It’s the latest twist in the cryptomania saga. In recent weeks, 160,000 users have spent an estimated $15.5-million (U.S.) worth of cryptocurrency on collectible virtual kittens.
Vancouver-based startup Axiom Zen launched CryptoKitties – a virtual game that allows users to buy, sell and breed digital cats – in a bid to make blockchain technology less intimidating. After all, anyone who has purchased cryptocurrency such as bitcoin knows that it can be a daunting task.
Although the blockchain-based app is intended to be a game, some users may be buying the collectibles with the hopes that the digital cats will appreciate in value, much like the price of many cryptocurrencies has.
The price of bitcoin has been on a tear, rising more than 1,500 per cent since the start of the year. Meanwhile, the market for new virtual currencies has exploded, with early-stage companies raising roughly $3.68-billion through more than 230 new offerings,…