Cryptokitties: Worth Investing Or Just Another Fad?

CryptoKitties is a blockchain-based game that lets players acquire, breed, and sell virtual cats. Each CryptoKitty is unique, with distinct genes that determine its appearance and traits. The game gained popularity in December 2017 and has maintained its position as one of the most addictive games globally. With some effort and strategy, players can make serious money by breeding and selling their CryptoKitties. However, it is important to note that CryptoKitties are not a typical investment vehicle like stocks or cryptocurrencies, and their value can be highly unpredictable.

CryptoKitties are not a cryptocurrency but operate on Ethereum's blockchain

CryptoKitties is a blockchain game where players collect, breed, and sell virtual cats for real money. Each cat in the game is unique and owned by a single person, making them impossible to replicate or destroy. The game is built on Ethereum's blockchain, a well-known cryptocurrency.

CryptoKitties are not a cryptocurrency. They are non-fungible tokens (NFTs) that represent virtual cats. Each CryptoKitty is unique and owned by the user, with its value appreciating or depreciating based on the market. CryptoKitties cannot be replicated or transferred without the user's permission.

The game uses a Genetic Algorithm (GA) to create the CryptoKitties, mimicking real biological genetics. Each CryptoKitty has a digital genome that defines its appearance, including background colour, stripes, fur patterns, and facial expressions. The genome also includes a unique number and a 256-bit distinct set of DNA and attributes (called "cattributes") that can be passed down to offspring.

To play the game, players must purchase Ether cryptocurrency to join and spend it on breeding and trading actions within the game. The cats can be bred together to create new generations with different combinations of genes, increasing their rarity and value.

While CryptoKitties are not a cryptocurrency, they operate on the Ethereum blockchain, utilising its decentralised structure and smart contracts to facilitate secure and transparent transactions. The popularity of CryptoKitties even congested the Ethereum network in December 2017, causing an all-time high in transactions and slowing it down significantly.

To buy CryptoKitties, you need to use Ethereum

CryptoKitties is a blockchain game that allows players to buy, sell, and breed virtual cats. Each CryptoKitty is a non-fungible token (NFT) with unique features, owned and validated by the player through the blockchain. While the game has no explicit goal, players can collect and breed cats to grow their collection and sell them for a profit.

CryptoKitties operates on the Ethereum blockchain network, and each CryptoKitty is purchased using Ether, the native token of Ethereum. The game does not have a standard price for any CryptoKitty, and prices vary widely depending on the cat's traits and rarity. To buy a CryptoKitty, players need to go to the Marketplace within the game, where they can browse the available cats for sale. Since many CryptoKitties are bought at auction, the prices can vary significantly, and it is important to consider the different traits and generations of the cats.

New "Gen 0" cats, which have not been bred from others, are released every 15 minutes in the game. The starting price for a CryptoKitty at auction is set at the average price of the past five CryptoKitty sales, plus 50%. Additionally, each breeding session incurs a transaction fee and a birthing fee, currently set at 0.008 Ether (approximately $4.69), and there may be additional siring fees if breeding with another player's sire.

Before purchasing CryptoKitties, it is important to have a basic understanding of the game mechanics, the Ethereum blockchain, and the MetaMask digital wallet, which is used to store and transact Ether. Players should also be aware of gas prices, which refer to the fees associated with transactions on the Ethereum network. High gas prices can significantly impact the potential spending budget, and it is recommended to use tools like https://ethgasstation.info/ to track gas prices and make informed decisions.

In summary, to buy CryptoKitties, players need to use Ethereum by purchasing Ether, which can then be used to acquire cats in the Marketplace within the game. It is important to consider the varying prices, generations, and traits of the CryptoKitties, as well as the associated fees and gas prices when making purchasing decisions.

CryptoKitties are unique and completely owned by you

The game is built on blockchain, and to buy CryptoKitties, you'll need to use Ethereum. CryptoKitties are generated by code, and bred by spending Ether tokens on smart contracts that use two base cats to create a new one. Each resulting cat is unique and is recorded on Ethereum's public ledger.

