporating historical price data for these events into our algorithm, we offer users a no-risk way to see how such variables might impact their portfolios.

BCN: How is competition integrated into the Banksters platform?

AC: Banksters frequently conducts tournaments and live streams that offer real USDT as rewards. Such competitive elements not only engage users but also provide valuable feedback for continuous improvement.

BCN: In terms of mass adoption of crypto, is the primary obstacle lack of education, or is the crypto ecosystem still in search of the right product-market fit?

AC: While education and user interface are certainly issues, the underlying problem is more complex. It involves flawed advice from inadequately educated key opinion leaders, inopportune project investments, and reckless trading behaviors facilitated by centralized exchanges. However, with an influx of professionals from the Web2 space into the Web3 arena, standards are improving. This increases the likelihood of projects achieving product-market fit and spurring widespread adoption.

We welcome your thoughts on this comprehensive interview in the comments section below.

Frequently Asked Questions (FAQs) about Gamification in Crypto Trading

What is the central theme of the interview with Alexandru Carbunariu?

The central theme of the interview is the future of cryptocurrency education and trading, with a particular focus on the role of gamification. Alexandru Carbunariu, the CMO of edutech simulator Banksters, discusses how making crypto education more interactive and enjoyable can encourage responsible trading behavior.

Who is Alexandru Carbunariu and what is his position on gamification in crypto trading?

Alexandru Carbunariu is the Chief Marketing Officer (CMO) at Banksters, an edutech simulator. He believes that gamification could be a pivotal approach in fostering more positive and responsible trading behavior in the crypto space.

What shortcomings does Carbunariu identify in centralized exchanges?

Carbunariu points out that centralized exchanges are instrumental in introducing new users to the world of cryptocurrency but fall short in educating their audience comprehensively. He suggests they should make the educational experience more interactive and engaging.

How does Banksters’ Trade-to-Win model differ from the Play-to-Earn model?

According to Carbunariu, the Trade-to-Win model focuses on building user confidence by letting them first test and learn about the product before earning rewards. This is in contrast to the Play-to-Earn models that do not necessarily lead to token stability or user confidence.

What is Banksters’ approach to helping users understand real-world trading events?

Banksters uses features called “Abilities,” which simulate real-life trading events like market squeezes, pump and dumps, and even the influence of key personalities like Elon Musk. This helps users understand how their portfolios may react to these events in a low-risk environment.

What does Carbunariu consider as the factors hindering mass adoption of cryptocurrencies?

Carbunariu cites lack of proper education, poor intuitive user interface, and the crypto ecosystem’s struggle to find product-market fit as some of the factors hindering mass adoption of cryptocurrencies.

What does Carbunariu think about the future of Web3 platforms?

He believes that Web3 platforms have undergone a reset in the past 2-3 years and now showcase highly professional projects with funding resources. These projects are more likely to find product-market fit and accelerate the adoption of cryptocurrencies.

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1 comment

Sarah J October 7, 2023 - 2:19 am

Wow, never thought I’d see the day where gamification meets serious crypto trading. Makes sense tho, it can be a good way to learn.


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