On November 28, game developer Axiom Zen released a game called CryptoKitties — in which players buy, sell, and mate cartoon cats with the cryptocurrency ether. By Monday, it was so popular it accounted for 14% of transactions on the Ethereum blockchain. By Tuesday, players had spent $5 million on the cats — cats sold numbered 32,000.
It might seem like a silly fad: fake cats sold with fake money. But CryptoKitties shows how blockchain can be used for more than trading cryptocurrency. It can make unique digital collectables—sort of like a limited edition action figure or porcelain figurine, but made of code. CryptoKitties exist independently of Axiom Zen, which means that even if the company dies, the cats live on, forever.
Subscribe to VICE News here: http://bit.ly/Subscribe-to-VICE-News
Check out VICE News for more: http://vicenews.com
Follow VICE News here:
More videos from the VICE network: https://www.fb.com/vicevideo