So here we are, a little over 5 weeks have pasted since the first Cryptokitties were born and now over 99,000 unwanted virtual kitties are up for adoption. I'm sure in time we will all look back and wonder just what went wrong. Sadly, we already know the answer and it's two-fold.
First, Ethereum... not much more needs to be said there. Second, the platform was a "1 hit wonder", it had no true gamification to it, no reason to continue coming back to play anything. A Cryptokitty turns out to be nothing more than a virtual token to hold Ethereum.
I'm not sure there is anyway to truly calculate the collective financial loss that was incurred by everyone who jumped into the kitty craze early on. Consider this, in the first days and weeks the cost of a new Gen 0 kitty issued by the platform was around 9-15 ETH, or roughly $3,600-$6,000 USD. Today the price of a new Gen 0 kitty has dropped to .19 ETH, or roughly $190 USD. That's a minimum LOSS in value of $3,400 USD if you held on to your Super Awesome Magical Gen 0 Kitty.
Sure, we heard about people flipping kitties in the first few days for 100+ ETH, like WTF? But the average person who got involved struggled to get 1 or 2 kitties on the secondary market place while fighting to figure out the Gwei/Gas/Limit math without a Phd in advanced mathematics.
As for the rest of us, well we hold a bunch of virtual kitties that have no entertainment purpose at all, they just sit there, the avatars are not even animated to distract us from the fact they have lost 85% of there initial value. Seriously, Gen 1 Fast Kitties are now only selling for $8 when we bought them for $50+, we paid at least $3 on fees just to acquire them.
The real winners in all of this can be found in the "terms of use"...
Launch Labs, Inc. d/b/a Axiom Zen ("Axiom Zen", "we", or "us") is making the App available to you.
That's were all the Gen 0 Kitty purchase money goes.
So, Now we move on to Fish...
Fishbank looks to be stepping up the gamification level and building in interactivity to the fish. We, the user and fish owners, will need to be actively involved to maintain the fish - and our the investment value.
What is Fishbank?
A peer-to-peer (P2P) player-versus-player (PvP) game for growing, fighting and trading unique digital fish with community-driven economy and immutable gaming assets based on smart contracts running on the Ethereum blockchain.
But, at least here we all have a chance to pick up a starter fish or two for FREE during the invite-only pre-alpha phase!
Go sign up while it's still FREE!
http://my.fishbank.io/go/182184
Then, in a month or so, we can all come back and discuss the good and bad of the next virtual crypto pet.
Let me know what you think, please leave your comments below.
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