Pets have always been a good friend to humans especially cats and dogs. Recently, raising a virtual kittens called "CryptoKitties" has caused a new wave in the blockchain industry, and it is calling a big reaction now among cryptocurrency users.
CryptoKitties released in early December is like a digital version of the popular Pokemon card. It appeared not only in blogs of many cryptocurrencies and fintech related news, but also in many major news sites and became a hot topic.
Developed by the Vancouver and San Francisco-based studio AxiomZen, the game; CryptoKitties has received a big wave of support and is the latest fad in the crypto communities.
Online game CryptoKitties
CryptoKitties is an online game that runs on the Ethereum platform. To play this game, users need to buy cartoon kittens, and then breed them. As described by the site, each cat is one-of-a-kind and 100% owned by users. Each kitty cannot be replicated, stolen or destroyed.
More importantly, CryptoKitties is unique like bitcoin or ether, which is now considered as an investment since it has been targeted as a new type of collectibles. This means that the rarest digital kittens will be traded at high prices.
By the beginning of December, there has been more than 22,000 kittens sold and which equals an accumulated total of $3 million. According to Cointelegraph, the three rarest kittens have been sold for $114,573, $81,549 and $69,600 respectively, amounting to more than 572 Ether.
The key difference between CryptoKitties and other digital games such as Pokemon Go or a Tamagotchi is due to its unique model and business strategy.
The game first started with 100 cyber kittens created by AxiomZen, and are called the “Founder Kitties”. Every 15 mins, there will be one new “Gen 0” cate released which has the value of the average price of the last five sold plus 50%. In case no one buys it, the price will go down over 24 hours until someone buys it.
Some users consider CryptoKitties as an investment since they can sell their own cats via an auction. Rather than a game, CryptoKitties is an application using the Ethereum Blockchain technology that will link to your Ether wallet. In particular, users need to pay an amount of Ether to buy kittens, then to breed them from Gen 0 to Gen 1 and so on.
In order to play CryptoKitties, you first need to prepare an Ether wallet, especially if the user buys a kitten and has the first generation (Gen 0) to the next generation (Gen 1), or more generations In order to breed a cat, you need to pay a fixed Ether as a fee. Not only do you make your own favorite kittens by repeating breeding, but also getting a fee income by making scarce cats is drawing attention as a business.
Also, each cat is a unique one represented by a 256-bit number representing its own gene and can be tracked on the Ethereum blockchain. The genetic combination can reach 4 billion.
The point is to inherit a part of the parent's data. The same parent combination does not mean that the same kittens will be born, the random elements are included.
Basically it is a simple game to purchase and raise cats, mate and create your favorite cat. It is a point that kitten, born by mating, may inherit the characteristics of parents.
This is why some people are willing to pay a high price for mating rare kittens.
Great differences from traditional online games
Unlike other centralized games, the CryptoKitties community does not belong to any specific organizations or institutions, therefore, it creates new value in the data in the virtual space of the game. The new value born in the virtual space will start to have more realistic value with advances in technology and human beings development. It has the potential to generate large economic effects.
CryptoKitties was created from the developer’s desire to have more people use the cryptocurrency that are mainly of interest to some people such as miner or investors. Ether, as a currency on the Ethernet platform is particularly paid attention as a new payment method besides bitcoin.