CryptoKitties: virtual cats on the Ethereum blockchain
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What is CryptoKitties?
CryptoKitties is a little game on the Ethereum blockchain that consists of buying virtual cats (called “Kitties") with ether, raising them, collecting them or reselling them. Virtual cats can also be mated to create new virtual cats. Each kitty has a unique genome that defines its appearance and characteristics; each kitty also has different abilities and attributes.
Example of CryptoKitties for sale on the market
Example of CryptoKitties reproduction:
Official CryptoKitties website: https://www.cryptokitties.co/
Why am I telling you about CryptoKitties? Because behind this poor imitation of "Tamagotchi" hides a huge "buzz" and a huge "fiasco" for the Ethereum blockchain.
The CryptoKitties Buzz
Since its launch, CryptoKitties has been a huge success. Tens of thousands of CryptoKitties were immediately exchanged, and prices skyrocketed. To date as I write, there have been over 250,000 CryptoKitties sales, at a total trading volume of over $18 million. You can look at the game’s statistics at https://kittysales.herokuapp.com
Kitty no. 18: the most expensive kitty on the market
This kitty is currently on sale at the cost of 300 Ethers, or about $330,000 (at the current Ether price: $1,100), after being purchased on 07/12/2017 for 253.3368 Ethers (or $110,707.16 at the time of sale).
In summary, to date, kitty 18’s owner could well make a capital gain of $220,000 if he manages to sell his kitty. And because the Ether has also done very well.....
PAUSE...:
I'm trying to pull myself together. 2 min... It’s hard to write this article... No but $330,000 for a virtual cat, this is serious! ;)
As long as there is a market, liquidity, buyers who think that the price will continue to rise, CryptoKitties will continue to soar... But for all the show, one thing is sure, all this will be worth ZERO one day! A word to the wise; please don't buy a cryptokitty to try to make a fortune.
The CryptoKitties fiasco
The CryptoKitties fiasco was not over the game (on the contrary), but over the Ethereum blockchain. CryptoKitties was created simply to "test" the Ethereum blockchain, to see how it reacted in the field under real conditions and in front of the general public. Result: cryptokitties created huge transaction congestion on the blockchain.
Bruce Bladon (Axiom Zen’s Communications Manager) told Bloomberg : "We wanted to make blockchain technology accessible to the everyday user, as we believe this is a key step in otherwise seeing the technology adopted, We wanted to explore blockchain applications outside of ICOs and cryptocurrencies.”
Nolan Bauerle (Research Director at CoinDesk) told Bloomberg: "The pending transactions on the Ethereum blockchain have spiked in the last 24 hours, mostly from CryptoKitties traffic,"
What will this mean more concretely:
Ethereum is today capitalised at over 100 BILLION DOLLARS, and a small "test" game manages to bring the Ethereum blockchain to its knees? I'd like to say "I’ll play around with dogs" to stick to the spirit of CryptoKitties. ;)
NB: To make fun of the Ethereum blockchain, Pro-NEO developers plan to launch DAMN SINGLE soon, a ringer copy of cryptokitties with two important differences:
1/ Damn Single will be small virtual dogs (and not small cats).
2/ Damn Single will work on the NEO blockchain (1000 times more powerful than the Ethereum blockchain).
