NPR Plugs CryptoKitties ‘Purring’ In Millions to Collectible Blockchain Cats
Cryptokitties is a blockchain-based virtual game that allows players to adopt, raise, and trade virtual cats using Ethereum. The game was made by Vancouver based blockchain company Axiom Zen. Sales of Cryptokitties have been through the roof and people have spent more than twelve million dollars buying these Cryptokitties. Around the time of launch, Cryptokitties was so successful that it slowed the Ethereum network. Ethereum may be in the dumps, but Cryptokitties are reaching a nationwide audience.
The Indicator from Planet Money, a podcast on markets and economics by National Public Radio, has purchased two digital felines and introduced millions of listeners to one of the silliest commodities on the blockchain.
These blockchain pets have received their fair share of skepticism but these non-fungible tokens have the potential to deal with more serious products and they present an entirely new and fun way to own something. Cryptokitties might be the future but whether or not they are a worthwhile investment is another question eagerly awaiting an answer.
Cryptokitties are not a currency but are blockchain assets and are similar to other tokens but each Cryptokitty is unique and non-fungible hence rely on their uniqueness and scarcity to create value. The first Cryptokitty was born and adopted on December 2, 2017 and since then, a new cat has been born every 15 minutes. This will continue until November 2018, at which point no new generation zero Cryptokitties will exist. There’s no theoretical limit to how many Cryptokitties can exist and as long as you are willing to pay the transaction fees for breeding two cats, you can create a new one.
Cryptokitties Working Formula
Since Cryptokitties each have their own unique characteristics they go for different prices and can be purchased at an auctions on the website. You will need Ether to buy a Cryptokitty as this is the currency used in this case. You will also need to set up a MetaMask Wallet after getting the MetaMask browser extension and you will be ready to bid for these cute pets. This can also be done outside the official market but all the risks will fall on you.
Cryptocurrencies still have a long way to go before they can be considered a mass usable product and a reliable currency. Nonetheless, Crypto has become a recurrent topic as it is not the first time the Planet Money team has speculated on risky commodities. Cryptocurrencies have been an increasingly-common subject in the podcasts, reflecting the mingled fascination and curiosity of a still-hesitant public.
Will Cryptokitties continue to thrive or will they just end up in a different dump? Time will tell