CryptoKitties (CK) Review
CryptoKitties is a NFT collectibles game that uses GameFi to bring a new dimension to the gaming industry. Four primary strategies will be used by CryptoKitties to make blockchain technology accessible to the common consumer:
- Gamification features that take advantage of blockchain’s unique applications
- It’s a brand that’s easy to relate to because of its genuine interest in blockchain technology.
- Users of all levels of expertise are welcome on an open platform.
- A long-term revenue-based strategy
Non-fungible tokens are part of their vision for the future of the financial services sector as well as how they want to change how we interact with the internet. Smart contracts and cryptocurrency transactions will be made more accessible to the general public by normalizing their practical use in everyday life.
With this demonstration, they seek to raise public awareness of blockchain technology and its potential applications outside of the banking sector.
What are CryptoKitties?
CryptoKitties are a new breed of digital cat that was created on the Ethereum distributed ledger. Ether may be used to buy and sell them, as well as to breed new cats with unique characteristics and varying degrees of attractiveness. At the time of its introduction, the Ether-powered platform had 50,000 “Gen 0” cats (Clock Cats) saved in a smart contract.
Using the Ethereum blockchain, members of the CryptoKitties community may design and trade their unique collectibles. In the smart contract, each cat’s phenotypic (appearance) is defined by its immutable genes (genotype). The kitties have become more than simply a virtual memento.
When a CryptoKitty mates with another CryptoKitty, it produces a kitten with the DNA of both parents. One of the cats in a mating pair serves as the sire, and it must heal before it may reproduce again. No matter how many times CryptoKitty mates, the recuperation and gestation period becomes longer with each subsequent mating.
How Does The Revenue Model Work?
As a result, CryptoKitties has a viable business strategy. The team behind the project gets a tiny part of each sale made on their NFT marketplace (3.75 percent). The cat sales generate income for them, just like for everyone else in the marketplace. The number of “Clock Cats” available for purchase is strictly restricted to the 50,000 that are distributed through the Cryptocats smart contract every 15 minutes.
The price of a Clock Cat is based on the average price of the past five CryptoKitty sales, plus 50%. The marketplace’s ecology determines the true value of these items, which are auctioned in a decreasing clock auction.
What is CryptoKitties NFTS?
CryptoKitties pioneers ERC-721, a non-fungible token standard, to demonstrate how digital scarcity and digital collectibles may be used in real-world applications. Because CryptoKittyies are genetically distinct and can be bred, they needed a token ecosystem that was unique to them. Blockchain-based CryptoKitties can offer both an easy-to-use interface and strong smart contracts for conducting transactions (breeding).
How Do CryptoKitties Auctions Work?
Because each CryptoKitty is genetically distinct, the existing method of selling tokens on the blockchain is flawed. To avoid charging customers for the simple act of placing a bid, the team sought to discover a technique to limit the number of on-chain transactions.
A descending clock system allows sellers to set a high starting offer, a minimum closing bid, and a time limit for their auctions. When the price of a CryptoKitty matches the buyer’s perception of its worth, the buyer might opt to acquire the CryptoKitty. At the start of an auction, sellers pay for gas, and buyers pay for gas when they complete a transaction.
To sell their CryptoKitties, owners may choose a maximum initial offer to make and a minimum closing price, as well as a period. Breeding follows the same procedure. You may breed your cat with a sire of your choice by selecting him and paying the sliding clock auction bid linked to him.
Different Types of CryptoKitties
Wrapped Gen-0 CryptoKitties (WG0)
The game CryptoKitties is among the first blockchain-based games in the world. Unlike with digital currencies, CryptoKitties provides security by way of the following unique features: Each CryptoKitty is one-of-a-kind, and you 100% own it. No one can copy, remove, or delete it.
Wrapped Basic CryptoKitties (WCK)
Each WCK token is wrapped around an ERC-721 CryptoKitty of any denomination, with 1 WCK corresponding to 1 ERC-721 CryptoKitty.
Wrapped Virgin Gen-0 CryptoKitties (WVG0)
Wrapped Virgin Gen 0 (WVG0) is an ERC20 token that is backed by an ERC721 virgin Generation 0 CryptoKitty in a 1:1 ratio.
CryptoKitties is the world’s first game to be created on blockchain technology. It is based on the Ethereum blockchain and investigates the notion of digital scarcity, which is a fascinating but under-explored subject. It makes the blockchain more comprehensible for the average consumer, and it gets us one step closer to mainstream use of blockchain technology.
- CryptoKitties are a new breed of digital cat that was created on the Ethereum distributed ledger.
- Ether may be used to buy and sell them, as well as to breed new cats with unique characteristics and varying degrees of attractiveness.
- The number of “Clock Cats” available for purchase is strictly restricted to the 50,000 that are distributed through a smart contract every 15 minutes.
- The price of a Clock Cat is based on the average price of the past five CryptoKitty sales, plus 50%.
- The marketplace’s ecology determines the true value of these items, which are auctioned in a decreasing clock auction.
- CryptoKitties is the world’s first NFT collectible game to be created on blockchain technology.
Further CryptoKitties Information
- Wrapped Gen-0 CryptoKitties
- Price $93.41
- Market Cap