Imagine how amazing it would be if you could play, learn and earn all at the same time earn. It is a win-win situation that will interest just anyone because it guarantees a hundred per cent return on investment.
Play2Earn
Before now, games could only be played on arcade machines in specific gaming arenas. Gamers would battle for the highest score with little or nothing to gain as a reward (incentive) for their passion. However, things changed drastically as the revolution in technology brought games to our smartphones, personal computers, and gaming consoles such as PS5, Xbox, and so on.
Now, the world is beholding a paradigm in the gaming model known as play2earn.
Play2Earn (play-to-earn) games refer to the concept of gaming in which a platform provides its players with a chance to earn any form of in-game digital assets that can be transferred to the real world as a valuable resource.
These digital assets might range from coins to accessories that have been tokenized on the blockchain. As a result, the play-to-earn business model pairs nicely with blockchain games.
An example of play2earn games is Axie Infinity. Axies are adorable animals that players acquire, breed, and battle to win rewards. Each Axie is a non-fungible token (NFT).
Learn2Earn
Learn2Earn, as the name implies, is the process of being rewarded for learning. That is the essence of incentivized UX (To provide incentives; to encourage users’ experience with a product)
In traditional Web2, consumer attention is the real currency; the reason why companies spend humongous sums on advertising, giveaways, partnerships, referrals, etc., then resort to hoping that their product was enticing enough that some people would complete the marketing funnel and stick around to learn about their product to become a regular user.
Nevertheless, in Web3, the case is not the same. Instead of giving up your attention for “free” to some attention merchandisers (who then sell to the highest bidder), you can get paid directly to learn about a particular product. The rewards for learning are typically given in a native currency, token, or NFT of the ecosystem you are learning about. This provides a direct, monetary incentive for users, giving these companies an edge over the overabundance of competing crypto projects.
The first major players to integrate Learn2Earn in their incentivized UX model were some of the largest centralized exchanges in the space.
Coinbase is one of the first players to integrate incentivized UX model. It allows users Earn to learn about specific coins by watching videos and completing quizzes for token rewards. Those with a Coinbase account can currently learn about $GRT and $AMP for a small reward in each of the respective tokens.
Binance Academy just like Coinbase enables users with a Binance account to learn about a variety of topics by completing courses and answering quizzes in exchange for vouchers that can be redeemed for crypto. Currently, Binance is offering rewards for learning about $KNC, $FRONT, $RUNE, $XTZ, and $WOO.
Learn2Earn is more than just a means to exclusive centralized exchange aimed at attracting more retail participants to trade on their platforms. It also encourages crypto enthusiasts to learn how to develop Web3 dApps on the NEAR protocol, with the rewards for completion including NFT certificates and $NEAR tokens.
Furthermore, above the protocol level, builders of various dApps are pioneering Learn2Earn models that subvert traditional pay-to-learn models, such as LetMeSpeak.org – an app designed to help you learn English whilst earning NFT and USDC rewards.
NOWwhere’s Learn2Earn application is unique in the sense that it empowers artists to incentivize the platform’s community of art enthusiasts to learn about the story behind their works.
Incentivised UX models and web3 activities are quite broad, and companies are seeking to strengthen their community building and user onboarding capabilities – a core component of any app or dapp alike.