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People Have Spent Over $1M Buying Virtual Cats on the Ethereum Blockchain (techcrunch.com)

Posted by msmash on from the another-fad dept.

Launched a few days ago, CryptoKitties is essentially like an digital version of Pokemon cards but based on the Ethereum blockchain. And like most viral sensations that catch on in the tech world, it's blowing up fast. From a report, shared by an anonymous reader: Built by Vancouver and San Francisco-based design studio AxiomZen, the game is the latest fad in the world of cryptocurrency and probably soon tech in general. People are spending a crazy amount of real money on the game. So far about $1.3M has been transacted, with multiple kittens selling for ~50 ETH (around $23,000) and the "genesis" kitten being sold for a record ~246 ETH (around $113,000). This third party site tracks the largest purchases made to date on the game. And like any good viral sensation prices are rising and fluctuating fast. Right now it will cost you about .03 ETH, or $12 to buy the least expensive kitten in the game. So now we have people using Ether, an asset with arguably little tangible utility -- to purchase an asset with unarguably zero tangible utility. Welcome to the internet in 2017.

4 of 128 comments (clear)

  1. Re:Next Up by cayenne8 · · Score: 2, Interesting

    Puppies

    I kinda doubt that....dog owners usually have a bit more on the ball than cat lovers.

    If nothing else, with a dog, you get an animal you can actually bond with, that interacts with you, becomes an integral part of your home and family.

    Cats?

    Not so much..they're aloof and don't care much if you are around or not....so, a digital cat gives you about the same as a real cat does, which is not much aside from being there.

    --
    Light travels faster than sound. This is why some people appear bright until you hear them speak.........
  2. Sounds like money laundering by Anonymous Coward · · Score: 5, Interesting

    Nobody in their right mind spends $23,000 on a picture of a cat. The average joe who sells cat jpegs might get the price up to $20 if they're really lucky. The sellers and developers are being paid for something else.

  3. Re:Hoarding based wealth by Anonymous Coward · · Score: 2, Interesting

    Says the person who is backed up by a whole society of laws to protect the weak, otherwise what stops me blowing your brains out and taking all your money and getting to keep it as it's now mine?

    Money the buying of laws by parasites for the protection of parasites.

  4. Common marketing strategy by Solandri · · Score: 4, Interesting
    Disassociate the purchase transaction from real money by using a fake currency, and people will spend it more freely. Even if there's a 1:1 association between the fake currency and real money.
    • Casinos do it by using chips.
    • Amusement parks do it by using Disney Dollars or something similar.
    • Online games do it by using virtual in-game currency like gold or PLEX.
    • Tourist areas take advantage of it by charging prices in their native currency, and tourists unfamiliar with the exchange rate can easily overpay for stuff.
    • Credit card companies do it by removing physical cash from the transaction. You just swipe a card to buy something, never feeling the pain of the cash leaving your wallet.