Sales Hit $12 Million, CryptoKitties is Predicted as Ethereum’s Killer App

“With one kitten sold at the price of $120,000 and the total volume of 70,000 in two weeks, the sales of Cryptokitties had exceeded $12 million by the end of yesterday. CryptoKitties has proven the possibility of frictionless and seamless trading of digital assets.”

By the end of yesterday, the sales of Cryptokitties on its platform had exceeded $12 million. According to the data from Kittysales, the rarest 5 digital cats on the Cryptokitties platform were sold at the unit price of over $100,000, and the most expensive one was sold at the price of $122,000.

In essence, Cryptokitties is a virtual kitten breeding game developed as a decentralized application(DAPP) based on top of the Ethereum Protocol. It is also known as the third-biggest killer app apart from Bitcoin and Ethereum smart contract. Each digital cat represents a unique encrypted asset and its ownership can not be changed because all the records are integrated into the immutable Ethereum blockchain.

Balaji Srinivasan, partner of Andreessen Horowitz and CEO of Earn.com, said that Cryptokitties has demonstrated frictionless international trading of digital assets on a Blockchain at a large-scale. He believes that the game has proven that the assets can be traded in a decentralized way without the involvement of middleman.

If the Cryptokitties platform is considered as a Peer-to-peer digital asset exchange, the use case of this technology will be more interesting and attractive than a simple collectibles game. In the long term, investors and traders will be able to exchange digital assets by using decentralized application on the Ethereum network.

Vitalik Buterin, the founder of Ethereum, stressed that CryptoKitties illustrates well that the value of a Blockchain extends far beyond applications. The value of the digital kittens on the CryptoKitties platform is based on rarity and scarcity. The most important part is that CryptoKitties has demonstrated the possibility of frictionless and seamless trading of digital assets, which could be realized at a larger scale in some industries such as finance.

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