NFT101: CryptoKitties-The Pioneer of NFTs and Ethereum Gaming

2021/05/24 10:52:09

The popularity of NFTs is on the rise with each passing month. While some people may already know what NFTs represent, others might not be so knowledgeable. You may be wondering, where did NFTs come from and what do they represent?

We cannot talk about the origin of NFTs without talking about CryptoKitties. CryptoKitties is a game created on Ethereum that enables you to trade and reproduce collectible digital cats. CryptoKitties was launched in 2017 as a pioneer blockchain game. The most significant contribution of this digital feature is that it pioneered non-fungible tokens (NFTs).

CryptoKitties were created to introduce people to blockchain technology. They were developed to do this in a fun and straightforward manner by including trading games. A CryptoKitty has a unique NFT code with genes that determine how it looks. These genes can be multiplied by breeding CryptoKitties.

Interest in CryptoKitties was on a steady rise in 2017, and the platform managed to pass the 14,000 daily user mark. This interest propelled Ethereum forward in its contribution to the gaming industry. CryptoKitties have not lost their popularity as they are now widely used on Ethereum-based gaming platforms such as Decentraland, Heaven. cat, and KotoWars. To start playing with CryptoKitties, all you need is a browser and a crypto wallet.

Where can I buy CryptoKitties?

Once you have your wallet set up, the second step will involve going to a CryptoKitty marketplace to find a kitty for sale. Every kitty comes with an identity - meaning that kitties have different names, descriptions, and prices. Besides, each kitty will have a certain distinguishing feature such as eye color, fur, and more.

The value of a CryptoKitty is mostly determined by its rarity. Rare CryptoKitties are usually more expensive. Early gen CryptoKitties are also more valuable compared to later generation kitties.

If you want to buy CryptoKitties, the only thing you have to do is click on “buy now,” and the ownership of that CryptoKitty will be transferred to you. In addition, you can also place your offer directly to the CryptoKitty owner, who will either accept or decline it. You can place your offer on any kitty on the platform.

Once you have two kitties in your possession, you can breed the two to create your own kitty. A gas fee is charged for every breeding process. If you want to make money with CryptoKitties, you can simply sell them by creating an auction in the marketplace. When it comes to the process of selling your kitty, you can select the bid price, end price, and the duration of the auction itself.

The unique history of CryptoKitties

Every kitty harbors an ERC-721 token that is also known as a non-fungible token. They harbor an underlying code that verifies their validity. The Ethereum network uses smart contracts to track ownership, transfer it, and approve breeding.

In 2017, when CryptoKitties was initially launched, blockchain technology and its application were not fully understood. However, this gaming platform changed the perception people had of the industry, and it paved the way for blockchain’s usage for non-financial cases. It also pioneered the rise of non-fungible tokens.

As CryptoKitties’ popularity rose in 2017, Ethereum started to become more and more congested, as it couldn’t handle the required number of transactions. This was one of the primary factors that signaled the scalability challenges present on Ethereum’s layer 1 network. It also called for various innovations that would solve the issue and manage transactions on the network. As a result, many projects came out with their layer 2 solutions that would help Ethereum scale a bit better.

CryptoKitties was created as a fun and simple way that people could venture into the blockchain and crypto sector. At the time of launch, blockchain technology was only beginning to be understood by the broader masses. This gaming platform introduced many people to blockchain and taught them how everything works. CryptoKitties were, therefore, an extremely user-friendly way of introducing users to many of blockchain’s applications.

Conclusion

To summarize, CryptoKitties pioneered gaming on blockchain and introduced the sector to a brand new technology - NFTs. On top of that, its popularity led to the increased popularity of its underlying blockchain, Ethereum. Blockchain technology has now become a major backbone of both financial and non-financial systems, and it is slowly reaching higher levels of adoption through its numerous use cases.