If you haven’t heard of CryptoKitties yet , you shouldn’t be long. These little virtual kittens are a real fashion phenomenon breaking at full speed on the world of blockchain and crypto-currencies .
CryptoKitties, what is it?
CriptoKitties is a game that was developed by the American-Canadian studio AxiomZen and was launched a few days ago (November 28, 2017) on the Ethereum blockchain . On this game, which is a cross between Tamagotchi and Pokémon , the user must collect virtual cats . It has already generated several million dollars at the time of writing these lines and more than 15% of transactions on the Ethereum network are devoted to exchanges between users, it’s completely crazy .
The principle of the game is to breed digital kittens. Each cat is unique and has its own characteristics. The user owns 100% of his little virtual creature, which cannot be copied or destroyed in any way . It is possible to buy , exchange or sell CriptoKitties in the same way as a traditional collector’s item or a crypto-currency. Transactions are secure and ownership is acquired for life (because decentralizedon the blockchain), as if you were storing ether in your personal wallet .
Why is CryptoKitties so popular?
If the cute and colorful universe of the CryptoKitties application is causing so much buzz , it is above all because it is one of the first fun and general public applications to be adapted on the Ethereum blockchain (and therefore to cryptocurrencies). As said before, each kitten is unique and cannot be destroyed, so it will continue to exist even if the company carrying the project were to disappear. This is unusual since the digital content of online games is usually stored on the publisher’s servers and is therefore dependent on the latter. In the case of CryptoKitties,stratospheric , even if it is only virtual elements…
CryptoKitties can also be used by speculators as financial investments , which is one of the reasons that seems to have caused its meteoric rise. We know that each creature is unique in its characteristics, and it is this rarity that attracts investors and collectors from all over the world. It is indeed not uncommon to see kittens being exchanged for 10 ETH (i.e. 4,600 dollars as of December 5, 2017). The game has only been available for a few days but already 40,000 cats have been sold and the record selling price of a CryptoKitty is $ 117,000. Users are snapping up these blue, yellow, green or pink virtual cats at very high prices even though the game has only just been released. We can therefore imagine that the prices are not ready to drop as long as CryptoKitties continues to grow in popularity .
CryptoKitties, how does it work?
The object of the game is to collect kittens that each have their own attributes. Buying and selling these little creatures is done on a marketplace from the Metamask virtual wallet . Users set a selling price and put their kitten up for auction. The price of the latter drops until a buyer comes along. It is also possible to form couples with the kittens in order to make them reproduce and give birth to a unique CryptoKitty.
To conclude this article, here are two quotes from members of the CryptoKitties team.
I hope you enjoyed this article ❤