Sunday, February 5, 2023

People Are Selling ‘Breedable Digital Beanie Babies’ on Top of ETH

People Are Selling ‘Breedable Digital Beanie Babies’ on Top of ETH

Tired of hearing your favorite cryptocurrency compared to Beanie Babies? “CryptoKitties” embraces it. And the first one made sold for almost $120,000 USD. The kicker? this isn’t even the most predatory scheme in the space right now.

Also read: Consumers Will Decide if Bitcoin Cash Succeeds, Says Bitstamp CEO Nejc Kodrič

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Tokenizing All the Things

In the tradition of MandelDuck, Bitcrystals and (to a certain extent) Pepecash, a company called CryptoKitties has found a way to tokenize its game assets. The object of the “game” is to breed digital cats, and sell them to other users. That’s it.

Cryptoassets as game tokens isn’t exactly a new idea. We’ve seen the same in the form of Spells of Genesis, Takara, and others.

What makes this example unique is the money being thrown at its crypto-ecosystem just two days after launch. The “Genesis” Kitten sold for over $100,000 USD — nearly half the entire supply of Rare Pepe Party, a similar game-oriented crypto-asset.

Furthermore, there’s not really any game. The entire “play” cycle is buy, breed, sell, repeat. Not even the devs shy away from the comparison to Beanie Babies, writing:

“Think breedable Beanie Babies. — CryptoKitties FAQ”

Some sad sack paid 6 figures for this

Beanie Babies Aren’t Even That Bad

The devs also make 3.75 percent on each transaction made on their platform, but here’s the thing — compared to a lot of things happening on Ethereum and in crypto at large, this isn’t that big a deal.

There’s really no reason to shout scam. Other than possible regulation under gambling laws in various countries due to the random nature of the “breeding,” they aren’t really venturing outside the law or good taste. The monetization of CryptoKitties could even be seen as more fair than some Full price, Triple-A titles.

They aren’t promising some miracle software based on an ERC-20 token, they aren’t running a pump and dump, and they aren’t implying any intrinsic worth when they talk about their ‘kitties.’

It’s a sad state of affairs when that’s the benchmark for honesty in crypto, but if you have money to burn on some blockchain Tamagotchi, you could always buy a few. In fact, it’s good to see a use case for ETH other than just creating ICO tokens.

Would you buy a CryptoKitty? Why or why not? Let’s hear your thoughts.

Images courtesy

This report is meant for informational purposes only, and does not constitute financial advice. Bitsonline is not responsible for any gains or losses incurred while trading virtual cats, or any other digital asset.

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