The iGaming industry is always on the lookout for new ways to attract and retain players. One trend that has been gaining a lot of attention recently is GameFi.
“GameFi is quite a new concept that can significantly improve player retention, thus positively impacting business metrics,” says Alex Antsyferov, CBO at Trueplay.
In this article, we’ll explore what is GameFi and how the Play to Earn program by Trueplay can make your casino more profitable.
What is GameFi?
Originating from the gaming industry, it is an ecosystem that enables players to earn through playing games — by completing tasks or achieving certain milestones. These rewards can then be used to purchase in-game assets or traded on the exchange.
The concept is similar to traditional loyalty programs, where players can earn rewards and unlock new levels, but with the added benefit of earning. GameFi offers numerous benefits for online casinos, particularly with the Play to Earn (P2E) model, which incentivizes players to earn by playing games.
What is P2E?
Play to Earn is a model that has emerged within the GameFi ecosystem, where players are rewarded for their actions. P2E has already proved its effectiveness in the gaming industry.
Several GameFi projects, such as Axie Infinity, have recently gained a lot of popularity. It is a game that enables players to earn rewards by playing the game. The rewards can then be used to purchase in-game assets or traded on the exchange. Axie Infinity has become a massive success, and the demand for the game has surged, making it one of the most valuable GameFi projects in the industry.
How casinos can benefit from P2E
The Play to Earn model has the potential to take gambling projects to new heights by creating a win-win situation and a new source of revenue for players and casinos alike. Players are incentivized to spend more time betting to earn rewards, which, in turn, increases the engagement and retention rate of the project and leads to higher GGR.
What’s even more motivating, P2E can also capture the attention of a new audience. P2E-based loyalty has gained popularity in recent years, particularly among the younger generations. By providing such loyalty, casinos can attract users that may not have been interested in traditional online casino games.
Play to Earn by Trueplay
Play to Earn is a part of the Trueplay loyalty developed for the iGaming business. The retention rate of casinos that have integrated the product skyrocketed up to 5.2 times within six months, so Trueplay stands out as an innovative product that helps gambling projects benefit from all the advancements of the GameFi.
With Play to Earn by Trueplay, every casino user with bets gets rakeback from lost bets as casino-branded loyalty. Casinos can also promote particular games within their platform by increasing the rakeback percentage and creating promo campaigns that encourage users to take actions that matter.
Additionally, the Trueplay product integration includes launching the casino’s customized loyalty and supporting its livability. Thus, your casino may attract new customers interested in GameFi projects.
To wrap it up
The emerging trend of GameFi enables players to earn through playing games. The Play to Earn (P2E) model has proved to be an effective way to increase engagement and retention rates, leading to higher GGR for online casinos, and also attracting new users by providing P2E-based loyalty. We can expect to see more GameFi projects emerge in the online casino industry.
Trueplay’s Play to Earn program is one such innovative product that helps gambling projects to tap all the advancements of the GameFi and has shown a significant increase in retention rate for casinos that have integrated it. Overall, GameFi has the potential to take gambling projects to new heights and is likely to be adopted by the online casino industry at an ever-increasing rate.
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