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WWhen people started dropping six digits on the so-called CryptoKitties – basically virtual kittens built on Ethereum – people took it as a sign that perhaps all this cryptic bubble was getting out of hand. But it always seems that these CryptoKitties are not going anywhere.
This is because Dapper Labs, the initiation of the Ethereum-based collection game for cats, has received considerable investments on Thursday from large technology venture capitalist companies. In fact, Venrock, Samsung Next and GV have paid $ 15 million in the blockchain project. This news follows a previous round of financing in March that yielded $ 12 million to Dapper Labs from Andreessen Horowitz and Union Square Ventures. At present, CyrptoKitties has raised approximately $ 27.9 million in venture capital. If this CryptoKitty thing should be a joke or a scam, it's a joke or a scam that has tricked some of the smartest minds of technology.
Oliver Carding, the CEO of Crypto Kaiju, the new cryptocurrency site CoinJournal and blockchain startup, tells Reverse these last mounds of money could be a sign that the game could emerge as one of the first use cases tested for the crypt, which turned out to be not exceptional as regards the originally planned bitcoin, that is, paying for things.
"Cryptocurrencies and games [are] a perfect match, "explains Carding." Imagine playing a game where you can collect an object that can use the blockchain to prove its scarcity. Imagine buying a collectible item that, once activated, unlocks a character that can be used in a variety of games. "
CryptoKitties FAQs describe the game as "reproducible Beanie Babies" – clearly evoking another famous asset bubble – but has steadily gained traction with two successful funding rounds despite last year collapse in bitcoin prices and subsequent tepid markets. The game works on a non-fungible token Ethereum ERC-721 which is used to create unique feline exchange cards that users can buy and exchange.
A new CryptoKitty will be generated every 15 minutes until November 2018, at which point players will have to breed existing cats to create new ones. These constraints create scarcity and can drive up the prices of certain cats, like a very rare one that has been sold for $ 106,000.
There are no game moderators or central authorities that supervise CryptoKitties, with everything decentralized and tracked on the blockchain. That permanent online disc is designed to secure the kittens you buy and the money you spend will not disappear from one day to the next. Carding believes that this is the detail that could trigger a wave of blockchain-based games that translate into massive and secure online markets.
"The possibilities are endless and I expect the connection between blockchain and gaming to grow and continue to mature while publishers and game creators realize the potential," he explains.
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