Direct from the desk of Dane Williams.
A deeper look at how CryptoKitties paved the way for the Flow blockchain.
Do you remember the good old days when CryptoKitties were all the rage?
If you were in crypto at the time, you definitely remember the OG NFT craze that swept everyone before it.
These digital felines took the world by storm, causing a frenzy among crypto enthusiasts and cat lovers alike.
But did you know that the popularity of these little fuckers had some unintended, yet serious consequences?
CryptoKitties quickly became so popular that they started to congest the entire Ethereum blockchain.
As more users started to purchase and breed CryptoKitties, the number of transactions on the Ethereum network surged, causing transaction times to slow down significantly.
This congestion, ultimately leading to increased transaction fees as users tried to outbid each other to get their transactions processed more quickly.
At the peak of the CryptoKitties craze, some users were paying up to $100 in transaction fees just to breed their digital felines!
The high fees and slow transaction times frustrated many users and highlighted the need for a more scalable and efficient blockchain solution.
This was one of the main factors that led Dapper Labs to create their own purpose built blockchain for future NFT projects.
And thus, the Flow blockchain was born.
In this blog post, I’ll take a closer look at how CryptoKitties paved the way for the Flow blockchain and explore the implications for the future of NFTs.
The rise and fall of CryptoKitties
CryptoKitties exploded onto the scene in late 2017 and quickly gained a massive following.
People loved the idea of owning and breeding unique digital cats and the potential for real money profit only added to the excitement.
As the popularity of CryptoKitties grew, so did the number of transactions on the Ethereum blockchain.
However, the surge in activity caused significant scalability issues, with the network struggling to keep up with demand.
This led to slower transaction times, and many users were left waiting hours… or even days, for their transactions to be confirmed.
Moreover, transaction fees skyrocketed as users tried to prioritise their transactions, making the platform expensive to use.
As these issues continued to plague the network, security concerns also started to surface.
With so much activity on the Ethereum blockchain, there were worries about potential hacks or vulnerabilities in the system.
The high transaction fees also made it less appealing for small-scale users, which hurt the growth of the platform.
Eventually, as users grew tired of the high fees and slow transaction times, the popularity of CryptoKitties began to decline.
The platform's growth had stalled, it becoming clear that a more scalable and efficient solution was needed for NFT projects of this size to thrive.
And this is where the Flow blockchain’s story begins.
Birth of the Flow Blockchain
Recognising the limitations of Ethereum, the team at Dapper Labs decided to create their own blockchain solution.
They wanted a blockchain that was purpose-built for NFTs and could handle high transaction volumes without sacrificing speed or security.
Thus, the Flow blockchain was born.
Built with scalability in mind, Flow uses a unique sharding architecture that allows for faster transaction processing and more efficient use of resources.
This means that users can interact with NFTs on the Flow blockchain without experiencing the same scalability issues that plagued Ethereum during the CryptoKitties craze.
With the launch of Flow, Dapper Labs has continued to innovate in the NFT space.
Their latest project, NBA Top Shot, has gained massive popularity and has proven the potential for NFTs to revolutionise the world of sports collectibles.
The legacy of CryptoKitties is the Flow Blockchain
Wrapping up, while the popularity of CryptoKitties may have been short-lived, its impact on the blockchain space was significant.
It highlighted the need for more scalable and efficient solutions for NFTs, which ultimately led to the creation of the Flow blockchain.
As the NFT space continues to evolve, it's exciting to see what new innovations Dapper Labs and others will bring to the table.
Best of probabilities to you.