Kriptomat exchange aims to ‘gamify’ crypto trading

In a special announcement, the European fiat-to-crypto exchange Kriptomat has announced a world-first trading feature that allows investors to gamify their trading experiences through the use of ERC-1155 non-fungible tokens.

Kriptomat will use the Enjin platform to integrate the Ethereum-based tokens into its trading platform. The exchange said that this “signifies the first time that a cryptocurrency exchange has chosen to adopt blockchain-based virtual items to gamify user experience.”

Kriptomat is a regulated European fiat-to-cryptocurrency exchange with features and usability designed to compete with the major US-based exchange Coinbase.

The legally-compliant exchange platform was founded just over a year ago with the goal of increasing stability in the cryptocurrency market. The exchange allows users in Europe to purchase and trade 23 different cryptocurrencies using either credit/debit cards or EUR bank deposits.

With these new gamification features, the exchange hopes to prove that “blockchain-based rewards programs can spark user engagement that [could] drive better business outcomes by providing tangible value to customers.”

ERC-1155

Last October, Coin Rivet brought you details about the creation and use cases of Ethereum ERC-1155 tokens. These non-fungible tokens can represent items like collectibles or medals that are fully hosted and transferable across the Ethereum blockchain.

To date, the biggest currently adopted application of non-fungible tokens is the famed CryptoKitties project, which uses the ERC-721 standard.

Unlike the popular ERC-20 and ERC-721 tokens (that require a separate contract for each token), ERC-1155 is far more efficient as it stores the ‘common’ data in a central smart contract. With this, you could significantly optimise the amount of fees or ‘Ethereum gas’ required to create and transfer tokens in a given smart contract platform.

How will it work?

Kriptomat will integrate the ERC-1155 tokens into its platform to allow users to receive trading points, referral rewards, collectibles, and gaming items, all of which will provide trading discounts.

It has been reported that several blockchain game developers such as War of Crypto, 9Lives Arena, CryptoFights, Forest Knight, Cats in Mechs, and Alterverse have expressed interest in integrating Kriptomat collectibles into their games. This means traders may soon be able to earn valuable blockchain-based gaming items by simply using the Kriptomat exchange.

To celebrate their adoption of the Enjin platform, Kriptomat is hosting a giveaway of Kriptomat Founders’ Tokens for all users. This exclusive collection of tokens will enable holders to take advantage of perpetual rewards and future giveaways on the platform.

It could be said that the gamification element of traders choosing and flipping ICO tokens for as much profit as possible was a key factor in causing the speculative mania in crypto assets during the 2017 bull run. Can the same retail investors now turn to exchange trading gamification to spark interest back into a dwindling market?