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Crypto Kitties are Ethereum Cartoon Game assets you can buy and sell

Crypto Kitties are Ethereum Cartoon Game assets you can buy and sell

CryptoKitties is a gamr that lets players buy, sell, and breed cartoon kittens.

 CryptoKitties launched on Nov. 28th and has proved so popular that it’s currently responsible for nearly 4% of all transactions on the ethereum network, behind just one other application, a token trading platform.

The object of the game is to acquire cartoon kittens, which each have a specific set of attributes (or “cattributes” in the game’s parlance). Players can then try to generate kittens with rare attributes by “breeding” them with other cats in their stable. Players can acquire or sell cats on a marketplace supplied by the game.

Crypto Kitties are Ethereum Cartoon Game assets you can buy and sell

That takes care of the “kitty” part of the game. The “crypto” part comes in because each cartoon feline is a unique object on the ethereum blockchain. That means it’s as immutable and real as a bitcoin, or a unit of ether—the cryptocurrency used on the ethereum network. This means that players will still own their kittens even if the makers of the CryptoKitty game vanish tomorrow, which is not the case with digital assets contained in online games that generally rely on a centralized entity to maintain those assets. As such, they have the chance to become collectables that can fetch seemingly exorbitant prices, like with virtual video game skins.

There already appears to be a thriving market for crypto kitties. One cat has changed hands for close to $5,000, according to Crypto Kitty Sales, a third-party data site for the game. Over $66,000 has been spent on kitty-based transactions so far, with 1,165 players and 16,877 kitties bred or released. Check out the top five most valuable kitties below (“Chairman Meow” is a special kind of crypto kitty known as a “fancy cat” that the game’s designers included):

This man has made more money trading cryptokitties than investing in his IRA

CryptoKitties, a game where users breed and trade digital kitties using Ethereum-based smart contracts, has emerged as the latest mark of society’s obsession with rising cryptocurrency values. In some ways, the popularity of the game reflects the skyrocketing values of digital currencies like Bitcoin and Ether. Total sales on the platform created by Canadian startup Axiom Zen have reportedly hit $12 million, according to Coin Telegraphas some cats with rare attributes have been sold for upwards of $80,000.

Cryptokitties are generated by code, and bred by spending Ether tokens on smart contracts that use two base cats to create a new one. Each resulting cat is unique and persistent, recorded on Ethereum’s public ledger.

While the game has proven wildly popular, CryptoKitties has also been plagued by network slowdowns, little game progression and automated bots that snipe deals. It’s also placing a new load on the currency itself.

The game has slowed down the Ethereum network by as much as 11 percent, Motherboard reported last week. But as the first successful game built on the Ethereum network, CryptoKitties’ success has hinted at the greater potential of apps powered by blockchain technology — and given rise to a new wave of cryptocurrency speculation.

Like Bitcoin and Ethereum, CryptoKitties allowed speculators to make a lot of money if they got in at the right time. One of those speculators is Todd, who wished to remain anonymous in order to disclose personal financial details. While we talked, the CryptoKitties site dipped in and out of commission.

Todd is a 30-year-old entrepreneur and software designer from Austin, Texas. He’s also been the owner of 35 cryptokitties, an extension of his broader enthusiasm for cryptocurrencies.

Todd first bought around 5 to 10 bitcoin in 2012 (he doesn’t remember the precise amount), when the value of each coin was a little over $10. He also grew interested in ether after its emergence in 2015 and bought the majority of his ether last year. In total, he has 21.5 bitcoin, 305 ether, and a smaller percentage in other cryptocurrencies.

HELPFUL LINKS ►Official CryptoKitties Site: ►ETH Gas Station: ►Official CryptoPets Site: