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The Ethereum Killer App Cryptokitties sales reach $12 Million

Dec 11, 2017 Posted /  2078 Views

The Ethereum Killer App Cryptokitties sales reach $12 Million

According to the recent reports “Cryptokitties” the digital kitten collectibles, based on Ethereum blockchain, has procured more than $12 million in sales. Fundamentally, CryptoKitties is a game developed as a decentralized application (dApp) initiated on the pinnacle of the Ethereum protocol. Every digital kitten characterizes a distinctive crypto asset and the possession of it is unchanged, as it is incorporated into the unassailable Ethereum Blockchain.

The statistics provided by the Kitty Sales represent that five of unique digital kittens were purchased for above $100,000. In fact, the rarest kitten was sold for something around $120,000. Nonetheless, the researchers of the Blockchain scale the sustainability of the Cryptokitties in the time ahead as the platform seems to be a momentary fad.

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As the critics explain the ephemeral idiosyncrasy of such games, some proclaim that the popularity of Cryptokitties has been able to prove that digital assets can also be traded and decentralization of such assets is possible without any intermediaries. The same apparatus and mechanism, which is used by Cryptokitties, can be appraised as a peer-to-peer digital asset exchange; the technology employment case develops into more stimulating than a minimal kitty gathering game.

It has been estimated that investor and traders will be able to exchange assets like Crytpokitties via dApps on the Ethereum blockchain in the near future. They no longer will have to depend on centralized models and platforms that are susceptible to an extensive range of intimidations and are operational with rigorous Know Your Customer (KYC) and Anti-Money Laundering (AML) guidelines.

Furthermore, the market of Bitcoin and other cryptocurrencies have demonstrated that the model of intrinsic value is inconsistent. Value is prejudiced and no asset or currency (be it fiat or digital) in the international marketplace is inherently valued with a specified worth. The co-founder of Vitalik Buterin has exemplified the auction of Leonardo Da Vinci’s Salvator Mundi. The painting made by Vinci was sold at a price of $450 million. The Saudi Prince Bader Farhan Al Saud purchased the painting, and it held the value of $450 million to him, but the others may not believe the same.

The worth of the digital kittens available on the CryptoKitties is built on the curiosity and paucity. Similarly, all the other cryptocurrencies in the market have a permanent financial contribution. Nevertheless, CryptoKitties has confirmed the likelihood of unrestrained and undisputable buying and selling of digital assets, which could be employed at a larger magnitude in key industries.


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Tags: cryptokitties Ethereum digital kitten

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