CryptoKitties: My Experience

I got my first CryptoKitty!

You see that Kitty in the image above? Yeah that's mine. Here's the link to his page Needs Peach if you want to check him out!

I was only really dabbling in this project mainly to introduce my girlfriend into the cryptocurrency blockchain ecosystem in a fun and cute way for people that aren't necessarily into the tech or find it confusing and/or difficult to understand. It's a project that provides a use case of Ethereum in a simplified manner, showing that assets can be created on a blockchain that can be traded and sold for real world value.

Both mine and my girlfriends CryptoKitties only cost around £1 each as I was doing this more for fun and out of interest instead of to make money or as a speculative asset. The most expensive CryptoKitty ever sold cost 250 ETH! That's a USD price of $132,000 right now, and way higher if we reach old ATHs!

What I find fascinating about the project is that firstly, similar to Enjin Coins vision, you actually own your asset. Each CryptoKitty is a unique kitty and there are hundreds of thousands of different combinations of attributes, based on genetic make-up. Rare attributes that come by point-mutations or recessive alleles are hard to come by, and therefore people will often pay a high price to own something like that.

You can either sell, gift or breed your CryptoKitties. When breeding, you can either breed your own, or hire out your kitty and vice versa for a fee to let people use it to breed with. This is in the hope that the new CryptoKitty that is born will have rare traits that can be sold for a profit.

All of the CryptoKitty lineage can be tracked, as it's all on the Ethereum blockchain network. My CryptoKitty for example has links to both its parents and its children. Mine is generation 8, meaning it has had 7 generations previous to it, and you can follow its family tree and the owners of said kittens if you so wish.

One day I can see the Generation 0 kitties in particular becoming a valuable asset. This is one of the first projects of its kind and in decades to come, I would imagine these could be become rare, valuable assets, that are remembered in the blockchain history books as one of the first main applications of the Ethereum network.

CryptoKitties saw a huge burst in popularity in November 2017 but it has since dwindled slightly. Will the introduction to the Chinese market boost its popularity once more? What are your thoughts on projects like CryptoKitties? Let me know in the comments below!

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DISCLAIMER: This is NOT financial advice. The cryptocurrency market is volatile and you are at risk of losing your money. Only invest what you can afford to lose.

Donations:

BTC Address - 1JQGxuVLQf1hAz6i2dpitvGNvkTSKD8xAC
LTC Address - LdHvzzi5ZhZZr9Ce5gek9rgmJXbk78tQD7
ETC Address - 0xae041220e640Ca52BCa8644B178682fC12705cBA
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