Virtual Currency

Virtual currency is one of the basic gamification mechanics that focuses on in-game economics. It qualitatively measures the users' in-game progress, highlighting their material status and wealth.

Virtual currency is an instance of points (see Points) that is, contrary to other types of points (experience and reputation), based on economics. In other words, this element is not just being collected or automatically converted into something else but must be spent in a specific area like a virtual shop.

Virtual currency is relevant to the economics layer and layer of feedback in the model of gamification.

Strong effect

The main goal of gamification is to further motivate the user to act in one way or another. The users can learn how quickly a certain in-game action will allow them to obtain the desired item by gaining a certain amount of virtual currency.

Weak effect

Be sure to track whether the amount of virtual currency granted to the player is an accurate reflection of the game's set of values. The game's set of values should at the same time reflect corporate or social values. It is also essential for the game to contain enough items available for purchase with this virtual currency. Otherwise, the virtual currency will be worthless.

Duration of the effect

A game that contains a lesser amount of items for purchase is suitable for short-term objectives. When the gamification is of a long-term nature, you should not only set up a wide variety of items but also the system of updating and rotation.

What can I do with this?

The main goal of gamification is to further motivate the user to act in one way or another. Gaining virtual currency is one of the simplest motivating mechanics that allow users to appreciate their efforts.
When a virtual currency is a value itself, then the higher the amount of it the users have, the higher their in-game status and level of satisfaction are. The ability to accumulate virtual currency is another motivating mechanic for completing the actions the game was designed for.
It is advisable to make virtual currency perceived as the means and not the goal for it to be of a greater and more long-lasting value. The virtual currency is collected not for the sake of its amount but rather to purchase new in-game elements.
The demonstration of the virtual currency gained to other users also positively affects the player's motivation. When players report their achievements, they raise their in-game social rating and set the benchmark for other players to follow.