CryptoKitties are "digital collectibles" in the form of cartoon cats that people can buy, sell, and breed using cryptocurrency. In December someone paid US$155,000 for a single cryptokitty. In March investors who should know better, like Andreessen Horowitz and Union Square Ventures, gave CryptoKitties $12 million. In the months that followed, both the trading activity and the price of Cryptokitties has nearly bottomed out.
The number of CryptoKitties transactions decreased in June by 98.4 percent compared to its peak of 80,500 transactions back in December 2017, according to data from Bloxy.
The average price of CryptoKitties seems to have decreased dramatically, as well. Blockchain analytics site Diar pegs the average price around US$5 per digital cat, a decline from what Diar suggests was its all-time median high of around US$41.
Who would have thought people would lose interest in paying lots of money for drawings of cats that look like something an earnest middle-school student would post on her DeviantArt page?
The company hopes to reignite interest in CryptoKitties by introducing two exciting game components: "KittyBattles" and "KittyHats."