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The Spectacular Collapse of Cryptokitties.
- Source :
- IEEE Spectrum; Sep2022, Vol. 59 Issue 9, p42-47, 6p
- Publication Year :
- 2022
-
Abstract
- On 4 September 2018, someone known only as Rabono bought an angry cartoon cat named Dragon for 600 ethers—an amount of Ethereum cryptocurrency worth about US $170,000 at the time, or $745,000 at the cryptocurrency's value in July 2022. • It was by far the highest-priced transaction yet for a nonfungible token (NFT), the then-new concept of a unique digital asset. And it was a headline-grabbing opportunity for CryptoKitties, the world's first blockchain gaming hit. But the sky-high cost of the transaction obscured a more difficult truth: CryptoKitties was dying, and it had been for some time. • Dragon was never resold—a strange fate for one of the most historically relevant NFTs ever. Newer NFTs such as “The Merge,” a piece of digital art that sold for the equivalent of $92 million, left Dragon behind as the NFT market surged to record sales, totaling roughly $18 billion in 2021. Has the world simply moved on to newer blockchain projects? Or is this the fate that awaits all NFTs? [ABSTRACT FROM AUTHOR]
- Subjects :
- NON-fungible tokens
COMPUTER art
TRANSACTION costs
BLOCKCHAINS
CRYPTOCURRENCIES
Subjects
Details
- Language :
- English
- ISSN :
- 00189235
- Volume :
- 59
- Issue :
- 9
- Database :
- Complementary Index
- Journal :
- IEEE Spectrum
- Publication Type :
- Periodical
- Accession number :
- 159041235
- Full Text :
- https://doi.org/10.1109/MSPEC.2022.9881234