Cryptokitties made such a big splash in 2017 that they have their own wikipedia page, sold a single cat for over $120,000, and became synonymous with the crypto bubble. Now when most people write about smart contracts and everything smart contracts are capable of — the first thing they use as an example is Cryptokitties.
But smart contracts are much more than digital fuzzy balls of fur. They are set to revolutionize digital ownership. Here are a few examples…
In games like baseball and football and traditional sports — I can’t believe we’re now calling it “traditional” sports — a game item like a baseball can be played with in any number of games, even being passed around between teams and ending up in some small league game.
In eSports games, however, an item belongs to one player only, and that player can only use it in that one game.
Now let me introduce the Multiverse, by Enjin.
In the multiverse players can use an item in one game, and then sell or trade it to another player. That second player can then use that item in the same game or in a totally different game developed by a whole different studio!
All that is thanks to Enjin’s innovations with the Ethereum smart contract system known as ERC-1155.
The ICO — Initial Coin Offering — is dead. It burst along with the crypto bubble. Now smart contracts are giving rise to the IAO: the Initial Asset Offering.
How are they different?
ICO’s are for coins only. And one coin is the same as any other coin.
But an IAO, “in the context of gaming, there is a long list of in-game items that can be offered in an IAO, including characters, weapons, items, power-ups, skins, employees, real estate, pets, universes, games, and even currencies.”
That’s a huge step forward, if you think about it.
Characters are not interchangeable like coins. Weapons can be all sorts of different rarity types. Power-ups need to do different things.
To handle all those functions a new set of smart contracts were invented, from the ERC-20 to the ERC-721 to the new ERC-1155.
These smart contracts are revolutionizing digital ownership in games, between games, and for more than the gaming industry, for the collectible industry too.
New Discoveries Every Month
There’s a reason why smart contracts are the tech of our future: incredible momentum.
A tremendous amount of brainpower (aka people) are thinking about and solving blockchain roadblocks. Every day, every week, every month the folks at Cryptomaniaks report on fascinating new developments in smart contracts.
Nike, for example, introduced a whole line of sneakers authenticated by smart contracts. Meanwhile, Ethereum smart contracts are being used to power whole neighborhoods by processing transactions on microgrids. Smart contracts are also making healthcare more secure, accessible, and affordable.
From digital ownership to healthcare and every industry in between, smart contracts are bringing useful changes to our lives.
Without a doubt, smart contracts are so much more — than Cryptokitties.