The number of CryptoKitties transactions decreased in June by 98.4% compared to its peak of 80,500 transactions back in December 2017, according to data from Bloxy.
Before the deal went through, one investor in the company told Business Insider that the product embodied one of the most important and applicable use-cases of the blockchain: The ability to safely store digital collectibles online.īut it looks like CryptoKitties itself could be in danger of becoming a short-lived novelty.Īccording to data from blockchain analytics sites Bloxy and Diar, the number of CryptoKitties transactions has fallen drastically in the last 3 months. People had already spent millions buying and trading CryptoKitties by the time top-tier investors including Andreessen Horowitz and Union Square Ventures decided to give the company $12 million. In December, it was reported that one particular Crypto Kitty sold for around $155,000. Their novelty lies in the fact that owners can prove that they possess sole ownership of the Crypto Kitty they've purchased. Like Beanie Babies, CryptoKitties are considered collectibles. It's a bit like blockchain-based Beanie Babies. Users can buy colorful, googly-eyed cats, some of which cost thousands of real-world dollars, to trade and "breed" more digital cat offspring. When investors gave $12 million to a startup called CryptoKitties in March, many raised their eyebrows at the news.ĬryptoKitties, which describes its product as one of the world's first blockchain games, uses blockchain technology to collect and "breed" digital cats. CryptoKitties cofounder Bryce Bladon says the livelihood of CryptoKitties can't simply be measured by the number of transactions that happen in a month, and that people's behaviors have changed as the price of processing a transaction has increased.
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