$1 Million Spent in Crypto Cats on the Ethereum Blockchain

The crypto community has been excited about a new digital cards game named CryptoKitties. The game is similar to the Pokemon cards game that most of us for sure have enjoyed in the past (or even now). CryptoKitties is based on the Ethereum Blockchain and it has been created by a design studio that works between San Francisco and Vancouver named AxiomZen.

Kitty Mania – When a Virtual Cat Can Cost $117,000

According to TechCrunch, different kitties have been transacted in the market with almost $3 million dollars spent so far. Several cats have been sold for more than 50 ETH ($23,500 dollars), but it is astonishing to see that one cat named “genesis” has been sold for 246 ETH, that at time of sale was equivalent to $117,712 dollars.

The website Crypto Kitty Sales registers the transactions that are done in the platform and how much money users are paying for virtual cats. The least expensive transaction has ben done for 0.001 ETH ($0.48 dollars). The median sale price is $10.49 and the Average Sale price $109.72.

This way of investing money could give incredible returns for individuals buying and selling virtual cats. The market fluctuates rapidly, and if more people starts to get involved in it, a lot of people could end being millionaire.

https://twitter.com/VitalikButerin/status/937628849084309504

How Does It Work?

There are different games in which you are the owner of your pets and you can perform different activities with them. But there is a clear difference between CryptoKitties and other platforms. First of all, CryptoKitties is based on the Ethereum Blockchain. While in other websites you were not the real ‘owner’ of your pets, in Crypto Kitties you really are. As the game is run via smart contracts, users interact with them via their own Ethereum address.

The team behind the game is still developing new improvements to CryptoKitties. People that take part in it can be sure that there is a working group behind trying to make the user experience better. The company takes 3,75 percent of the auctions or transactions. Furthermore, Axiom has collected money from the selling of the initial 100 kitties and the new generated cats on the platform.

Cats are not listed depending on how rare they are. The rarity of a cat is assigned by the users in the platform deciding which traits are more valuable than others. Cats with golden background were sold for more money than cats with other colours.

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