Most people familiar with cryptocurrencies have heard about the highly popular CryptoKitties blockchain game. Despite lacking any real-world value, the project took off and managed to attract a lot of people. It seems now that the interest in CryptoKitties still grows, as venture companies have announced their plans to pour $12 million into the project. So be prepared for some more CryptoKitties!
The project has managed to raise impressive sum of money in the past, but apparently, this is just a beginning. CryptoKitties proved to be a viable project, despite many people thinking about it as a one-day thing. Anyway, it’s a bit unexpected that the project got funded by such VC firms as Andreessen Horowitz and Union Square Ventures, which are previously known to invest in exchanges and service providers. The list of investors also includes Digital Currency Group and Hex Capital.
The purpose of this unexpected funding is yet unclear. From the beginning, the project was able to generate a lot of money. At its launch, the game effectively brought down the Etherium network as it couldn’t handle the sudden torrent of transactions. Since then it happened again several times, which shows how crazy people are about these cute digital felines. Even WikiLeaks mentioned CryptoKitties, adding more hype and credibility to the project. There were no statements from the developers on how are they going to spend the money. The possible priority might be marketing.
Despite the project’s success, some remain unconvinced that the project has any value. Others argue that the project is educational and teaches people how to handle digital assesses.