Facebook And Twitter Investors To Raise $12 Million In CryptoKitties

A virtual Ethereum based collectible kitten game has raised $12 million in an investment led by Andreessen Horowitz and Union Square Ventures. These investors have been quite active in the cryptocurrency space, they have also backed Coinbase. Among participants there are AngelList Founder and CEO Naval Ravikant, Founder of Zynga Mark Pincus, founder of Coinbase Fred Ehrsam.

Further it was revealed it would be spin out of its developer, who’s name is Axiom Zen. Users are able to create and breed virtual kittens and can sell or buy those kittens using Ethereum.

CryptoKitties was created on a standard for non-fungible tokens originally authored by the project team. At USV, we think digital collectibles is one of many amazing things that blockchains enable that literally could not be done before this technology emerged.

Further they said, that digital collectibles and all of the games they enable will be one of the first, if not the first, big consumer use cases for blockchain technologies.

The game has seen a success, because it has been a lucrative venture for many. The report says, that over $23.2 million worth CryptoKitties have been sold since the launch of the game. The most expensive cat was sold for $110,707 at the time of the sale. Union Square has also developed their own CryptoKitty created by partners Andy Weissman and Fred Wilson.

Though the companies have been quiet for CryptoKitties, it seems the investors of Facebook and Twitter are going to participate together.