What exactly is gamification and why has it been a value-adding vantage point for high-tech industries?
Gamification is largely used to increase user participation and interaction with your product or solution. Be it your website, app or user community, gamification adds an element of personalisation and drives overall interactivity.
Take for example, Izetex (IZX), which recently has been listed on Cryptology’s trading platform. Dubbed as the “Pokemon Go” of Blockchain, IZX opens to users an augmented reality world, where exploring campaigns and collecting tokens are the name of the game.
In this context, advertisers can promote products and solutions in a more interactive and engaging manner. While navigating the augmented space, they can also look forward to securing token giveaways and campaign rewards packaged in advertisements. Their partners can also create in-game tokens.
Blockchain technological capabilities together with engagement efforts from gamification, create a strategically designed solution for the blockchain-backed advertising provider. It lends IZX an integrated, solid tool that is ideal for speaking to your target audience, boosting product innovation and expanding your lead funnel. For marketers, they can have a more comprehensive view of the sales funnel from beginning to end and better track leads.
Advertisers can also look forward to transactions that are more transparent and clearly auditable as they are reflected on the blockchain.
Forbes argues one of the biggest draws of the new dimension of advertising will be in smart contracts. From the accuracy of data including current delivery, impressions or click data, more efficient work flows to secure digital ad transactions, the innovation of advertising is made more tactical with blockchain technology.
Several other initiatives of blockchain merging with gamification initiatives are in the fast-moving digital advertising space. Using smart contracts to manage loyalty programmes is what Sandblock is adept at. Its platform provides a blockchain protocol that designs rewards attribution and merchant attribution according to Nasdaq. Meanwhile, CryptoKitties is a platform which allows blockchain technology to track how digital items, in this case – virtual kittens, are sorted, linked and to whom should manage them.
Some obstacles may still hinder blockchain-backed advertising from entering the mainstream. What are some of the primary challenges of blockchain-backed advertising that prevent it from catching on?
In an interview with DigiDay, Fred Askham, associate director of analytics at IMM says the key challenge of blockchain-backed advertising is adoption and engagement. “Blockchain relies on multiple “nodes” and players, and if people don’t participate, it doesn’t work. In the advertising industry, we’ve seen this happen a few times where the tech to measure something comes out and then there is some lag time,” he said.