Learning to get and its impact on Crypto Literacy

Among the many things that distinguish the crypto space is the constant stream of innovations, new trends, and alternative narratives that push the boundaries of finance and technology.

Trends such as Play-to-Earn (P2E), Metaverse, Real-World Assets (RWA), Earn-to-Earn (M2E) and Learn-to-Earn (L2E) in a dynamic industry characterized by fast-moving players. ) have stood out in shaping the landscape of the sector. While each represents different innovations and technologies, this article focuses on the L2E phenomenon, examining user acquisition strategies in cryptocurrency literacy and blockchain projects.

L2E solves a major obstacle on the road to mainstream crypto adoption: education. It is a model for onboarding the blockchain and cryptocurrency industry by rewarding people with NFTs and tokens for simply learning about finance and cryptocurrency. The reward is usually in the form of tokens learned.

The introduction of gamification into the process of learning and understanding blockchain technology, terminology, crypto projects and their products has made crypto knowledge accessible and financially viable for consumers, including newbies. Users of L2E programs earn $1 to $5 for completing small learning tasks, such as video tutorials or text readings. This method assesses their understanding of recently acquired material.

Contrary to what you might think, the main motivation here is not just to give users freedoms. A little disappointing? We understand. The companies that created these L2E platforms are to keep students in their ecosystem. The motivation here is double traffic and rewards. Traffic is driven by the flood of students to the platform, and these students are rewarded with access to information, learning materials, tokens or NFTs in an L2E model.

By incentivizing users of L2E platforms' native tokens that can be easily exchanged for other tokens or fiat currencies, these platforms strategically compete for market share in the highly competitive crypto landscape. By rewarding students with tokens issued by the platform, they effectively convert users into investors and increase participation and interest in investment by learning rewards.

This approach turns users into informed investors, regardless of their token holdings, representing a prudent and socially responsible customer acquisition strategy. In a crowded field of more than 18,000 competing crypto projects, this method allows projects to attract attention and educate users about their offerings, using learning by discovery to foster a cultured community.

Education gap

Despite the ever-growing mainstream investment in cryptocurrencies, a significant knowledge gap remains. According to a survey by Coinme and Coindesk, nine out of ten respondents do not know the total number of Bitcoin's supply and 98% of people fail a basic crypto literacy test. With so many developments and events in the crypto space in the past couple of years, we can't deny the importance of filling the education gap.

The industry is on the cusp of a bull market, fueled in part by the proposed Bitcoin halving in April 2024. This is expected to bring in many new users. Overall, lack of awareness can lead to poor investment decisions, increase vulnerability to scams, and ultimately hinder widespread crypto adoption.

Traditional educational resources such as technical documents and white papers can be dense and intimidating for newcomers. Think about how you felt when you came across terms like “distributed ledger technology” or “proof-of-concept” at the beginning of your crypto journey. Yes, that momentary feeling of confusion, “What is this?!” It was wrapped in Expression. L2E platforms address this challenge head-on by demystifying complex topics and presenting them in an easily digestible, interactive, and easy-to-learn format.

Platforms like Mogland are at the forefront of integrating financial education by making Web3 concepts more accessible and engaging for users. Mogaland offers an immersive metaverse experience for users to learn and discover. By playing, users gradually build their financial knowledge and skills. As you master the concepts, you can make special NFT friends that can be used as trophies on their educational journeys, opening the door to the exciting world of Web3.

With fast-growing platforms such as Mogland, this approach to financial education seems interesting. For example, Mogaland reportedly received more than 70,000 downloads in three months, and its community is said to be 80,000-strong (and counting).

Gamifying crypto education

Learning about financial and technical terms is never an easy task, which is why L2E platforms are harnessing the power of gamification to turn learning about crypto into a fun and rewarding experience. Users can participate in interactive quizzes to test their knowledge of blockchain fundamentals.

Each completed activity earns the user points, badges or platform native tokens. You can then use these tokens within the platform for various purposes, such as upgrading NFTs, unlocking new educational content, accessing and participating in exclusive events, or simply exchanging them for other cryptocurrencies.

The effectiveness of gamification in knowledge retention is well documented. By using points, badges and leaderboards, we tap into our natural desire for rewards and competition and become more motivated to pick up new skills and knowledge. This active process strengthens memory pathways and makes it more enjoyable to absorb the information we use, which leads to better long-term memories.

Challenges and considerations

While L2E holds great promise, there are some challenges to consider. There is a possibility that users will try to “game the system”. Some users may focus only on earning rewards without actually absorbing the educational content. This is an issue worth noting. L2E platforms can implement knowledge checks and authentication processes. For example, having users answer comprehension questions after completing educational modules to ensure active learning.

Furthermore, the long-term sustainability of L2E models requires careful consideration. Finding the right balance between rewarding participation and maintaining a healthy token economy is critical. Designing tokinomics that promotes real learning is paramount.