CryptoKitties, the game is based on Ethereum, the essence of which consists in collecting seals, processed sales amounting to more than $ 12 million.
CryptoKitties is a game similar to the Tamagotchi, is designed as a decentralized application (dapp), running on top of the Ethereum Protocol. Each kitten is a unique cryptochip, and the ownership of it cannot be changed or cancelled without the participation of the owner as it is integrated into the Ethereum blockchain.
Very expensive seals
According to Kitty Sales, five of the most rare kittens on the digital platform CryptoKitties was sold at a price of more than $ 100,000 each, and the most expensive digital kitten was sold for about $ 120,000. Some analysts and researchers doubt the value of these digital kittens, and also whether the platform is sustainable in the long term.
More than kittens
While the vast majority of critics CryptoKitties perceive the platform as a simple collector game, the famous venture investor, partner Andreessen Horowitz and CEO Earn.com Balaji Srinivasan believes that CryptoKitties really showed what could be international trade of digital assets on the blockchain in a major market. He believes that the game proved that the assets can be traded in a decentralized manner, without the participation of intermediaries.
Using the same mechanism and technology that uses CryptoKitties, the digital asset can easily be exchanged through a decentralized platform. If the platform CryptoKitties essentially acts as digital assets and peer-to-peer capabilities offered by this technology become much more intriguing than a simple game of collecting.
In the long term, investors and traders will be able to exchange digital assets using decentralized applications in Ethereum. They don’t have to rely on centralized platforms that are vulnerable to a wide range of threats and operate under the rules of KYC and AML regulators.
There is no such thing as intrinsic value
Moreover, bitcoin and cryptocurrency market has proven that the concept of intrinsic value is incorrect. Value is subjective, and no asset or currency on the world market in its essence is not a special internal value.
One of the founders of Ethereum Vitalik Buterin presented as an example of the Christie’s auction, which was sold to the work of Leonardo Da Vinci’s “Salvator Mundi”. A Leonardo Da Vinci painting was sold for $ 450 million. For a Saudi Prince Bader bin Abdullah bin Mohammadu bin Farhan al-Saud, the picture may be of value exactly the same amount, but for others the picture may not be as valuable.
https://t.co/1U7FvWgFLVCrypto (kitties) is a reflection of the world at large.— Vitalik Buterin (@VitalikButerin) December 9, 2017
Buterin further stressed that CryptoKitties:
A very good illustration that the value of blockchain technology extends far beyond decentralized applications that can literally be closed by banks or governments, if they will not use them.
The value of digital kittens on the platform CryptoKitties based on rarity and scarcity, as any other cryptocurrency on the market with a fixed number of coins in circulation. In addition, CryptoKitties demonstrated the possibility of unimpeded free trade of digital assets, which can be implemented on a larger scale in major sectors such as Finance.