Blockchain technology is already being considered the biggest breakthrough of the 21st century and it has already influenced many industries, and mostly the finance industry. The technology facilitates the ownership of digital assets and one of the best examples of such is CryptoKitties.
CryptoKitties were among the first digital assets other than cryptocurrencies to demonstrate just how blockchain technology can be used towards actualizing digital assets. However, they have gone on to become a form of art for the digital space, and to some extent, they have also been considered as a game. Once acquired, the digital currencies dwell on the user?s computer and can even be traded in the same way that art is sold in the physical world.
?This is a baby step in the beginning of authentic digital art that you can own that has a value that you can prove is unique and you don?t need an art dealer to tell you,? stated Shelly Palmer.
One of the interesting things about CryptoKitties is that each of them has its own digital code that cannot be copied, and a special set of attributes and this has led to them being treated as art. According to CryptoKitties founder, Bryce Bladon stated that the technology has proved that the idea of digital art can become a reality and this explains why people are investing in them. CyptoKitties have been selling for as much as $100,000 and there are currently around 200,000 users who have invested around $20 million into the digital assets.
Setting the stage for a bright future
The CryptoKitties game managed to raise around $12 million in March this year. Despite their impressive start, they have received some criticism about how decentralized they are and that has led to the decision by the firm to make CryptoKitties open-source. The move is expected to help popularize the app.
The fact that users on the CryptoKitties app trade the digital assets not only makes them an interesting form of digital art but it also means they can be used as a store of value to some extent. This means that CryptoKitties can be used as a digital currency.