Cryptokitties is simultaneously a game/a trading platform and the name of the token of this platform. The original idea of Cryptokitties was to give beginners a practical experience of how cryptocurrencies, especially Ethereum, work. However, the game has developed into a speculative and profitable ‘business’.
How to Start
The platform runs on the website cryptokitties.co. To run the game properly you have to get a metamask addon that is available for Google Chrome and Mozilla Firefox. For about $15 – $20 you can get started with your own Cryptokitty.
Goal: Create Cryptokitties with Rare Traits
A Cryptokitty is a virtual cat that has different traits. These traits are both phenotypical and genotypical. They are both expressed in the so-called ‘cattributes’ of a Kitty and the ‘mewtations’ of a kitty. By having two or more Cryptokitties you can breed new ones. However, there is also the option to breed with the Cryptokitties of other users if you only have one. Rare traits are obviously more desirable and result in better prices when trading Cryptokitties.
Running On Ethereum’s Blockchain
All the properties of a Cryptokitty are saved on Ethereum’s blockchain in the form of a unique token. As a consequence of this, every Cryptokitty token has its individual valuation. To enable this, Cryptokitties are ERC-721 tokens. A standard that is less known. This is due to other standards like ERC20 allowing only for tokens to have equal values and properties.
The Original Idea Behind Cryptokitties
Originally, Cryptokitties was devised to introduce people to how Ethereum and cryptocurrencies in general work. It was only a game that should educate people in a playful and practical manner. It was unexpected that Cryptokitties took off during the ICO craze of 2017. However, the game continued to be profitable in 2018 when prices were plunging. The most expensive Cryptokitty sold for $170,000 in September 2018.
A Useful Game or a Symbol for the Crypto Space’s Trivial Existence?
Still, Cryptokitties continues to be profitable until today. However, as in the overall market prices are volatile and you can get seriously burned. After all, Cryptokitties is just a game and it receives a lot of criticism. The game accounted for massive network congestions in the past. For many people, it is emblematic for the uselessness and the trivial use-cases of cryptocurrencies.