As crowdfunding rapidly evolves as an emerging financing method in the market, particularly among younger consumer groups, designer toy crowdfunding has gradually become a significant investment model. Gamification elements have been utilized to motivate users’ participation in such context. However, the underlying paths through which gamification fosters users’ value co-creations remain unknown. By constructing a theoretical framework based on the extended Unified Theory of Acceptance and Use of Technology (UTAUT2), this paper analyzes how two popular gamification elements in this context (e.g., reward unlocking, virtual characters) influence users’ value co-creation behaviors (i.e., engagement and word-of-mouth communication) through multiple mediating variables, including hedonic motivation, price value, and habit. Using a survey method, an empirical analysis was conducted on users of the “MoDian” APP. The results indicate that reward unlocking and virtual characters significantly enhance user engagement and word-of-mouth communication, with mediating variables playing a key role in the process. Moderating variables, such as time preference and risk preference, also have significant impacts on the relationships between independent and dependent variables. The findings of this study not only enrich the theoretical framework of crowdfunding but also provide practical insights into optimizing the design of crowdfunding platforms. By incorporating gamification elements, platforms can effectively enhance user experience, thereby promoting the success of crowdfunding projects and sustainable platform development.