The crypto frenzy has gotten a bit out of hands and more and more people are experiencing with it. After the successful launch of CryptoKitties, the people are making their own crypto collectibles. A new crypto collectible appeared on the block and is the latest block-chain based virtual game. CRYPTOCELEBRITIES!
It’s like the annoying neighbor kid that keeps showing up.
The game had a pretty successful launch with one million dollars’ worth of ether transacted in the first 24 hours. Running on the Ethereum blockchain, it allows users to buy, sell, and trade celebrity smart contracts, like CryptoKitties, using blockchain technology.
The way they work is that just like each individual coin, each personality is linked to one smart contract token on the game’s blockchain. You can purchase them with Ether. The value keeps increasing with every transaction made by the user. This way they can monetize the value of celebrity smart contracts.
YAAASS GIRL! KEEP THE FLOW GOING!
They start out with a price of 0.0001 ether or about 10 cents. After the first sale, the price goes up to 0.0002. After a few transactions, the contract can be priced at the equivalent of thousands of dollars or more.
The two most expensive smart contracts currently are; the creator Vitalik Buterin, at a price of 20 ETH or 20,000 USD. The contract has been traded 31 times. The second one is the anonymous creator of Bitcoin, Satoshi Nakamoto, now worth more than 16 ETH, or about 16,000 USD. The celeb list comprises of not only Hollywood stars but famous presidents, and even iconic figures.
According to their website, the celebs themselves can get involved. If they give an endorsement then a certain percentage will be given to them on each sale of their contract. Billion ways for the rich to get richer!
I’m not crying, you’re crying! *stifles a cry*
The creators weren’t expecting to get this much recognition as they did and they could quite frankly thank the CryptoKitties for it. They paved the way for many collectibles to come.
CryptoKitties were introduced in December 2017 and skyrocketed in the mainstream media with rare, breedable kitties going for well over the US $100,000. They met a shortfall when the craze peaked and the Ethereum protocol due to network congestion caused by the sales could not run smoothly. However, they have been working on the protocol to up their game and its safe to say that CryptoKitties are here to stay!
A lot less can be said about CryptoCelebs just yet. Its still work under construction. Let’s see if the creators manage to maintain the interest of the market and come up with ways to stay relevant in the crypto collectible world.