A new wave of kitties has been launched by Ethereum blockchain and it’s taking the internet by storm.
People are investing thousands of dollars in owning virtual cats called CryptoKitties.
CryptoKitties are collectable and breed-able digital cats. It is created by AxiomZen on October 2017 and originated at Vancouver BC.
Each cat has its own unique appearance and “cattributes” which can never be found twice in all the other cats. Hence, there is no peril in the glory of owning a certain cat, because there is only one of its kind in the game.
The beauty of buying two cats is that it can be bred to a new and unique cat that can be determined by the parents’ 256-bit genome. There are four-billion possible genetic combinations that give the breeding process the element of chance – the chance to get a kitty that has high market value.
How much does one cat cost?
CryptoKitties are bought via Ether. Ether is a mode of payment by clients that is necessary to operate in the distributed application platform of Ethereum. Today, 1 ether (~ETH) is equivalent to 453USD which can change within 24-hours.
On the 5th of December 2017, the Genesis cat (one of the rarest) just got sold at the highest price of ~256.9255 ETH (around 113,000 USD). Falling in 2nd as the most expensive cat sold in the market is the Gen 0 Lucky cat at ~190 ETH (around 90,000 USD). And, coming in 3rd is the BugCat that was sold for ~175 ETH (around 83,000 USD).
As of the same month, around 4 million USD has been spent in the market for buying CryptoKitties.
If you’re one to buy yourself one for the fuss of it, the cheapest cat is around ~.03 ETH (around 12 USD).
What the fuss about
CryptoKitties is the first ever decentralised game launched by Ethereum. And, as of December 2017, CryptoKitties have taken 15% of traffic in the Ethereum blockchain.
The blockchain is the world’s leading software platform when it comes to digital assets. If you’ve heard of Bitcoin, it’s of the same concept as either, and both are run in the blockchain.
Analysts comment that this pioneering game may open new windows or doors in utilising the assets that move around a decentralised community. And while others speculate that’s it’s just another “Beanie Babies” project, the internet savvy people see this as an investment towards the future.
Before CryptoKitties, assets were merely trade in numbers. Now, you have intangible collectable kitties that you can buy your intangible assets. What’s next?
What does this mean to all the real kitties out there?
Nothing, really. CryptoKitties is likely to be another business trend for people who want to invest in virtual assets in the hope of a cashless society.
Nothing can replace our kitties at home. A virtual cat may be considered an asset of today or tomorrow, but the love, affection and experience our real kitties provide are one of the most valuable things in life that no virtual asset can buy.