CryptoKitties raises $12M from Andreessen Horowitz and Union Square Ventures

CryptoKitties, the digital collectible kitten recreation that turned into a viral sensation has raised $12M in funding and can be spun out from Axiom Zen, the Vancouver and San Francisco-based design studio that initially constructed the sport.

The spherical is being led by Andreessen Horowitz and Union Sq. Ventures, each of which have rapidly developed a repute for backing fast-growing cryptocurrency startups like Coinbase. A bunch of notable angels additionally participated, together with Naval Ravikant (CEO and founding father of AngelList), Mark Pincus (founding father of Zynga) and Fred Ehrsam (founding father of Coinbase) amongst others.

So what are CryptoKitties? They’re basically digital collectibles constructed on high of the Ethereum blockchain. Each is exclusive and has sure attributes that make them uncommon and fascinating, virtually like a digital beanie child. And customers are spending tons of actual cash on them, with among the rarest kitties fetching over $100,000 when the sport first launched.

Whereas the startup is being fairly mum on what the long run appears to be like like and what they’re planning on utilizing this funding for, it’s virtually sure that the long run aim is to increase past CryptoKitties and use the identical Ethereum ERC-721 collectible commonplace to create different recreation experiences, particularly ones that may be performed by common people who find themselves unfamiliar with cryptocurrency.

To this be aware, Fred Wilson of USV rapidly outlined the agency’s thesis behind investing in CryptoKitties, saying “we predict digital collectibles is considered one of many wonderful issues that blockchains allow that actually couldn’t be completed earlier than this expertise emerged. We additionally assume digital collectibles and the entire video games they permit can be one of many first, if not the primary, large client use circumstances for blockchain applied sciences.” 

If you wish to discover out extra about how CryptoKitties works examine out our original story here.

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