Meet the Latest Digital Fad – CryptoKitties

Cryptokitties

If you have not heard of, or been aware of CryptoKitties, they are the very hottest things floating around in cryptoland. As has been noted, “think breedable Beanie Babies”. Now if you remember Beanie Babies, then you probably didn’t know about CryptoKitties and, vice-versa, if you know about CryptoKitties than you probably don’t know about Beanie Babies. HA! We at FintekNews know BOTH. These lovable kitties are so hot that they actually clogged the Ethereum-based digital network the other day. So, to be up to date, you can breed and trade CryptoKitties AND players have spent roughly $6.7M (so far) buying “the mini cats”. Rumor has it one sold for over $114K. Yeah, CryptoKitties ain’t cheap BUT, in their defense, you save money by not having to buy kitty food. OH, idea. Selling virtual food? Hmmm!
(Bill Taylor/CEO)


“Think breedable Beanie Babies.”

So states the FAQ for CryptoKitties, a new game for collecting, breeding and selling digital cats that is so popular, it is clogging up the network of digital currency ethereum.

Players have spent the equivalent of $6.7 million and counting buying CryptoKitties, which can sell for as much as $114,481.59, according to third-party research from developer Niel de la Rouviere. The median price of a kitten is $25.04.

Just three days ago, the site had logged about $1.3 million in sales.

“The popularity of virtual cats fits the euphoria we see elsewhere in the crypto-currency space,” Peter Atwater, who studies market sentiment and heads Financial Insyghts, said in an email. “It feels very reminiscent of the Candy Crush craze that helped propel the King Entertainment IPO back at the peak of the ‘Unicorn’ era in mid 2014.”Created by Vancouver-based Axiom Zen, CryptoKitties launched to 200 users on Thanksgiving and was opened to the public last Tuesday. More than 41,000 unique kittens have been sold already, according to de la Rouviere’s data.

But CryptoKitties’ popularity indicates blockchain technology still has a long way to go to reach its hype…”


Full Story at CNBC.com