|Cryptokitties||Dapper Labs||Digital collectibles||ERC-721||Pranksy|
It sure looks like Cryptokitties is making a comeback, as NFT collectors are suddenly acquiring these digital cats. According to data from OpenSea the 7-day trading volume for Cryptokitties has tripled, now reaching 1136 ETH, or more than 1.7 million dollars.
The great Cryptokitties comeback isn’t there yet, but everything points in this direction. In January the trading volume hardly reached 3 ETH per day. In February there was a peak with 94 ETH in volume, which died down towards the end of the month. However, collectors are now capitalizing on Cryptokitties. On March 1st they spent 352 ETH, followed by 228 ETH one day later.
Collectors, like Pranksy, are pushing for the NFT rush to reach Cryptokitties, and thus pumping the value of their portfolio. Over the past week’s we’ve seen this happen with Chainfaces as well, which saw their floor price move up from 0.007 to 0.05 ETH within a few hours.
However, the valuation of Cryptokitties is quite complicated. There are many, many cats, with different traits and from different generations. It can be quite overwhelming to dive into the world of Cryptokitties, but it could turn out to be rewarding as well.
What is Cryptokitties?
In a world full of blockchain games, Cryptokitties is the godfather. Because this is the game that started the concept of ownership over digital assets. It was the first to use the Ethereum token standard ERC-721 and make a successful ‘game’ out of it. Cryptokitties will move over to the Flow blockchain in the (near) future, but there’s no data set for the great kitty migration.
The ERC-721 standard allowed each digital cat to have unique treats. Based on these treats owners would then be able to breed or combine cats, and create a new one. DappRadar wrote a valuation report on Cryptokitties, which would serve as a blueprint for anybody who wants to invest in these digital collectibles.
Cryptokitties is a blockchain-based game that involves the purchase, collection, breeding and selling of digital cats. Every cat features different attributes that make them unique and they cannot be replicated. Because of their uniqueness, trading Cryptokitties has been quite a big business.
For example, in September 2018 someone paid 600 ETH for a kitten called Dragon. That’s the equivalent of 170 thousand dollars. In addition the first kitten ever, Genesis, is worth far more.
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Robert Hoogendoorn is a gamer and blockchain enthusiast. He got in touch with crypto in 2014, but the fire really lit in 2017. Professionally he’s a content optimization expert and worked for press agencies and video production companies, always with a focus on the video games & tech industry. He’s a content manager and creator at heart, working on Play to Earn and for a variety of third party magazines and websites.