CryptoKitties officially launched in the last week of November 2017.
Just a week later, there have been over 60,000 cat sales, the current equivalent of USD $8 million, and transactions on the CryptoKitties smart contract are in the top few smart contracts by transaction count which basically means that CryptoKitties looks like a hit.
But let’s put the brakes on that and retract a bit – what is CryptoKitties and what transactions are we talking about? Let us explain.
Do you remember playing games on Nintendo or other similar platforms where you get to take care of pets, feed them, wash them, talk them out for walks etc. Well, that’s kind of what CryptoKitties is all about, although for now CryptoKitties remains a game for breeding and collecting cats – so the feeding, washing and walking is not on the books just as yet.
The game also has a marketplace for the buying and selling of cats as well as the lending of cats for the game (breeding). And if you’re asking what’s so special about this game apart from it making so much money in so little time, the answer is simple: not only can you enjoy breeding cats, but you also get to sell them in exchange for Ether, which you can then convert into fiat currency – basically you can have fun and earn money at the same time.
It all starts with purchasing your very first virtual kitty but there are some other key points you need to know about this game? Here they are:
What’s the point of the game?
Ok, so you’ve understood pretty much what the game’s all about – but you might also be asking yourself, so what? I can’t even feed, wash or walk my cat, so what’s the point of this game anyway? The fun is in the ongoing process of breeding kittens, selling or trading them, earning Ether in exchange which you can later transfer into fiat currency.
And who knows … maybe the game will continue evolving into something more but at the moment, what’s really outstanding and noteworthy, is what this game is achieving – the ability to break that barrier between people and the world of blockchain and cryptocurrency.
The game has not only increased the number of transactions on the Ethereum network, but it also seems to be encouraging your average everyday person to learn more about cryptocurrency through its fun concept. In fact, many have just bought Ether for the very first time, just to play this game.
Fun Fact: One of the most expensive cats has been sold for more than $100,000!
CryptoKitties isn’t the first game on Ethereum to offer blockchain-based asset trading. CryptoPunks by LarvaLabs has an estimated market cap of USD$1million for the 10,000 CryptoPunks. Decentraland are currently selling LAND.
So, from a company building a revolutionary Virtual Gaming Platform, Virt-U, here are our key takeaways:
Virt-U is the economic platform for Virtual Worlds.
We believe that every game should have access to an economy for the creation and trading of virtual assets. CryptoKitties shows what a powerful offering Virt-U is for every game. For gamers it unlocks value in the assets that they obtain and create, and provides a fun and engaging addition to their game. For developers it provides additional revenue from the sale of assets and from a percentage of each trade.
We believe in abstracting the blockchain as much as possible for the average gamer. Reading through the social media channels and seeing the issues that people are experiencing only enforces this belief.
We also believe that mobile is key for use of the Virt-U Network.
We want assets to be supported in all wallets. Given the existing support for ERC20 tokens we currently tokenise assets as ERC20 tokens. This means that assets are fungible except where we have a quantity of 1. It also allows for native support of shared ownership.
We are following the ERC721 standard proposal with interest, as we see the potential for non-fungible assets and we want all wallets to support a standards based asset token.
We hope we’ve managed to help you understand the concepts behind CryptoKitties better and the benefits an economy brings to games for both gamers and developers. Let us know what you think about this game, and your experience playing it if you’ve already got kitties!