Cryptocurrency

Where To Buy Cryptokitties

By David Krug David Krug is the CEO & President of Bankovia. He's a lifelong expat who has lived in the Philippines, Mexico, Thailand, and Colombia. When he's not reading about cryptocurrencies, he's researching the latest personal finance software. 6 minute read

Starting with Bitcoin and expanding into a wide range of digital collectibles worth ludicrous quantities of money, the popularity of cryptocurrency and blockchain technology has been on the rise for some time.

The Ethereum network introduced the revolutionary ERC-20 token standard in September 2017. It may be adding scarcity via its non-fungible tokens (NFTs), which are distinct tokens that cannot be exchanged for others like Bitcoin and Ethereum.

Almost immediately after the service went live, the company now known as Dapper Labs released the blockchain-based game CryptoKitties. An instant trend developed. But what is this CryptoKitties thing, are the NFTs worth anything, and how can you join in on it?

What Are CryptoKitties?

In the blockchain game CryptoKitties, virtual cats take the form of NFTs, or crypto collectibles. Decentralized collectibles, like Beanie Babies, may be bought, sold, traded, and bred through dApps, which are applications created on decentralized platforms and not controlled by a central authority.

In keeping with modern expectations for NFTs, each cat in the game is special in its own way. Scarcity and safety are provided by the item’s uniqueness being recorded in the lines of code in the form of a self-executing agreement between the buyer and seller. All of these agreements are stored on the Flow blockchain.

Cryptocurrency Ethereum (ETH) is used in the game. That’s a fun new spin on having the collectibles. One strategy to profit from CryptoKitties is to buy tokens that participate in the Ethereum ecosystem, since their value tends to increase in tandem with Ethereum’s.

When applied to conventional investments, the idea functions similarly to the value of fiat currency (like the U.S. dollar). Your dollar-purchased investments will grow in value alongside the strengthening currency.

What is the function of CryptoKitties?

The platform’s genetic algorithm is what kicked things off; it’s a bit of code that makes sure every virtual kitten in the game has its own individual genome recorded in the blockchain the moment it’s born. Each kitten has its own unique set of characteristics called “cattributes,” which can include anything from fur pattern and color to ear shape and size to accessories and personal history.

How Does CryptoKitties Function?

The platform’s genetic algorithm is what kicked things off; it’s a bit of code that makes sure every virtual kitten in the game has its own individual genome recorded in the blockchain the moment it’s born. Each kitten has its own unique set of characteristics called “cattributes,” which can include anything from fur pattern and color to ear shape and size to accessories and personal history.

Each virtual cat belongs to one of the following rarity groups based on the combination of these features:

  • Normal. This is the most frequent type of cat in the game.
  • Fancy. Fancy cats are a rarer variety of cat that are distinguished by unique artwork and a fancy cats emblem.
  • Edition Unique Special edition cats are the second-most uncommon cats in the game. Additionally, they include exclusive artwork and are produced in limited quantities.
  • Exclusive. Finally, the most rare cats in the game are those that are exclusive. Frequently, exclusive cats are the sole cats of their type.

The value of these pets is determined by supply and demand, just like the value of any other commodity, digital or otherwise. Thus, the token’s price is heavily influenced by the scarcity of the cat and the demand for CryptoKitties.

The ability to breed cats and produce new, distinct NFTs is a perk of cat ownership. You achieve this by combining a male cat (Sire) with a female cat (Dame) to produce a new species.

How to Participate in CryptoKitties

The initial stage in the game is to buy a virtual kitten, which involves several steps similar to redeeming an iTunes or Google Play gift card.

  1. Create a Cryptocurrency Wallet

It costs Ethereum to buy your first cat in the game. Ethereum tokens can’t be stored in a traditional wallet or loaded onto a debit card. A cryptocurrency wallet is a piece of hardware, software, or online service used to safely store information related to bitcoin purchases and sales.

Different choices exist, with custodial and noncustodial statuses marking the most significant divide. Wallet holders maintain noncustodial wallets, whereas companies store and manage passwords for custodial wallets.

For those who worry about losing access to their cryptocurrency holdings, custodial wallets make it simple to retrieve their holdings from a third-party custodian that manages the underlying wallet platform.

Yet another centralized system is custodial wallets. Noncustodial wallets are not managed by a bank or other financial institution. Users are the only people who know their wallet’s private keys and may choose how they want to manage their funds. Pick your preferred path forward from the numerous available ones. Read our feature on the top bitcoin wallets for more info.

  1. Fill Your Pocketbook

The next step is to fund your Ethereum wallet with purchased Ether. A CryptoKitten can cost as little as 0.001 ETH, or around $2.60, while others can cost over $1,000 ETH (almost $2.7 million).

Each transaction also incurs gas costs, which may be anything from a few dollars to hundreds depending on the current demand on the blockchain. In the world of cryptocurrency, “gas” is shorthand for the amount of processing power needed to complete the transaction and execute the smart contract. Simply put, you are compensating the miner for the usage of their computing power.

Keeping this in mind, a good starting amount of Ethereum is $250, since this will cover the purchase of cheaper cats and the gas expenses connected with owning them.

  1. Register for CryptoKitties

CryptoKitties.co is where you can buy and sell these digital feline companions. Sign up for the service and link your payment method. Collectors who are on a tight budget might be wise to research prices on the secondary market before making a final decision. OpenSea is the greatest place to buy and sell CryptoKitties, while Crypto.com and Rarible are other good options.

  1. Purchase Your First Cat

The player’s goal is to raise a family of virtual cats and profit from their breeding, sale, and/or trade. It’s impossible to accomplish without access to a cat. Spend some time browsing the specialized marketplace and OpenSea to locate a cat that piques your interest.

Once you’ve located what you’re looking for, select “Buy” to proceed. If the cat you like isn’t currently for sale, you can still make an offer to the owner.

  1. Trade, Sell, and Breed

The ability to buy, sell, and breed cats is unlocked if you have even one. If you choose your actions carefully, you may end up with a substantial windfall.

What Became of CryptoKitties?

This game was once one of the most popular on the blockchain, and, surprisingly, it still has a small but dedicated following. Since CryptoKitties’ 2018 split as Dapper Labs, numerous more blockchain-based video games have emerged, ratcheting up the level of competition in the market.

Simultaneously, a gulf began to widen between the game’s wealthy participants and the typical players, which ate into trading earnings and dampened demand. Research published in 2021 in Frontiers in Physics suggests that this disparity and the resulting drop in trading earnings for the ordinary player were major factors in the quick collapse from fame.

Bottom Line

The real issue is whether or not you should invest in CryptoKitties. To an investor, the answer is probably not.

Yes, the possibility exists that the game may once again become a cultural phenomenon in the metaverse. However, there is a greater possibility that enthusiasm for the game will continue to wane as new rivals with more exciting features make their way to the blockchain.

In spite of the fact that CryptoKitties hay day has passed, tracking the game’s meteoric growth and inevitable collapse was fascinating, and the game’s influence on the modern internet is undeniable.

Curated posts

Someone from San Antonio, TX just viewed Best Cheap Car Insurance Companies