An analysis of “Crypto Kitties”
“CryptoKitties” was launched as a fun blockchain based game which let users buy,sell and collect cats and breed them alongside. Although it appears as a fun game without any revolutionary appeal it still turns out to be an early flagbearer of blockchain technology amid the gaming space.
It created ripples in the market by bringing in NFT’S as well as Ethereum gaming in the mainstream gaming market. Apart from that if we glance through the history of blockchain we can regard “CryptoKitties” as the first non-financial use case of blockchain technology.
What is “CryptoKitties”
Axiom Zen launched “CryptoKitties” in the year 2017. The basic purpose of the game is to buy,sell as well as breed kitties. The game got its inspiration from various card trading games such as Magic etc.
The game was designed keeping in the mind the need to acquaint users with blockchain technology in a simple gamified manner. The basic gameplay of CryptoKitties is it gives users unique NFT’s which are coded with the help of an ERC-721 token standard. It also has a unique combination of set of genes which can be transmitted to the future generations with the help of breeding function.
What is current statistics of CryptoKitties
“CryptoKitties” had an active tally of 17,000 users on it’s platform on a daily basis in the year 2017. This game was also responsible for propelling “Ethereum” to the front. CryptoKitties bought Ethereum technology in the gaming industry. Subsequently over the year NFT’s, smart contracts have helped grow Ethereum gaming.
Currently “CryptoKitties” can be played throughout various Ethereum-based games. It is also available on platforms such as Decentraland, Kotowars etc. The basic equipment required to run “CryptoKitties” is a computer with a Chrome or Firefox web browser and a cryptocurrency based wallet as well as ether which will be utilised as gas fees.
How does CryptoKitties function
Each and every piece of Kitty is a specific ERC-721 token. An “ERC-721” token can also be termed as a NFT. This means that such a token is indivisble as well as unique. The ERC-721 token is completely unique because of it’s underlying code which directly ensures that the validity of the token is unique.
The Core CryptoKitties Contract is tasked with the responsibility of tracking ownership as well as transfer of ownership. Apart from this smart contracts keep a track of the the Kitty genes, additionally breeding, buying and selling actions are executed with the help of a smart contract. This execution requires the user to pay a gas fees. While breeding a kitty the original gas fees is 0.008 ETH however the transaction fees directly varies depending on the congestion of the network.
The Kitty is a token on the blockchain as a result they can be easily transferred on the blockchain and such Kitties will be available to the user unless the Ethereum blockchain ceases to exist.
How did the launch of CryptoKitties bring about a change in the markets
At the time of launch of CryptoKitties the market was full of various scams as well as phishy deals whose primary objective was to scam people out of their money. The launch of CryptoKitties created a sense of trust changing the public perception. Apart from that “CryptoKitties” was a pioneer of the first non financial use case of blockchain as well as bought ERC-721 tokens in the mainstream
Apart from that initially after the launch of CryptoKitties the Ethereum blockchain platform started facing various issues due to massive traffic being directed towards them due to CryptoKitties. The Ethereum breakdown incident resulted in various innovative solutions being crafted in order to revolutionise and innovate Ethereum.
CryptoKitties which was developed as a platform meant to fun turned out to be a revolutionary idea with an immense contribution which helped in blockchain adoption
Disclaimer: The opinions expressed in the Blog are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product. It is only intended to provide education about the financial industry. Please do your own research.