A lot of valuable lessons can be learned from the CryptoKitties project. It highlights the potential of Etheruem’s blockchain technology. At the same time, it also points out some key weaknesses where this technology is concerned. The bigger question is how projects like these impact the business-to-consumer industry as a whole.
The CryptoKitties Success Story
Breeding virtual cats on the Ethereum blockchain is surprisingly popular. CryptoKitties made a big name for itself by introducing this opportunity to the masses. Millions of dollars have been spent to buy, sell, and trade these virtual cats. More importantly, the project raised $12m from VCs and angel investors not that long ago.
Several key factors contribute to this project’s success. There is a certain appeal to tokenized assets which can be fully owned by investors and owners. It is a different type of collectible which seems well-suited to the modern needs of most consumers. Perhaps the most important aspect is how it highlights the potential of the blockchain. This technology is not just designed for major corporations and service providers.
CryptoKitties provides convenient access to digital assets. It also offers security, immutability, and privacy to all holders and investors. Gamification has always been an excellent way to get regular consumers excited about new technologies. Projects like these can ultimately pave the way for mainstream blockchain adoption on a global scale.
Exploring the B2C Market Segment
No one can deny consumers are not too keen on blockchain yet. Those who are not involved in cryptocurrency often do not see the immediate benefits of this technology. It remains very difficult to understand how distributed ledgers work. Putting one’s faith in something they cannot comprehend remains a major hurdle to overcome.
The rise in popularity of dApps can do wonders for blockchain in the B2C segment. Bringing innovative technology directly to consumers can unlock many new use cases. CryptoKitties is an interesting example in this regard. Some competing projects exist, and they represent the vast majority of current Ethereum dApps. Overall adoption of these new applications is still relatively low.
The B2C market can become crucial for blockchain service providers. Targeting consumers directly is the best educational effort to explore. A hands-on approach which does not require coding skills can create a genuine buzz regarding this technology. Applications like Cryptokitties also draw a clear line between cryptocurrency and blockchain. Both industries are entwined, yet they also exist separately.
How can companies use gamification dApps to reach their customer base? Let us know in the comments below.
Images courtesy of CryptoKitties and ShutterStock