Sales on CryptoKitties decentralized marketplace, an Ethereum-based digital kitten collectibles game, have reached more than $12 million. Hence, it is proving that decentralized marketplaces can be a huge success.
The Tamagotchi-like game is develop on Ethereum blockchain, with each digital kitten on sale representing a unique crypto asset. Besides, its ownership integrated onto the immutable Ethereum blockchain.
Five of the rarest digital kittens on the platform sold for over $100,000 each with the most expensive one selling at around $120,000.
Statistics of selling over $12 million prove wrong the assumption by some people that its is just a simple collectibles game and doesn’t have a long term life.
Earn.com CEO Balaji Srinivasan says the platform proves that digital assets can be sold frictionlessly. Thus at a large-scale without involvement of intermediaries. It is a good use case of how peer-to-peer digital assets exchange works successfully on decentralized platforms.
The value of digital kittens at this marketplace is based on rarity and scarcity. Ethereum co-founder Vitalik Buterin said on twitter that Cryptokitties is a reflection of the world at large, pointing at the the auction of Leonardo Da Vinci’s Salvator Mundi (auctioned off to a Saudi price at $450 million by Christie’s) as an example.
“I actually like the digital cat games. They illustrate very well that the value of a blockchain extends far beyond applications. Since that would literally close down by banks or governments if they did not use one.”