Zooming out: the importance of digital collectiblesīeyond interest from proponents and those hoping to invest directly in digital kittens, CryptoKitties’ developers recently managed to secure $12 million dollars in funding. Its taken me nearly an hour, but I've finally managed to purchased my first #cryptokitties Is it bad I wouldn't even consider paying this amount for a real kitten /HuwDjcyBBKĪt the time of writing, sales of digital kittens managed to surpass millions of dollars in total, leaving some to question why anyone would pay more for a digital kitten than a real cat. The platform’s popularity left the Ethereum network struggling to deal with the increased volume, slowing transaction times and emphasizing platform issues regarding scaling. Further, headlines of digital kittens selling for hundreds of thousands of dollars were sure to grab the attention of not only industry proponents, but the general public as well. To-date, CryptoKitties is one of the most famous dApps in the landscape, as the platform managed to attract many advocates with its cute art style and simplicity. Quickly, it took over the Ethereum platform, serving as one of many decentralized application (dApps) built on the network. The result of its Vancouver-based parent company, Axiom Zen, CryptoKitties launched in late 2017. CryptoKitties is far from the only operator in this movement, but serves as an illustrative example of the relevancy of digital collectibles. While it may seem absurd for people to care that much about a virtual collectible, there are actually many reasons why these assets have value. In the past, these kittens sold for thousands of dollars, and the platform itself managed to raise $12 million dollars in a recent funding wave. By now, you’ve probably heard of CryptoKitties, a platform where users trade and breed rare digital kittens. While it may not seem as grand in scale as blockchain’s potential impact on the healthcare industry or the world of finance, granting value to digital assets is more than just a trend. Blockchain technology permits new avenues of innovation that were not possible a few years ago.
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