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$500 what next? unfinished basement. creativity needed.

We had our basement waterproofed last year. Eventually we may finish the walls and add an egress window but that is way down the line. Now that it is dry we would like to use the space as a play space for our kids.
Already done(ish) painted the exterior walls blue. We did this to seal the walls after the water issues were taken care of.
So what next:
Do we keep the drywall up on the ceiling and add more or remove it and paint the rafters white?


After the ceiling issue is resolved. We will do the flooring. Creative ideas welcome. Looking at terra cotta or grass green floor paint. The space is roughly 400sf.

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