It’s been one week and I’m already obsessed.
This past Monday, I adopted my first two CryptoKitties and began breeding them with other users’ kitties to generate Ethereum and offspring that I can use to breed more kitties or sell for more Ether. I made enough to buy a third kitty and today, I bred two of my own cats together to create a fourth kitten that I’ve named after LSPARK.
Here are the first two kitties that I purchased:
And, here’s our very own LSPARK Accel-a-Kitty cat that I bred today:
The premise of CryptoKitties is simple: you use Ethereum to purchase CryptoKitties, which leverages blockchain technology to create indestructible, one-of-a-kind cats, which you can then breed for more Ether, sell off for Ether or use to create more kitties… thus creating a collection of cats that represent your Ethereum wealth.
The cats don’t do anything and you can’t play with them or feed them but you can use them to create more cryptocurrency and to be honest, it’s a whole lot more fun than simply holding Ether in a wallet.
I stumbled onto CryptoKitties through two separate conversations that happened within days of each other and any time that something hits my radar more than once in a short period of time, I like to check it out. So, that Monday, I set up my account, purchased my first chunk of cryptocurrency, chose a few cats and by Thursday morning, I was doing an interview with The Wall Street Journal on CryptoKitties and the evolution of cryptocurrency and blockchain.
I know, life is strange sometimes.
Now that I’m a week into it, here are some of the things I’ve learned as well as what you’ll need to know if you’re going to get into CryptoKitties.
CryptoKitties is an Excellent Introduction to CryptoCurrency
CryptoKitties makes the process of buying cryptocurrency incredibly easy and appealing. You install a Google Chrome add-on called MetaMask, which you then use to purchase your Ether.
I had to take a few extra steps because I’m in Canada but if you’re in the US, you can purchase your currency right through the app. Being in Canada, I had to go to CoinBase and purchase the Ether there and then transfer it to my MetaMask wallet. Still a relatively easy process though and the time investment was about 20 minutes in total.
Before Monday, I had only a small interest in holding cryptocurrency but once I saw that I could play a fun game with it, it created a tipping point for me in the adoption process. I think this is what is happening with a lot of people and why we’ve seen the value of Ethereum go up tremendously since CryptoKitties was launched.
Think of CryptoKitties as a Real-Life Marketplace
CryptoKitties operates like a marketplace. You hold inventory, you can sell or buy from the marketplace and your cats increase in value the rarer they are.
Leveraging the marketplace is key so you want to do a few things:
- Look for cats that come from the earlier generations with zero being the earliest. These cats are more rare and therefore, more valuable. Here’s a great Reddit thread on the generations and what to look for.
- You want kitties with short cooldowns. Your cooldown period will determine how fast (or slow) you can breed your cat. The quicker it breeds, the better it is because you can get it on the marketplace more often thus creating more Ether for yourself. However, the more you breed your cat, the longer the cooldown period.
- Find out what the rare cattributes (traits) are and try to find low priced cats with those traits. If you can find a low generation cat with rare traits and get him for a low price, you’ll be sitting in a great spot to grow your herd. Reddit has been a valuable place to look up what the rare traits are.
If you put a bit of time into it each week, you can generate more cats and more Ether quite easily. BUT, your speed will be dependent on finding those rare traits that will make the cat more desirable AND give you more opportunities to create rare offspring (someone recently sold their cat for over $100,000 so it’s worthwhile to spend a bit of time on this piece.)
Have Fun With It
Just like anything, you need to go into this with a willingness to experiment and have a bit of fun with it. My initial investment was $50CAD and I’ve turned that into four kitties without putting any other funds into my cryptocurrency wallet. I am going to continue to breed my cats and reinvest the Ether I generate into more cats thus creating a bigger portfolio.
I’ll be back next week with another update for you and if you have any questions, Tweet me @LSPARKGlobal or @ErinBlaskie and I’d be more than happy to fill you in on what I’ve learned and experienced.