Are ‘Cryptokitties’ the Next Bitcoin?

One bitcoin now equals $11,245 in U.S. dollars. Will the cryptocurrency market continue to rise, or is it a bubble? Glenn and Stu debated this question on today’s show while talking about an adorable new trend in digital currency: collectible “CrypoKitties.”

Huh?

A CryptoKitty is a digital collectible that’s basically the online version of a valuable trading card. People are spending real money on these virtual kitties — $1.3 million has been transacted by the game so far.

How does it work?

Based on the Ethereum blockchain technology that fuels the world’s second largest digital currency, CryptoKitties works with the digital wallet MetaMask and accepts the digital payment ether. If you want more details, the website has a handy FAQ section.

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Will I lose my CryptoKitty when the game isn’t trendy anymore?

According to the creators, no. “Each cat is one-of-a-kind and 100% owned by you; it cannot be replicated, taken away, or destroyed,” the website says. Because the game is decentralized, CryptoKitties can live forever on the Ethereum blockchain, unlike other web games that are stored on a database and depend on the company continuing to host them.