CryptoKitties, the Ethereum-based digital kitten collectibles game, has processed more than $12 million in sales on its decentralized marketplace, CoinTelegraph reported.
According to Kitty Sales, five of the rarest digital kittens on the CryptoKitties platform were sold for over $100,000 each, with the most expensive digital kitten being sold at around $120,000. Some analysts and researchers have questioned the value of these digital kittens, and whether the platform itself is sustainable in the long-term.
Prominent venture capital investor, Earn.com CEO Balaji Srinivasan explained that CryptoKitties has demonstrated frictionless international trading of digital assets on a Blockchain at a large-scale. He believes the game has proven that assets can be traded in a decentralized manner without the involvement of intermediaries.
Using the same mechanism and technology that CryptoKitties uses, a digital asset can be exchanged seamlessly, through a decentralized platform.
They will no longer have to rely on centralized platforms that are vulnerable to a wide array of threats and are equipped with strict Know Your Customer (KYC) and Anti-Money Laundering (AML) policies.
CryptoKitties is a Tamagotchi-like game developed as a decentralized application launched on top of the Ethereum (ETH/USD) protocol. Each digital kitten represents a unique crypto asset and the ownership of it cannot be altered, as it is integrated onto the immutable Ethereum Blockchain.