Can you picture what a powerful cocktail you may have if you would try to combine two superpowers of internet, cryptocurrency and the internet? Such an idea has blown up the world web, and today we are going to find out what cryptokitties are.
Cryptokitties is one of the world’s first game built on blockchain technology.
It is a blockchain based video game that permits players to purchase, collect breed and sell various types of virtual cats. It serves as one of the earliest attempts to deploy blockchain technology for recreational and leisurely purposes. This makes them the most accessible and delight-driven ways to experience blockchain technology.
However, this new kind of digital asset is exciting, but it can be tough to articulate precisely.
It is like a piece of art, or your beloved pet, an experience – difficult to understand why it matters if your spectators do not have the same monetary, personal or cultural connection as you.
What are crypto kitties?
Cryptokitties are virtual cats that are entirely owned by you. Collectible Cryptokitties allow users to buy, own and trade unique, adorable cartoon cats on the blockchain. Each crypto kitty is unique thanks to different genes that are determined by multiple factors just like real-world cats. Also, crypto kitties can be bred with others to create new breeds and spawn new characteristics that could be ultimately good or bad.
In crypto kitties, your objective is to collect and breed cats to ultimately grow your collection if possible make some profits on the creation. However, for you to do the job, you will need to spend your own money to buy cats and improve your breed line.
Furthermore, around the time of launch, crypto kitties were so successful that it slowed ethereum network just a few days after launch, the game’s popularity congested the ethereum network, causing it to slow down and reach an all-time high transaction.
NB The game uses the ethereum network rather than creating its blockchain. Smart contracts administer every aspect of crypto kitty creation and trading. As a result, no direct authority can change, remove or otherwise alter a crypto kitty once it has been created.
How to Buy CryptoKitties?
The best way to purchase a crypto kitty is to buy it at an auction on the website. However, since these kitties have different characteristics, each kitty will sell for a different price.
You’ll need to have Ether before you can purchase a CryptoKitty. Since its built on ethereum crypto kitties uses ether as payment for all transactions. It is not yet possible to purchase crypto kitties with fiat; therefore Ether is easy to buy with fiat through exchanges like Coinbase, Kraken or Bitfinex.
After completing the above, you need to get the MetaMask browser extension and create a MetaMask wallet. Deposit your Ether to your MetaMask wallet and follow the prompts on the crypto kitty website to create an account and bid for a kitty.
How to Store CryptoKitties?
Cryptokitties requires you to use a browser integration for your ethereum wallet. MetaMask is the best option that you can use. Therefore, you can store your CryptoKitties in your MetaMask wallet if you want to view and trade them in the browser.
However, you can also store your kitties in cold storage; a Ledger Nano S can keep ERC-721 tokens.
Can you make money with crypto kitties?
Yes, why not! Cryptokittties are just like trading cryptocurrencies, and you can trade crypto kitties also.
This means you can either make a unique crypto kitty to sell in the marketplace at your desired price and make a profit. Just like any other product the market is driven by supply and demand along with your asking price.
However, one might question who pays for these kitties? Well, it is highly profitable if your kitties are appealing and unique enough to please the buyer.
In conclusion, crypto kitties have proved to be useful in introducing people to blockchain technology. They have widened the possibilities of what blockchain technology could be used for beyond currency. Therefore, as this is one of the most successful blockchain projects it has played a crucial role in the history of the blockchain. Hence making crypto kitties a valuable collector’s item soon.