CryptoKitties raises $12M from Andreessen Horowitz and Union Sq. Ventures • TechCrunch

CryptoKitties, the digital collectible kitten sport that turned into a viral sensation has raised $12M in funding and will likely 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 shortly developed a fame 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 prime of the Ethereum blockchain. Each is exclusive and has sure attributes that make them uncommon and fascinating, nearly like a digital beanie child. And customers are spending tons of actual cash on them, with a few of the rarest kitties fetching over $100,000 when the sport first launched.

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

To this word, Fred Wilson of USV shortly outlined the agency’s thesis behind investing in CryptoKitties, saying “we predict digital collectibles is considered one of many superb issues that blockchains allow that actually couldn’t be accomplished earlier than this know-how emerged. We additionally assume digital collectibles and the entire video games they permit will likely be one of many first, if not the primary, large shopper use instances for blockchain applied sciences.” 

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

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