6 mins readEver heard of CryptoKitties? They're tokens! But not your average kind of tokens.
Yes, these are 'non-fungible tokens', or NFTs for short. Each CryptoKitty is unique, just like your cat at home. Each one has its own special characteristics.
Did you know CryptoKitties have been around since 2017? They got popular super fast. So much so, they slowed down the speed of something called the Ethereum blockchain. Like traffic on a highway, it challenged the network to improve and handle more transactions.
Every CryptoKitty is born with a gene string that lives on the Ethereum blockchain
You Can Bread This NFT (Just Like A Cat)
If you have two Kitties, you can breed them. But what's special? It's when you auction a Kitty in the public market to breed with another Kitty!
Credit: CryptoKitty
When CryptoKitties breed and sire new ones, the Kitty family grows. The cool part? Each new Kitty generation typically makes previous ones more valuable. Ever notice some Kitties with super rare "cattributes"? Sometimes when Kitties keep breeding, these rare traits show up more. But other cattributes stay rare and keep their value. CryptoKitties have different types. This include Rarer Fancies, Shiny Fancies, Special Editions, and And Exclusives.
These Kitty types might have a limited "breeding season". Sometimes, the Dapper Labs team awards them to players. Pretty awesome, right? The first 100 Kitties are called "Founders." Their genetics are an essential puzzle piece in the CryptoKitties game.
They first used a model called Ethereum’s ERC-721 token. Now, they're stepping into a new phase. They plan to move to the Flow blockchain. The same ones who made CryptoKitties also developed Flow. They did it to make NFTs like CryptoKitties more accessible to everyone!
What's more, the creators have huge plans. They want to move CryptoKitties to a playground of their own, a new kind of network! It's called the Flow network. And guess what? It will make CryptoKitties even more fun and cheaper to transact.
CryptoKitties are digital cats, sure. But they're more than pixel pets. They were one of the first games built using NFTs. They live on the Ethereum blockchain. And people all over the globe recognize them.
Who Made CryptoKitties NFTs?
In 2017, a Canadian company called Axiom Zen created CryptoKitties. They wanted to test practical uses for blockchain technology. They had lots of funding, more than $12 million! The money came from famous companies like Andreesen Horowitz and Union Square Ventures.
Credit: Axiom Zen Twitter
Later, the CryptoKitties creators started a new company, Dapper Labs. They did this to focus on CryptoKitties NFTs and the bigger NFT market. Dapper Labs became pretty successful.
In fact, Dapper Labs partnered with the NBA. They created the popular NBA Top Shot NFTs in 2020. In 2021, they made almost a million dollars in sales!
So, who's behind all this? Roham Gharegozlou is the big boss. He's the CEO of Dapper Labs and Flow. Before that, he was the founder and CEO of Axiom Zen. A smart guy, right?
Now you know who created CryptoKitties NFTs. It all started with Axiom Zen and moved forward with Dapper Labs. They've done some really cool stuff in the world of NFTs!
What Makes CryptoKitties NFTs Unique?
When they first came out, people like gamers, traders, collectors, and me—a humble cat lover, all went wild. Yeah, it was pretty insane!
It was like watching a wave come in and take everyone with it. Imagine: just with CryptoKitties, Ethereum transactions multiplied by six! At one point, 25% of the volume on the network was all about trading these cute digital felines.
Crazy, right? Well, something not-so-fun did happen. Because of so many transactions, things slowed down, and the fees went up. I remember it happened around late 2017, and it kind of showed us Ethereum's growing pains. I felt bad for other decentralized startups who were trying to build something on the blockchain. They were like tiny boats on a sea being swamped by a giant wave.
So, why did everyone want CryptoKitties NFTs so badly? Well, they're all unique.
Credit: CryptoKitty
Each CryptoKitty has a unique "DNA" code. Kinda cool, eh? They call them 'cattributes'! This means you can mix, match and make almost four billion completely unique CryptoKitties from the parents' DNA.
But let's not forget the celebs who jumped onboard the CryptoKitties train! The rock band 'Muse' and a famous fashion designer 'Momo Wang' even created their own custom cats! How cool is that?
Remember the NBA superstar Stephen Curry? He's backed these kitties too, and has his own CryptoKitty designs.
CryptoKitties were the first in NFT gaming, and they got big-time lucky. We've seen an epic flow of cash, like tens of millions — all for these digital cats between thousands of players. But remember, CryptoKitties isn't just a game where you compete to win. It's more of an experience. You can buy, breed, and sell these kitties to create a cat-collecting community.
Why buy a CryptoKitty?
Well, if you're a cat lover, it's a no-brainer. If you're into blockchain, even better. CryptoKitties make owning and breeding digital pets fun and innovative. You might love the artwork or the fact that your Kitty is 100% unique. Can't clone your CryptoKitty!
Or you might be a trader speculating on rare traits popping up in newly bred Kitties. So, this could be a reason for you to dabble into the world of CryptoKitties.
Now, the game is evolving. CryptoKitties' creators plan to move them to a new home — the Flow blockchain. This move will drop the fees and boost the functionalities.
With Flow, CryptoKitties will interact better with newer games. It will also lead to more new animated art. The ongoing development and the potential future expansion might draw more people to CryptoKitties. And who knows, it might seep more value into the collections as they age!
What Makes CryptoKitties NFTs Valuable
So, what makes a CryptoKitty NFT so valuable in the first place?
It's a mix of different things that collectors consider when they shell out money for these digital furry friends.
- Rarity: Just like in the wild world of Pokémon, the rarity of a CryptoKitty determines its value. Think about it: if you had a CryptoKitty with features or 'cattributes' that aren't common, it's worth more! The unicorn of kitties if you will. Some really sought after rarities include:
- The ancient elders or "Gen0" CryptoKitties. They are like the Founding Fathers of this feline nation.
- CryptoKitties NFTs with "Low ID numbers". It means they were one of the first few that popped out of the minting machine.
- Then there are some super exclusive CryptoKitties NFTs who can't breed or only breed for a limited time. No new kitties from them!
- And finally, the "Jaguar" 'cattribute' which exists just in the first 99 Kitties (They're like ID #2-#100).
- Utility: It's not all about looks. What a CryptoKitty can "do" or the use it has in the game also matters.
- Appearance: Finally, how a CryptoKitty looks plays a role in its value. A kitty with a unique and appealing look can attract more admirers, driving up its value.
Think of them like your pets, the rarer they are and the more they can do, and the prettier they are, the more valuable they are to you. In this case, the value is real money, though! So remember to consider these factors before getting one of these digital furballs.
