However, the ability to move the ownership of the entry (public key) to a new address is limited to the owner of the matching private key. As a result, all collectibles recorded on this blockchain are visible on the world wide web through a block explorer such as Etherscan. Like most blockchains, Ethereum makes use of public-key cryptography. What makes CrypoKitties and other virtual items collectible is a new blockchain-based function which assigns a single unique address on the public Ethereum blockchain to the item. So, why do people treasure some virtual items while assigning little to no value to others, and can virtual items truly be owned? This willingness of buyers to pay high prices for what are essentially easily reproducible digital images has observers scratching their heads in amazement, if not disbelief. Around the same time, CNN reported that a group of 10 digital art collectors spent $1 million for the rights to the digital photo of a rose. According to Crunchbase, several prominent venture firms consequently invested a combined $12 million into the company that created these images of colorful felines. (Full disclosure: my firm supports the open-source Ethereum blockchain community.)ĬryptoKitties made mainstream headlines, including one New York Times article (paywall), when some of the game’s digital collectibles were bought for over $100,000. Such a resell function seemed technologically out of reach before a small team of developers introduced cartoon kittens virtually born on the public Ethereum blockchain in December 2017. But like all DRM implementations, Apple and others do not enable buyers to resell their digital purchases. The latter will further extend the permissions to as many as five devices. Digital rights management (DRM) solutions restrict buyers to use the media inside of the environments provided by the seller – as is the case with Amazon’s media platform and Apple’s iTunes.
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