The game surged in popularity in December 2017 and has maintained its position as one of the most addictive games in the world. The highest-selling cat as of 2018 is Genesis, the first CryptoKitty ever created, which sold for 246.9255 ether, or about $117,712. While CryptoKitties can be a fun and potentially profitable endeavour, it is important to remember that, like any investment, there are risks involved and the market can be volatile.

CryptoKitties can be bred with others to create new breeds and spawn new characteristics

CryptoKitties is a blockchain-based game that allows you to buy, sell, and breed virtual cats with unique characteristics. Each CryptoKitty has distinct genes influenced by various factors, similar to real-world cats. The game provides an opportunity to breed CryptoKitties to create new breeds and introduce new characteristics, which can be favourable or unfavourable.

Breeding CryptoKitties involves selecting a sire (father) and a dame (mother) from your collection. It is recommended to breed CryptoKitties of the same generation, as the offspring's generation will be the highest generation of both parents plus one. For example, breeding a Gen 3 and a Gen 4 CryptoKitty will result in a Gen 5 offspring.

To initiate the breeding process, go to your litter, choose a sire, and click the "Breed" button. Then, select the dame, and click "OK, give them some privacy" to open a transaction window. After the transaction is complete, you will have a new CryptoKitty with a combination of traits from its parents and potentially new mutations.

It is important to note that there is a cooldown period after breeding before you can use the same CryptoKitties to create new offspring. Additionally, breeding incurs a fee, including a transaction fee and a birthing fee, and possibly a siring fee if you breed with another player's sire.

Breeding CryptoKitties can be a fun way to create new and unique cats with desirable traits. However, it is essential to consider the associated costs and the potential value of the resulting offspring in the marketplace.

The CryptoKitties site has been plagued by network slowdowns and automated bots that snipe deals

CryptoKitties is a blockchain game built on the Ethereum network, where users can buy, breed, and sell digital cats. However, the CryptoKitties site has been plagued by network slowdowns and automated bots that snipe deals, affecting the gameplay experience.

Network slowdowns on the CryptoKitties site can cause delays in the appearance of new cats or genes up for auction. In some cases, it can take a few minutes for a new Kitty, or its associated gene, to appear on the website after the auction has been released on the blockchain. This delay can create a window of opportunity for automated bots to step in and gain an advantage.

Automated bots, or "sniping bots," are computer programs designed to act on behalf of a user without their direct involvement. In the context of CryptoKitties, these bots are programmed to interact directly with the smart contract, bypassing the website interface and gaining a speed advantage. By the time a new cat or gene appears on the website, bots may have already placed bids or made purchases, leaving human players at a disadvantage.

One notable example of a sniping bot in the CryptoKitties community is "Diane." Diane was created by a community member with technical expertise to address the issue of bots monopolizing the purchase of new cats with rare traits. While Diane operates similarly to other bots by interacting directly with the smart contract, it is made available for anyone in the community to use. This levels the playing field to some extent, as even those without programming skills can now compete for new cats with rare traits.

However, the use of bots like Diane also introduces complexities and potential risks. As highlighted in the article, there is a chance for errors, such as when Diane failed to purchase any new cats due to a bug. Additionally, using bots requires a level of technical knowledge and understanding of the game mechanics to avoid costly mistakes. For example, if two transactions are submitted simultaneously, only one will be approved, and predicting the outcome requires knowledge of factors like "gas" usage by other users.

In conclusion, while CryptoKitties offers an engaging gameplay experience, the presence of network slowdowns and automated bots has created challenges for players. These issues have led to the emergence of backroom deals, workarounds, and an underground meta-game where players strive to capture new traits first. As a result, the CryptoKitties community has evolved into a complex ecosystem with multiple layers of gameplay and strategies.

Frequently asked questions