Essentially, it’s a convenience fee for those that aren’t au fait enough with the Ethereum network. Basically, it’s the middle layer for interactions with the CryptoKitties network, although if you can interact directly with the smart contract (and not via the CrypotKitties website) you won’t have to pay the fee.
It also takes a 3.75% fee on all auctions and breeding transactions. If you’re wondering how AxiomZen made this into a cash cow, it’s because it keeps all the ether made on the initial 100 kitties and the Gen 0 ones too. How Bitcoin works: Everything you need to know about cryptocurrency and the blockchain It’s a fascinating social observation on human behaviour as we’ve currently seen that kittens on gold backgrounds are worth more than those on coloured ones.
This means that the network of players are determining what traits they believe to be worth more than others. Each kitten’s 256-bit genome determines its aesthetic traits and breeding cooldown time, but no one trait is valued more than another. Interestingly, there’s no hard-coded rarity scale in CryptoKitties. You can also pay to breed with other desirable kitties if you want the offspring. You’ll bag the ether and they’ll snag the offspring. This works by either offering up your kitty for “sire”, as the game calls it, and someone can pay to breed with it. You can also breed kitties to get new cats. Anyone can also sell their own kitten via auction, with a fixed starting price which declines until someone buys it or its fixed ending price is reached. Over 24, the sale price of this Gen 0 cat declines until someone buys it. The game was started with 100 “Founder Kitties” and every 15 minutes a new “Gen 0” cat is generated that sells for the average price of the last five sold, plus 50%. It is a little bit weird that Ethereum, a cryptocurrency with little tangible use has found itself useful in buying virtual cats that definitely have no use. It basically works just like a cryptocurrency does, with all of its inflated worth being determined by the market’s interest in it. You’re free to buy and sell it and holding onto it could improve its value. When you buy one of these completely unique kitties, it’s 100% yours and nobody can take it away. For starters, as this takes place on the blockchain, it’s permanent. Unlike other digital collectable games, such as Neopets, CryptoKitties has a lot more in common with physical media like the Pokémon Trading Card Game. 03 ETH, or £10.50.īuilt by design studio AxiomZen as one of the world’s first crypto games, it’s actually an interesting introduction to how cryptocurrencies work. While price fluctuates, the cheapest kitty is around. Going by independent site Kitty Sales, many kittens sell for around 50 ETH (roughly £17,500), with the original kitten going for a whopping 246 ETH (£86,000).
Since its launch, around $1.3 million has been transacted through CryptoKitties.
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