Launched in 2017, CryptoKitties sparked a craze for blockchain-based games, allowing people to buy and sell virtual animals in China.
Chinese tech companies were quick to capitalize on the blockchain virtual pet craze, but now the biggest games no longer exist or have transformed.
Lured by the possibility of rapid price increases and the promise of becoming a millionaire, Mr. Dong spent $14,200 to buy a virtual pig on the Bit Pig platform.
A unique virtual cat on the CryptoKitties platform.
At its peak, the hype drove thousands of people in China like Mr. Dong to invest in cryptocurrencies and blockchain-based projects.
Using blockchain allows games to take advantage of digital scarcity.
While some people view CryptoKitties as a game, others see it as a lucrative investment channel.
`The first buyers poured money into virtual cats hoping they would get rich. This created a bubble. So now, the situation is very difficult to recover,` said David Johansson – founder and CEO of Blocklords in Shanghai.
These virtual pigs were once purchased for tens of thousands of dollars.
As the virtual currency craze emerges, China has become a hotbed for blockchain and cryptocurrency-related companies.
Baidu, NetEase, Xiaomi, and Qihoo 360 all have their own collection of blockchain pets.
Some games are released as experiments, such as Xiami’s Jiamitu rabbit collection as a way to attract users to the company’s other services.
`If you ask me whether blockchain-based games will be popular with players now, I will say no. Because this is impossible and the technology is not ready. And in the future, people