People had already spent millions buying and trading CryptoKitties by the time top-tier investors including Andreessen Horowitz and Union Square Ventures decided to give the company $12 million. In December, it was reported that one particular Crypto Kitty sold for around $155,000.

Their novelty lies in the fact that owners can prove that they possess sole ownership of the Crypto Kitty they've purchased. Like Beanie Babies, CryptoKitties are considered collectibles. It's a bit like blockchain-based Beanie Babies. Users can buy colorful, googly-eyed cats, some of which cost thousands of real-world dollars, to trade and 'breed' more digital cat offspring. When investors gave $12 million to a startup called CryptoKitties in March, many raised their eyebrows at the news.ĬryptoKitties, which describes its product as one of the world's first blockchain games, uses blockchain technology to collect and 'breed' digital cats. CryptoKitties cofounder Bryce Bladon says the livelihood of CryptoKitties can't simply be measured by the number of transactions that happen in a month, and that people's behaviors have changed as the price of processing a transaction has increased.According to data from blockchain analytics sites, the number of CryptoKitties transactions are a fraction of what they were in December.In March, investors including Andreessen Horowitz and Union Square Ventures gave a total of $12 million to CryptoKitties, a blockchain game for digital collectibles.Account icon An icon in the shape of a person's head and shoulders.

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