Cryptokitties just announced a $12 million dollar investment from some of the biggest names in venture funding. First of, DO CONGRATULATE! The kitties have proved beyond a use case; they have proved value and a market, and have spawned a fantastic community of engaged enthusiasts. It’s a beautifully executed project. The cats are truly cute and eminently collectible. They are so collectible that they can even collect stuff themselves.
We think they are a work of pop art, but this is stuff for a separate post. In any case, kudos are in order.
We wonder, though, how this will impact the rest of us creators of digital collectible assets. Can we assume that the prestige of the venture capital firms and individuals that invested will raise credibility for the cryptocollectibles space in general? Can it help mass adoption of Ethereum move a little faster? I sure hope so. We know games are popular, and that people may want to collect fishies, or Lambos, or all kinds of things and creatures. But how will this influence the creation, development and potential success of unique digital assets created by artists. That is, how will this impact actual rare digital ART?
Rare Digital Art by Susana Riveros AKA Otro
These firms are betting on decentralized apps because they understand the potential. The question is, how will the influx of traditional venture capital influence the democratizing principles that are inherent in the use of blockchain? Feel free to chime in.
We can only hope that this investment will signal that there is plenty of opportunity for the funding and expansion of a robust market category of crypto collectibles that will not only bring joy to millions but also incomes to artists and creators, and profits for collectors, investors, and companies like Rare Art Labs, Pixura, and others like us, who are trying to develop a new model of wealth creation for artists. We know that just as there are collectors out there who hoard cats, there will be collectors out there who hoard art. The difference is that when they do, they will be supporting an economy for artists.
I’d like to think that collecting art satisfies the craving of possession as well as something even more meaningful — the idea that by buying art we are chipping in to keep this Earth a civilized place. I hope that once the gold dust settles, people will bring their collecting jones to unique art made by living, breathing artists. This would be the ultimate proof of the viability of digital collectibles: when people collect digital art just like they can collect real art, with the same kind of diversity of styles, artists, genres, prices, marketplaces, and tastes as exists in the physical art world.
Excellent post! Great description of CryptoKitties and KittyHats.