While centralized exchanges (cexs) are instrumental in helping new users grasp all things crypto, they nevertheless do not go “the extra mile in educating their audience properly,” Alexandru Carbunariu, the CMO at the edutech simulator Banksters, has asserted. According to Carbunariu, a Web3 advisor, properly educating newbies includes making the experience more interactive and fun. He added that Web3 platforms should take a leaf out of their Web2 counterparts’ playbook.
Trading Through Gamification Represents the Future
Expanding on the argument that education should be more fun, the CMO said he concurred with those who believe gamification to be the right way of encouraging more positive trading behavior. However, Carbunariu told Bitcoin.com News that while “trading through gamification may represent the future,” many of the current Web3 games may “have taken a wrong turn.”
When asked for his thoughts on the so-called trade-to-win strategy, the Banksters CMO insisted that such a model is better than play-to-earn (P2E) models because it engenders confidence. He suggested that such a model can be ideal for newcomers. Meanwhile, in written answers sent to Bitcoin.com News, Carbunariu also articulated why competition is necessary for Web3 platforms looking to get communities attached to their respective products.
Below are Alexandru Carbunariu‘s responses to all questions sent.
Bitcoin.com News (BCN): Centralized exchanges (cexs) are one of the gateways to all things crypto for new users and most of them have taken on the job of educating newcomers. In your opinion, what can they do better or differently to bring in more Web2 users via education?
Alexandru Carbunariu (AC): Speaking from experience, centralized exchanges don’t take the extra mile in educating their audience properly. A lot more things should be done in terms of education, to make it more fun, more rewarding as well as more interactive. We should check what Web2 asset platforms do and get inspired by their work. We rarely see that in Web3. However, we believe that with new regulations, specific training models will come up.
What needs to be done in order to attract Web2 users:
Create interactive training that will provide incentives (like we have seen Revolut doing).
Use normal KOLs [key opinion leaders] to present their products in a transparent [way] but also using normal non-technical language.
Try to introduce academy programs, where normal users can attend, therefore the knowledge will be much higher. Provide transparency when involving risks. Introduce alerts when the user is lost in the complex UX / UI of the platform.
BCN: Do you believe gamification is the right approach to encouraging positive crypto trading behavior with long-term benefits?
AC: Of course. Creating a more fun environment can be relaxing for the user, and if you don’t mix that with financial loss, it’s actually perfect. We are one of the first to build this type of concept. Our A/B tests, focus groups as well user validation were high, meaning that we were on the right track.
I believe that the Web3 games have taken a wrong turn, and the project owners have lost focus. Web3 should be the gateway to the future and it should provide new ways, apart from the traditional ones, in order to onboard as many users.
Trading through gamification can represent the future. First users need to understand it, then they will trade or invest with caution. If their first experience provides them with losses, then they are unlikely to come back. This is why Banksters has stepped in and is helping them to understand more about crypto, non-fungible tokens (NFTs), and trading.
BCN: Can you describe what the trade-to-win model is all about and how this differs from play-to-earn?
AC: In the past 2-3 years we have seen the “P2E” as well as the “P&E” types. One thing they have in common is the fact that they have not identified a balance that will give them a much-needed token stability.
Our Trade2Win model lets the user:
First test the product
Learn about the product
Play around with it
And become a winner
This is the model that provides more confidence, and the rewards will come only at the end, meaning if you are a winner then the rewards will be won. This is a more or less “shadow” plan from the trading world, where you need to practice, learn, trade and then gain profits.
BCN: Trading is an umbrella term that encompasses various strategies based on an individual’s mindset, emotional volatility, and other factors. How does your platform help users figure out an optimal strategy for them through low-risk education?
AC: This is a very good question. To give a more of a straight answer: Yes and No. Basically, we can cover this through our so-called “Abilities” which can be compared with “Superpowers” a hero avatar has in the Web2 games. Abilities actually “copy” what is happening on the real market. There are abilities like:
Elon Musk Tweet
Vitalik’s Support
CZ’s Effect
Market Squeeze
Pump and Dump
Hype
Insider Trade
These are real-life trading events, and in many cases, traders or users don’t understand them. What Banksters did was to analyze all of the historical pricing for these events, develop a price algorithm then infuse them into these Abilities.
Now the user will understand what happens to their portfolio and how it will react when these Abilities are used. This actually provides no risk for the user as well as covers a new mindset, emotional volatility, and other factors.
BCN: Whether it’s crypto trading or something else, competition is often an integral part of that. How is Banksters encouraging competition among users?
AC: They are highly competitive! We often have tournaments and live streams which reward users with real USDT. It drives them to use the product and makes them happy with both the game but also the environment.
We strongly believe that competitions, challenges, tournaments and livestreams definitely help the community being attached to the product, while the team can gather transparent and vital feedback.
BCN: When discussing factors holding back large-scale adoption of crypto, lack of education and intuitive user interface (UI) often get the most attention. However, could it be that we have not had mass adoption because the crypto ecosystem is still struggling to find the product-market fit?
AC: Another good question. The answer is pretty simple. It’s about money. However, it’s more than that. For example:
Users:
A lot of people have lost their hard-earned money during the bear market while listening to the unprepared and uneducated key opinion leaders (KOLs) who often accept to promote projects with no filters.
Project Owners:
If one puts two years and $10,000 in the right way, they could raise between $500,000 and a million dollars while having absolutely no experience in blockchain tech, development, management, marketing, or product growth. This, however, has changed and now a lot of Web2 specialists are entering the Web3 space and I believe the standard will go just higher.
Centralized Exchanges:
Providing crazy leverages, with no education, with no warning, and to top all that with FTX keeping their crypto wallet keys in a Google form.
At the end of the day, human nature had to kick in, meaning something terrible had to happen in order for something to be changed.
I think Web3 has gone through a reset in the past 2-3 years, and now, finally, we can see some highly professional projects with funding resources delivering innovative products. Such projects have higher odds of finding product-market fit and accelerating adoption.
What are your thoughts about this interview? Let us know what you think in the comments section below.
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