Less than a week ago, a team of developers launched a decentralised application (dApp) called CryptoKitties on the Ethereum blockchain.
The application allows users to buy, sell, and breed virtual cats on the blockchain.
The dApp has proved extremely popular since launch, with users spending over $2 million dollars worth of Ethereum buying CryptoKitties.
At one point, 13% of all transaction costs on the Ethereum blockchain were related to CryptoKitties transactions.
The virtual cats are unique tokens transacted on the public ledger, complete with their own attributes and genetics.
CryptoKitties can also be bred to create new cats with “cattributes” inherited from their parents, making rare CryptoKitties an expensive commodity.
Many users have sold their CryptoKitties for over 100 Ethereum, with the “Genesis 1” cat sold for 246 ETH – around R1.6 million.