CryptoCats Reborn, When the Blockchain Takes Power Over Developers
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CryptoCats Reborn, When the Blockchain Takes Power Over Developers

April 29, 2021      Evan Luthra

Cryptocats are digital art tokens (NFTs) made in 2017 that are hosted on the Ethereum Blockchain -one of the main crypto networks- and sparked interest recently with the huge NFT Market growth these past few months.

This story is the story of how old digital assets get valued by the public, and why there is more to it than actual art quality and ownership issues.

CryptoCats Reborn: How it Started

Until March 11th and the widespread craze for NFTs in the cryptosphere, a significant portion of these cats NFTs were patiently awaiting their adoption, dormant on the Cryptocats website, just like Mooncats and Cryptopunks before them. Their rediscovery by NFT “Archaeologists” -modern-day archaeologists who search for older, forgotten art tokens- sparked a huge rush with over $1 Million spent in a matter of hours by people trying to get their hands on a precious digital feline.

What made them so popular so quickly is that not only they’re one of the oldest digital tokens ever, but they also are the very first fork (made using the same source code) of the famous Cryptopunks, with some of the cats designed by John Watkinson from LarvaLabs (CryptoPunks co-creator). However, unlike CryptoPunks and their 10000 unique punks, the total amount of Cryptocats available is only 625, so the community that formed around it is way smaller than the CryptoPunks one, and the hype/marketing surrounding it quickly vanished.

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That was until a week later, on March 19th, another group of NFT Archaeologists discovered the very first versions of these cats on contracts that were published prior to the official ones.

These early versions featured cats of the latest version that were thought to have been lost forever in “forgotten wallets”, making the rush even more massive.

CryptoCats See New Ownership

Within a few minutes, several hundred cats found a new owner. This story could have ended there, but the blockchain is full of surprises. The first version of these cats is similar in all aspects to the final version except for one non-negligible detail- The price.

They are ten times cheaper than their little brothers. Accused of hiding these versions out of pure financial interest, the developers of the CryptoCats decided to deny this version by doing everything in their power to prevent their trade.

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They quickly made an official statement on the matter, wrongfully stating that any older contracts were “buggy” and “unusable”.

This decision came with serious consequences and angered several users who believed that the developers had violated the spirit of the blockchain. Decentralization, by definition, means that no single individual or entity can own the blockchain as it belongs to the community. It is up only to the market to determine what holds value. A group of enthusiasts began to rehabilitate these cats, disowned by their creators.

The ”unofficial” cats were published on OpenSea, the largest market available for NFTs, but quickly taken down after the original developers reported them.

That didn’t stop the new community from working on making these cats available for everyone, and the archaeologists team who found the contract took the matter in their own hands and started working on a decentralized exchange.

Thus, 2 days later, CryptoCats Reborn, and its exchange cryptocatslistings.com were born, a fully decentralized exchange acting directly on the contract, without intermediates.

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A runaway success that generated over 200 trades and $600,000 in volume in less than a week, all the while the official version of the contract only showed a single sale in 10 days, an all time low since their rediscovery.

This story of CryptoCats Reborn once again reminds us of the beauty and power of decentralization. The blockchain allows us to free ourselves from individuals and centralization, and it is its users that define the market value of anything on it.

 

 

#CryptoCats Reborn #NFT #OpenSea
Evan Luthra
Evan Luthra

Evan is a tech-obsessed thought-leader who has spoken at 100s of conferences around the world. He has extensive knowledge and experience in mobile apps and his company, EL Group International, has developed and delivered mobile apps for major Fortune 500 companies. He has also received an honorary Ph.D in Blockchain for the impact he has made in the industry from launching Blockchain Schools to Blockchain Coworking spaces and having spoken at 50+ Blockchain events. As a highly accredited Angel Investor, Evan believes in stepping out of his comfort zone and exploring the power of conceptualization, innovation and execution.