CryptoKitties Are A Big Deal. I Bought And Bred Them So You Wouldn't Have To. But You Should.
An attempt at simplifying blockchain concepts, companies, and coins.
When you talk to most people about cryptocurrencies, usually the conversation is around price movement and not the underlying technology. That's not surprising since Blockchain & cryptocurrencies are not easy concepts to wrap your head around. On top of that, the majority of use cases now are geared towards extremely tech savvy individuals and there is a lack of "practical" applications for the everyday man/woman.
When Cryptokitties first came out, I laughed, poked around their site, and then became upset a couple hours later since it clogged up the Ethereum network. For those of you living under a rock and don't know what cryptokitties are, here is a quick primer.
Cryptokitties are essentially digital beanie babes/neopets/pokemon living on the Ethereum blockchain. They demonstrate a core concept of blockchain which is digital ownership of a digital asset.
Below are some mindblowing facts about these kitties:
1) All cryptokitties are unique and over 32k have been sold to date
2) Average sale price is $131 and median sale price is $23
3) The most expensive kitty sold was for $171K. Yep you read that right, the equivalent of ~250 ETH
4) There are only 50K Generation 0 kitties which are released to market every 15 minutes.
5) Current functionality of kitties is limited to selling, buying and mating. Down the road you could see features like feeding, playing, and hopefully battling (No joke, the founders have actually received a tremendous number of requests for battling kitties)
6) Over $5M in revenue has been generated for the company selling cryptokitties. Yup.. $5M in a matter of weeks.
I never thought I would talk about Cryptokitties again, let alone write a newsletter about them, however my girlfriend recently brought them up to me. She had read about cryptokitties in the news and thought they were adorable. She kindly asked if I could get her one. Keep in mind, I've been trying to get her into crypto forever. She had no interest when BTC was at $2800 or $4000, but when it came to a cute, colorful, cryptographically secured kittens on the blockchain...she was all about it. At that moment, it clicked for me.
These Cryptokitties are a gateway drug to blockchain and are a big deal!
Let's step back in time for a minute. When the Greeks were trying to take Troy. They didn't walk up to the gates with a big chest of Greek gold coins and say...
"Hey, check out all this amazing Greek gold. This is the future of money and very valuable. Let us in"
Of course not! The people of Troy would laugh and think that it was fake money, a scam, a bubble (cough cough BTC naysayers).
So what did the Greeks do? They crafted a big cute horse. Filled it with a bunch of men, and trojan horsed the shit out of them. Before you knew it the city was taken. Mark my words, thats what's going to happen to our world when it comes to crypto and blockchain. All of a sudden, BOOM! It's everywhere. You won't be able to stop it, and Achilles won't even be able to save you.
Cryptokitties are the first round of a wave of trojan horses. They are getting tens of thousands setting up wallets and interacting with the Ethereum network. The more wallets out there the easier it will be for people to interact with and transact on the blockchain for uses beyond kitties. Down the line you will see all types of assets secured and traded on the blockchain (real estate, currency, stocks, trademarks, art... everything). We will move towards a tokenized world.
Given the tremendous success of Cryptokitties. You can absolutely expect copy cats (no pun intended) to pop up. Take Hashpuppies for example. Currently being built on the NEO platform. You bet your ass that when these puppies get launched, we will see a spike in usage on the NEO platform (For all you NEO Gas holders out there, get ready to take a trip to the moon. Who needs Chinese government support for price movement. I just need a bunch of cute puppies)
So moral of the story. Cryptokitties might seem silly, but it actually does an incredible job of introducing people to a difficult concept in a very friendly cute way.
With that being said. I did breed and buy a bunch of these cats to do diligence on the product. I suggest you buy one too just to play around with the network and who knows, maybe they will be super valuable collectibles one day.
Let me know if any of you want to mate your kitties with my furry stallions.
nyone have any blockchain projects that the average person can use today? I am compiling a list and will put them together in a future newsletter for you guys. I have a shortlist:
Contact us: firstname.lastname@example.org