Crypto Kitties Success – Silent Acceptance Of Cryptocurrency By The Masses?
As months roll by, real life money makers have emerged from the Crypto kitties game.
The recent launch of the blockchain based virtual game Crypto Kitties by Axiom Zen saw players selling, buying and breeding virtual cats as pets. The game is one of the earliest ventures of blockchain technology into the sphere of leisure activities. In spite of being just a few months old, it has seen an unexpected interest among the masses, who are new to the crypto world.
Crypto Kitties: The Measure Of Acceptance Of Cryptocurrencies
As months roll by, real life money makers have emerged from the Crypto kitties game. Recently, a software engineer from the USA made a little under $50,000 by trading these kitties. He is one of the many who have been actively transacting and making headlines. This, despite the fact that crypto collectables being a relatively new stream, the laws around them are vague.
Also, the nature of gaming allows for less technical analysis and more intuition as opposed to trading. This makes it extremely speculative and risky. Even so, the figures are out there to prove that masses are gobbling up the game and taking part in speculative trading. Under a façade of a no-brainer game, one ignores the technicalities and plays it like a lottery.
This acceptance of the game by the masses is proved by the fact that a total of $16 Million worth of transactions involving sale, purchase or breeding of cats have happened. On December 2, a crypto kitty named Genesis was sold for over $117 Thousand US Dollars. The popularity is such that the game is putting a strain on the Ethereum network. Roughly 12.8% of all transactions on the Ethereum network are coming from Crypto kitties.
Even though the understanding is there that not everyone might make tangible amounts of money of Crypto kitties, there is enough buzz on social media concluding the hype around the game. While Twitter is abuzz with news about Crypto kitties sold for insane amounts of money, Youtube is flooded with tutorials on Crypto kitties. All this in just four months! Just like the gaming industry introduced millions of users to personal computers, the blockchain based game is pumping traffic into the newly formed crypto market.
Crypto Kitties Success Factor
Many factors have contributed to the Crypto kitties success. Users breeding unique cats are raking in money from sales. Every virtual crypto kitty is unique and owned by a user who can buy, sell or breed the pet. The rarer the traits in the cat, the more valuable it is. Hence there is a real potential for a user to make a lot of money.
The ‘trust’ factor of blockchain technology extends to the game as well. The game has brought the concept of smart contracts – which ensure that all the rules are pre-programmed, and no tampering is possible.
Another major reason why masses are showing interest in the game is that it is easy and convenient as a game should be. A sharp contrast to an otherwise serious business of trading in a currency, the game in its fun avatar lets users learn how to trade in Ethereum without being intimidated.
Crypto Kitties is one of the first tangible use cases of the cryptocurrencies. It is recognised by the masses as a profitable trading commodity and that too in a fun-looking way, without coming face to face with a hardcore technical subject of financial technology.
As it gives the users an ability to take real action and yield financial results from it, it has empowered the trust on blockchain as a technology that can support financial transactions in future. Thus, the rise in popularity around the world in just over 4 months of its launch has proven that the world is ready to accept digital assets.