CryptoKitties: People Spend Millions Buying Virtual Cats

Dec 07, 2017

In the past week, people have spent over $6.7 million buying virtual, breedable cats called CryptoKitties.

We all know that cats are the gods of the Internet. At this point, it is basically undisputed fact that our furry feline companions surf the Web in regent style. And, as it turns out, their designs for world domination don't stop at cat memes and cute videos. Cats might just be the next rulers of the cryptocurrency craze.

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With one crypto kitty, called "Genesis", selling for around $115,000, these virtual kittens are purrfectly poised to take over the crypto obsession.

But what exactly are CryptoKitties?

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CryptoKitties is a "digital goods trading game" built on the Ethereum blockchain. It is centered around breedable, collectible, and "oh-so-adorable" digital cats, referred to as "cryptocollectibles." Instead of collecting cats like your run-of-the-mill Crazy Cat Lady, you can now collect digital, intangible kitties and become a Crazy Cat Lady of the Future.

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Compared to Tamagotchis and explained as "breedable Beanie Babies," CryptoKitties are bought, sold or traded using the Ethereum blockchain. All it requires is a browser, a digital wallet and some Ether (Ethereum's currency). You can then collect your CryptoKitty "like it was a traditional collectible while remaining "secure in the knowledge that blockchain will track ownership securely."

While there is no outright goal to the game, CryptoKitties can be bred to create new cats with “cattributes” that are inherited from their parents. Similar to breeding purebred cats and dogs in the physical world, rare traits, colors and designs make "rare" CryptoKitties an expensive commodity.