“The popularity of virtual cats fits the euphoria we see elsewhere in the cryptocurrency space,” Peter Atwater, who studies market sentiment and heads Financial Insyghts, told CNBC. The craze peaked to the point that initial coin offerings (ICOs) could not launch on the Ethereum protocol due to network congestion caused by the sale and trading of digital kittens on CryptoKitties. At some point, CryptoKitties became the largest decentralized application on the Ethereum protocol, accounting for more than 13% of the network’s transactions.
The game has skyrocketed in popularity this past month with rare kitties going for well over US$100,000. It is similar to Neopets and allows players to adopt, raise and trade digital pets. “The concept of a virtual collectible item on the blockchain adds a fresh value proposition to the crypto world and we see OPSkins and WAX as a key player in developing what we call the ‘Crypto Collectibles’ space.”ĬryptoKitties is a video game built on the Ethereum network. “Everyone is talking about CryptoKitties, and not just because they are cute,” said William Quigley, CEO of WAX and CEO of OPSkins.
The listing enables users to instantly buy and trade the digital cats using US dollars, euros and dozens of other currencies, as well as WAX tokens, a utility token developed by the founders of OPSkins. CryptoKitties, the viral Ethereum video game that lets players collect and breed digital cats, are now trading on the OPSkins virtual gaming assets marketplace.
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