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How A Cat On Ethereum Blockchain Sold For 246 Eth ($115,000)

Discussion in 'Bitcoin Investments | Discussions' started by Prezzy, Apr 25, 2019.

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  1. Prezzy

    Prezzy Leader Protector

    Some things happen sometimes to widen our scope. Such is the case of cryptokitty, a game that recently made waves on the Ethereum blockchain.

    Someone bought some cats on the blockchain. S/he bred those cats and sold them for 246 Ethereum or $115,000 all on the blockchain!

    Same way you a game on a smartphone, this fellow played the cryptokitty game on the Ethereum blockchain and walked away with 246 ETH.
    (actually it was just one cat)

    ETH, Tron, EOS, all have tremendous potentials. This can't pass us by.

    From the news: What We Can Learn From Cryptokitties

    It’s the latest buzz in the blockchain world and they are completely different from what you might expect in the crypto space: Cryptokitties. Yes, we’re using the Ethereum blockchain now to enjoy, breed and trade digital cats. The game launched on November 28, and the number of users has exploded over the weekend.

    With people making real Ethereum by selling their precious cats, questions arise as to how these cats can be of any value. The logic behind the prices of these binary cats actually teaches us a lot about the value of blockchain cryptos and tokens. Moreover, Cryptokitties has shown the blockchain space can be used much more than it was intended for.

    Why Do Cryptokitties Have Value?
    So, what do you do with Cryptokitties? Well, you collect pictures of cats.

    Not only does the whole world love cats, but the game is not as dull as it sounds since you can actually breed the cats. Every single cat is unique and you can combine the special features of each cat by letting them breed. The kittens will be even cuter, and so on, until some people can’t resist the urge to spend their Ether on them.

    Important to know is that there is a limited amount of cats, like a cryptocurrency. Moreover, each cat has its own unique mathematical identity and can’t be accessed without the private key. Because of this, cats are scarce and truly unique.

    Assume everyone gets two kittens, and those kittens get kittens. This means that the Adam and Eve of the crypto cats become pretty rare to come by.

    Our inherent but often hidden human desire to collect things was triggered once again and a marketplace arose. Because of their desirability, unique features and the limited supply, the Cryptokitties have been valued by the market.

    This has lead to a serious Cryptokitty market on which the digital cats are traded. Reportedly, the most expensive cat sold to date was worth 246 Ether, or $115.000. Nearly 50,000 cats have been sold and a little over $6.5 million has gone through the Ethereum-based game.
     
    Last edited: Apr 25, 2019
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  3. rillz

    rillz Active

    How to start playing the game
     
    Prezzy likes this.
  4. Prezzy

    Prezzy Leader Protector

    We will discuss that one later when I have more information.

    I just shared this to expound on the opportunity that these cryptos present
     
  5. Jaflash

    Jaflash Active

    Alright then, am with you
     
    Prezzy likes this.
  6. Prezzy

    Prezzy Leader Protector

    Alright Jackobians, this stuff is actually more interesting and simple than I thought initially. I'll guide us through the cryptokitty project quickly below.

    Generally, the goal in cryptokitty game is like this:
    • Use Ethereum to buy a cryptokitty
    • Cross breed that cryptokitty with another cryptokitty in other to produce a baby cryptokitty
    • Sell the cryptokitty anytime you want for ETH!
    Bearing that in mind, let us explore fully what crypto kitty really is and also how to play it.

    1. What are CryptoKitties?
    CryptoKitties Is the name given to the cats in the game. A male CryptoKitty is called a Sire and females are called Dames!

    2 Is CryptoKitties a cryptocurrency?


    No. The kitties aren't cryptos and for a layman, it can be explained this way: because they cannot be traded on any exchange against any crypto.
    They cannot be transferred beyond the game itself. You can only buy, breed and sell them in the game.
    You can consider them as crypto assets.

    3 Where do CryptoKitties come from?
    The first set of CryptoKitties are generated automatically every couple of minutes by the creators of the game. However there can only be 50,000 of these so called "first-generation" kitties.

    As for the rest, You breed them. And you can only breed kitties using a dame and a sire.

    It costs Ethereum to breed Kitties. Here's how.

    There are two parts to the cost of breeding new Kitties: a transaction fee and a birthing fee. Every transaction sent to the Ethereum network requires ‘gas’; the gas fee is given to Ethereum miners. The birthing fee is necessary to create the new Kitties on the blockchain at the proper times.
    The breeding fee may change in the future, but it’s currently 0.008 ether.

    4 The CryptoKitty Marketplace
    This is where you buy and sell the kitties. The costly kitties are the first generation kitties because
    • There can only be 50,000 of them hence, they are bound to be rare.
    • Their percentage in the system keeps going down each time new kitties are bred.
    • They have less "cooldown" times.
    5 Genetic Algorithm

    This is an interesting part of the game. It stands that just as no two human beings on earth have the same DNA, no two Kitties have the same genetic properties as well. They come in different colors, shades and designs and these simply depend on the genetic components/properties of the parent kitties

    6 How to Play CryptoKitties

    You need the following to be able to play:
    • A computer running Chrome or Firefox
    • A digital wallet(MetaMask)
    • Ethereum, a digital currency

    Will you be playing?
    To start playing Cryptokitty, please visit: CryptoKitties | Collect and breed digital cats!