A spokesperson from Axiom Zen (the design studio that built the game) said that the proceeds will be used to “dramatically expand” the CryptoKitties team “as we figure out how to scale the blockchain to a billion consumers.”
CryptoKitties has raised $12M to make the blockchain purr. https://t.co/1NQKSdVJNV
— CryptoKitties (谜恋猫) (@CryptoKitties) March 21, 2018
A spokesperson for Axiom Zen said that the team aims to “make blockchain technology accessible and relevant to everyday consumers,” stating that “digital collectibles can act as a constellation for identity and self-expression.”
Since its launch, CryptoKitties has gained more than 1.5 million users, and accrued over $12 Million worth of sales.
Top cats, often affiliated with crypto celebrities, have sold for more than $200,000. Despite a decline in activity over the past few months, the game is still one of the most popular Ethereum DApps, and the collectible cats have retained their value.
The funding round was led by venture capital firms Andreessen Horowitz and Union Square Ventures, whose portfolio includes a variety of tech companies such as Coinbase and Airbnb. They will join other investors including Fred Ehrsam (former founder of Coinbase); Naval Ravikant (CEO & founder of AngelList) and Mark Pincus (co-founder of Zynga).
The team has seen rapid development, and in January partnered with Garfield Developer Animoca Brands to launch CryptoKitties on mobile in China.
The wily cats managed to evade regulation by being categorized as a “cryptocollectible,” rather than a security. This meant the app could be launched in China despite a nationwide ban on cryptocurrency trading.
Cryptokitties is not the only game on the blockchain, with other games like Spells of Genesis, on Bitcoin, and CryptoCelebrities on Ethereum, where players can trade popular avatars on the Ethereum network. However, it is CryptoKitties that seems to be driving innovation with their unique vision:
We envision a world of play, one without limits. Where ownership is real, and the things you create and discover, you can keep forever. Where games can be entire economies, unlocking mutual incentives for players and builders to extend the gaming experience.
For more information about the CryptoKitties phenomenon, see our original post, “Millions of Dollars Worth of Cats are Still Infesting the Ethereum Network.”
Cover Photo by Marko Blažević on Unsplash
Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.