Cryptokitties!
The latest collectable!
Now, I realize you may be having images of zombie kitten figurines or cat figurines wearing dark Goth makeup sitting in rows on shelves at the mall, but you'd be wrong.
They are actually cartoon cats....with so much more.
Now, if you don't already know how I feel about marketed collectables (Franklin Mint, numbered collector plates, etc)...
Well, I don't like 'em. They are simply not true collectibles....and their potential to go up in value tends to exist only in the marketing literature.
Cryptokitties may well be different, however.
Not saying I like them....but they are intriguing.
You've probably heard of Bitcoin and possibly other cryptocurrencies.
If not, they are basically digital currencies...digital money. Click on the highlighted words to get a definition of them, if you wish.
But you are wanting to read about collectibles here, right? So, I will get back on track quickly...no tangents this time....going down just the bitcoin tangent alone would be year's of blog postings.
Cryptokitties are based on the same technology as Bitcoin and other cryptocurrencies, blockchain technology
From their website:
What is CryptoKitties?
And they go on to say:
What’s the big deal?
CryptoKitties is one of the world’s first games to be built on blockchain technology—the same breakthrough that makes things like Bitcoin and Ethereum possible. Bitcoin and ether are cryptocurrencies but CryptoKitties are cryptocollectibles. You can buy, sell, or trade your CryptoKitty like it was a traditional collectible, secure in the knowledge that blockchain will track ownership securely.
But, unlike traditional collectibles, you can breed two CryptoKitties to create a brand-new, genetically unique offspring.
It results in something special—just like you!
Ain't that sweet? (Can you hear my eyes rolling?)
So, basically, what I gather is they are digital collectibles with solid provenance....
That is, as long as the internet is around. But, I guess if the net goes down permanently there will be other issues to deal with than the provenance of your Cryptokittie.....like the apocalypse...and getting your Mad Max-esque vehicle going.
The whole digital collectible thing is unusual enough that it puts a twist in the potential of these "collectibles" rising in value.
Could this be the true collectible of the future? Could we be trading in Cryptokitties soon?
Apparently, you build your own Cryptokittie. So, there is potential for the spawning of noted Cryptokittie creators; Cryptokittie artists that are more sought after than some Joe-public's Cryptokittie.
Just this little bit of perusal into the world of non-tangible colllectibles boggles the mind.
My question is, can this really be a viable thing?
It could be premature in its birth, being that Bitcoin's longetivity is still up in the air in may people's minds...and only time itself will cure the general public's reluctance to accept bitcoin as a long term viable currency....or, for that matter, to get them to understand it.
Hell, I am still not so sure I understand it completely.
But, I DO understand marketed collectibles.
Crytokitties is just that, a marketed collectible......but with a twist.
That twist is technology....and technology that is interwoven with the internet. It is part of the fabric of what we have come to use daily.
That is a wildcard in this situation.
There are people who live virtually their entire lives online.
Yes, the pun was intended...and will save me from writing out the sentence twice to say two different things.
There are people who live virtual lives, spend money on virtual property in all sorts of games like "Second Life" and a multitude of other video games of the more or less traditional sort, of which markets have popped up to buy accoutrements of all sorts; weapons, gear, virtual real estate, actual characters themselves, etc, etc, etc.
So, people owning a virtual collectables is not so crazy as it may first seem to some people.
What makes Cryptokitties different from Franklin Mint?
Provenance.
Or, rather, that is the main thing that makes it different.
A solid historical record and chain of ownership of the "Cryptokittie" since its creation.
The other thing that makes it notably different from Franklin Mint's business model is that each Cryptokittie is potentially (and more than likely) unique.
But in that I see a problem.
Franklin Mint's business model was selling oodles of a single identical object....albeit they may be numbered with a unique number...but when that number is in the thousands, the uniqueness of that object is solely the number itself...and no one gives a rat's ass about the number on the bottom being unique.
I can see Crytokitties potentially having the reverse of that issue.
They are all unique.
Now, that is normally a good thing when it comes to collectibles. You find a Hot Wheels car that has the wrong decal on it you may have found a treasure, or a Barbie in a rare hair colour. Or, areas of collecting that are not so heavily marketed in the same way, like Folk art, paintings, etc, etc....
But, uniqueness, my friends, could basically make them all the same, especially when you reach a critical mass....a large quantity.
They are virtually all the same. Same general shape, style, etc.
Kind of like Beanie Babies....except there is only one of each.
Sheer potential numbers is the problem here.
Theoretically, and most likely, problems will arise with mass quantities of Cryptokitties being created. That will literally make them all worth the same.
So what if Fred's and mine are two different colours, they are basically the same...put them together as a collage, and eventually you will no longer see individuals.
Oh, but they are created by individual artists you say?
And, oh, but you can breed them you say?
Problem with both of those scenarios is they are constrained by a predefined set of rules....the programming. Set colours, designs, etc.
But, there is enough variation that there certainly can be huge quantities of almost "unique" Cryptokitties created....but that is the problem again....sheer numbers.
Now, if you put a pile of folk art together from different artists, however, and you will still see individuality, no matter how large that pile grows.
Put a pile of Cryptokitties together and I suggest what you will see is one style....all different, but all the same STYLE. They are not technically unique. The programming will limit them to a certain form, shape, and/or very general appearance.
Plus, you will need a secondary market to want to buy those Cryptokitties....and a secondary market willing to pay prices exceeding each individual Cryptokitties' cost to be created.
Will there be that sort of secondary market?
Or are Crytpokitties just the first of what could be considered virtual Beanie Babies?
Like with all collectibles, time will tell. But, personally, I don't plan to invest heavily in Cryptokitties.
I already bought my a few beanie babies years ago in a weak moment, thank-you very much. At least I can give them to a kid to get some joy out of.
But perhaps I am being too hasty? Perhaps I should give Cryptokitties a shot?
What do you think, should I get in on the main floor of the Cryptokittie market?
Leave me a comment and let me know your thoughts!
No comments:
Post a Comment