Canada After the hype in 2017: What about the CryptoKitties?

06:10  16 october  2020
06:10  16 october  2020 Source:   finanzen.net

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CryptoKitties ' popularity indicates blockchain technology still has a long way to go to reach its hype . Meet CryptoKitties , the 0,000 digital beanie babies epitomizing the cryptocurrency mania. Published Wed, Dec 6 201712:42 PM ESTUpdated Wed, Dec 6 20175:30 PM EST.

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In 2017 the online game CryptoKitties stormed the international gaming market. Thanks to modern blockchain technology, it was now possible to earn money in addition to playing; The cryptocurrency Ethereum is traded. But how has the CryptoKitties company developed over time?

TANNEN MAURY/AFP/Getty Images © Provided by Finanz.net FIRS MAURY / AFP / Getty Images How does the game work?

The principle of CryptoKitties is actually relatively simple: Since entering the market in 2017, a new generation zero kitten has been generated via the game code every 15 minutes for a period of one year. This was then auctioned among the players: The so-called gen0 kitten goes to the participant who bids the most. However, payment is not made with ordinary money, but with the crypto currency Ethereum .

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CryptoKitties , Explained Mostly. Cassandra Shi, center, talks with other guests during a Crypto Christmas Party at Mr. Tipple's Recording Studio in 28, 2017 . “We’re just like, man, people want cats,” said the CryptoKitties co-founder Mack Flavelle, who works for AxiomZen product design studio.

Launched a few days ago, CryptoKitties is essentially like an digital version of Pokemon cards but based on the Ethereum blockchain. Welcome to the internet in 2017 . In all seriousness, it’s a little bit reminiscent of the beanie baby trend where people were paying insane amounts of money for stuffed

As a user you then have two options: It can be traded or bred. If you trade, you transfer your cat equipped with specific properties to another player, in return you receive the agreed amount of Ethereum. If you decide to mate your cat, a fee has to be paid in Ethereum for this too. When mating, the CryptoKitty codes are combined to create a new individual code for a new kitten, the offspring.

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CryptoKitties are based on blockchain technology

CryptoKitties is a pioneer in online games based on blockchain technology. Just like with other cryptocurrencies - for example Bitcoin - all properties and transactions are stored in a blockchain with Ethereum. This is a decentralized database that is distributed across countless computers around the world, which means that any transaction can be viewed and traced at any time. Due to this principle, each kitten has its own address in the shared blockchain and is therefore unique in the CryptoKitties environment.

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CryptoKitties are one of the most accessible and delight-driven ways to experience blockchain technology. Even if the CryptoKitties site shuts down, your cat will still exist as a hash code on the Ethereum network. A hundred years from now, you could gift your Kitty to your grandkids.

Collect and trade CryptoKitties in one of the world’s first blockchain games. Join our Kitten Class and learn how to get started with breeding CryptoKitties — completely free! These two Kitty cuties will join you for class, and leave when the final bell rings.

value of a CryptoKitty

D Each cat has a value expressed in Ethereum, which results from various characteristics such as age, appearance and characteristics. Rare cats are cats with special characteristics, which are called "cattributes", and are accordingly significantly more valuable than cats without any special characteristics. In 2017 the "Zeit" reported that the cheapest kittens currently cost around 3.50 euros; the most valuable cat at that time was "Genesis" - the very first CryptoKitty - with 100,000 euros. In general, the older a cat, the more valuable it is.

A new record was set on May 12, 2018. As part of the first live auction, a CryptoKitty was auctioned for 140,000 US dollars, as the "New York Times" reported. Many more maximum sums have been paid since then. "Digital Trends" wrote in September 2018 about a sold CryptoKitty worth 170,000 US dollars.

How does the CryptoKitties company make its money?

Not only the players, but also the Canadian company Axiom Zen, which launched CryptoKitties in November 2017, earns their money from the blockchain game. The company receives a share of 3.75 percent per transaction, i.e. per pairing or sale of a kitten, explains Arthur Camara, a software developer in the CryptoKitties team, to Vice. So if a kitten is sold to a prospect for 100 euros, 3.75 euros go to Animoca Brands. In addition, in the first year of entry into the market, the company generated considerable sales by auctioning the gen0 kittens.

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A Cryptokitty is a virtual cat that has different traits. These traits are both phenotypical and genotypical. They are both expressed in the By having two or more Cryptokitties you can breed new ones. However, there is also the option to breed with the Cryptokitties of other users if you only have one.

How do I buy a CryptoKitty ? The CryptoKitties marketplace. CryptoKitties creators Dapper Labs have sweeping ambitions for their Flow blockchain platform, which has already raised million in investment and has support from Warner Music Group and video game publisher Ubisoft.

Sales and user development of CryptoKitties

In a recently published analysis of the transaction data of 2017/2018, the portal "flipsidecrypto" estimates that the developers of CryptoKitties earned 6.937 million US dollars in the first year. At the end of 2017, the New York Times reported that 180,000 people had already registered on the website; Overall, users spent approximately $ 20 million on the blockchain game. According to "cryptoslate", the number of CryptoKitties users had risen to 1.5 million by March 2018, and sales at that time were 12 million US dollars.

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CryptoKitties- Hype seems to flatten out

Overall, however, the hype about online cats has been around since Constantly flattening out in 2018. According to its own information, CryptoKitties itself recorded over two million transactions on the blockchain in 2019 - more than any other DApp (decentralized app) - and 100,000 CryptoKitties owners in May 2020.

Nevertheless, the platform "Kryptoszene" reported, as did many other crypto news websites Already in August 2018 about significantly falling user numbers. At that time, Cryptokitties was only 11th in the top DApps and, according to the crypto scene, had fewer than 270 users per day. And the blockchain news website "ICO.li" also reported in December 2018 that the hype about cryptokitties was over. The median of a Cryptokitty price is said to have been USD 41 in 2017, compared to only around USD 5 at the end of 2018. And even now it seems as if the CryptoKitties have left their best days behind them: In the last 30 days, the DApp only recorded around 1,840 users. (Status: October 12, 2020) Pauline Breitner / Finanzen.net editorial team

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