Crypto animals are taking over Ethereum network

Virtual collectibles games like Cryptokitties, Etheremons, Cryptopets and Cryptopuppies are gaining more and more popularity and can cause Ethereum network transactions fees skyrocket
26 December 2017   1980

In the beginning of December of 2017 Cryptokitties became one of the most popular applications based on Ethereum network, which allowed its users to buy and breed cute kitties valued in Ether, and the kittens reached incredible prices in the market, letting AxiomZen company earn $25 million in one month selling kitties.

Currently there are more than 87 thousands cryptokitties and their price varies from 0,003 to more tan 1,5 ETH.

Cryptokitties rangeExamples of cryptokitties available for purchase

It was only a matter of time before someone wanted to repeat the success of Cryptokitties and more and more applications for buying and breeding crypto animals started to emerge.

For instance, a new phenomenon of Etheremon has started to gain popularity after the beta verson launch on December 20. Right now, the only thing you can do with Etheremon is keep them, which earns you a small amount of ETH every time someone else buys that same type of Etheremon. The prices for Etheremons range from 0.37 ETH, which is $298 to 1.2 ETH, which is respectively $966. 

Etheremons available for purchaseExamples of Etheremons available for purchase

The users of the collectibles game seem to like it despite the extremely high prices for pet Pokemons and despite the fact that one of the game's smart contracts now accounts for 2.82 percent of transactions on the Ethereum network and has caused transaction fees to jump. 

Moreover, there is another project called Cryptopets, which is scheduled to be fully launched in the middle of January of 2018. The users will be able to buy up to 20 different cryptopets, breed them, make them play and fight battles. The most expensive pet will be Unicorn, which will cost 2 ETH.

Cryptopets examplesCryptopets examples

There is also Cryptopuppies project, which is very little known about, and its official website states that the project is "coming soon", although some information about it can be gathered from twitter account, which already has almost 2000 followers.

In case with Cryptokitties the price for Ethereum transaction rose from $0.3 to $1.4 only in one week, and lead to the longer period of transactions processing with extra payments. 

If the number of such games increases, the Ethereum network might experience a serious test for strength.

Ethereum pending transactions queueEthereum pending transactions queue after the launch of Cryptokitties

At the moment of press, these are the main market parameters of Ethereum:

  • Average Price: $772,93
  • Market Cap: $74 651 233 573
  • 24h Volume: $2 188 920 000

Fidelity Investments to Launch BTC & ETH Platform

New platform is designed for institutional investors
16 October 2018   226

One of the world's largest asset managers, Fidelity Investments, announced the launch of a unit focused on providing institutional investors with Bitcoin and Ethereum services. The Forbes reports.

The new division received the name Fidelity Digital Assets and, possessing a staff of 100 employees, will provide a platform for trading cryptocurrencies and consulting services 24/7.

The platform already has first customers, but its launch for a wider range of investors is scheduled for the beginning of 2019.

This is a recognition that there is institutional demand for these assets as a class. Family offices, hedge funds, other sophisticated investors are starting to think seriously about this space.

Tom Jessop

Founding head, Fidelity Digital Assets

In particular, Fidelity Digital Assets will offer a transaction service that, using internal cross-connect and order routers, will trade through third-party liquidity providers.

One of the most popular offers by the company can also be a service for storing Bitcoin and other cryptocurrencies. It is physical storage, distributed in different geographical locations and offering the so-called "cold" storage of digital assets. This way of storing cryptocurrencies without access to the Internet and with a multi-level control system is considered to be one of the safest and most resistant to hacking today.

As the CEO of Fidelity Investments, Abigail Johnson, said, the goal of the new platform is to make digital assets like Bitcoin more accessible to investors.

Fidelity Investments is considered the fifth largest asset manager in the world, offering investment and custody services to 13,000 consulting firms and brokers. In total, the company manages assets worth $ 7.2 trillion.