Here we bring you a breakdown of what cryptocollectibles really entail.
We will be using the ever-so-popular top crypto collectible of all time yet, The CrypotoKitties as our case study.
Buckle up, fun ahead!
All of a sudden, cartoon cats are all the rave everywhere. People are buying them, people are breeding them, people are talking about them. Although, they are not the only kind of cryptocollectible, they are still a cult favorite.
Cartoon cats – a designer design them. A story writer gives it a character and qualities. A tech person along with the cryptokitties mixer – their software or algorithm ascribes qualities to each one. These qualities or the Cattributes, determine a relationship between all of these cats and their possible offspring.
From the designer to the breeding plot, to its rare traits, everything pitches in for the buyers to enjoy a high quality experience of buying a virtual pet. This is both satisfying and a moment of prestige for the owners. The artwork represents the unique algorithm of the cat.
It is made appealing logically and visually. By logic, we mean that the idea behind these cats is unique. The underlying story is that hey, there is a cat that needs a home, it could be with you, you can own it, you can keep it, it will be yours, nobody will steal it, nobody will replicate it. You will have a rare pet. You will not need to clean after it. Your grandmother and brother will not have any allergies. The cat will not make any noises. You will not be too young or too old to own it. It will not die. It will not fall sick. It will be the best gift you have ever had.
It will be yours.
What a plotline right? Plot twist: by the virtue of buying them, you buy the algorithm. The cat hereby is a math equation that represents numbers and relationships between traits and genealogy. THE CAT IS NOT THE ARTWORK! Wait, what? Are you shocked? Is that surprise on your face? Oh, we sense it too.
And trust us, SAME!
Why not buy the whole unit right, the whole product is encapsulated in the image, why not sell it too? Why not call it the art! The kitty? This is because art needs better legal regulation that the blockchain can not yet offer. It needs better rules and protection that the young and nubile industry is yet to develop.
Also, there is a fair chance that Genesis, the first cryptokitty might star in Hollywood animation film by a known production house.
This is a way of storing and buying the value we all yearn for. Cheers to the techy, edgy, times that we live in!