Cryptocurrency gamification: Having fun or making money

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Abstract

The purpose of gamification in cryptocurrencies is to improve user engagement through game-thinking (Kabita, 2020; Rodrigues et al., 2019). Yet, it is unclear whether participants are motivated by the desire to have fun or to generate money. This study intends to explore the elements that encourage people to participate in cryptocurrency gamification by analysing perceived enjoyment, perceived profitability, and demographic variables. Data was obtained from Thai nationals residing in Thailand who have invested in digital assets or plan to in the future. Using multivariate logistic regression, statistically significant factors were identified. The data indicate that Thai investors’ interest in cryptocurrency gamification increases with age and student status. Also, people are attracted to the gamification of cryptocurrencies since they may be both interesting and lucrative. The study argues that it is essential to assess the risks associated with the gamification of cryptocurrencies. This will ensure that individuals who wish to earn money do not lose it. In addition, the likelihood of financial exploitation through cryptocurrency gaming must be evaluated. This is required because the risk of individuals being victimised through scams increases as the number of persons who play these games grows.

Keywords: Cryptocurrency, Crypto Games, Digital Asset, Gamification

Authors’ individual contribution: Conceptualization — P.P., T.K., and V.C.; Methodology — P.P., T.K., and V.C.; Validation — P.P., T.K., and V.C.; Formal Analysis — P.P.; Investigation — P.P.; Resources — P.P., T.K., and V.C.; Data Curation — P.P., T.K., and V.C.; Writing — P.P.

Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

JEL Classification: D71, G41, O33

Received: 16.11.2022
Accepted: 02.06.2023
Published online: 06.06.2023

How to cite this paper: Prachayanant, P., Kraiwanit, T., & Chutipat, V. (2023). Cryptocurrency gamification: Having fun or making money. Journal of Governance & Regulation, 12(2), 184–193. https://doi.org/10.22495/jgrv12i2art17