CryptoKitties raises $12M from Andreessen Horowitz and Union Sq. Ventures – TechCrunch
CryptoKitties, the digital collectible kitten recreation that become a viral sensation has raised $12M in funding and might be spun out from Axiom Zen, the Vancouver and San Francisco-based design studio that initially constructed the sport.
The spherical is being led by Andreessen Horowitz and Union Sq. Ventures, each of which have rapidly developed a popularity for backing fast-growing cryptocurrency startups like Coinbase. A bunch of notable angels additionally participated, together with Naval Ravikant (CEO and founding father of AngelList), Mark Pincus (founding father of Zynga) and Fred Ehrsam (founding father of Coinbase) amongst others.
So what are CryptoKitties? They’re basically digital collectibles constructed on prime of the Ethereum blockchain. Every one is exclusive and has sure attributes that make them uncommon and fascinating, virtually like a digital beanie child. And customers are spending tons of actual cash on them, with among the rarest kitties fetching over $100,000 when the sport first launched.
Whereas the startup is being fairly mum on what the long run appears like and what they’re planning on utilizing this funding for, it’s virtually sure that the long run aim is to increase past CryptoKitties and use the identical Ethereum ERC-721 collectible commonplace to create different recreation experiences, particularly ones that may be performed by common people who find themselves unfamiliar with cryptocurrency.
To this word, Fred Wilson of USV rapidly outlined the agency’s thesis behind investing in CryptoKitties, saying “we think digital collectibles is one of many amazing things that blockchains enable that literally could not be done before this technology emerged. We also think digital collectibles and all of the games they enable will be one of the first, if not the first, big consumer use cases for blockchain technologies.”
If you wish to discover out extra about how CryptoKitties works try our authentic story right here.