CryptoKaiju, new figurines on the Ethereum blockchain. Is it the next Cryptokitties?
Blockchain

CryptoKaiju, new figurines on the Ethereum blockchain. Is it the next Cryptokitties?

By Adrian Zmudzinski - 29 Nov 2018

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CryptoKaiju, a startup that produces crypto-themed collectables, has recently released physical figurines with RFID tags that are linked to the representation of the object in question on the Ethereum blockchain.

The first 130 figurines, inspired by the Kaiju monsters from Japanese films, will be sent out today.

Thanks to the RFID chips integrated into the figurines, collectors can identify the ERC721 token linked to that exact object.

One advantage of this system is that it makes it easy to identify counterfeit items as each has its own traceable identity.

It remains to be seen how these vinyl figurines will be received by the public, considering that each one costs $60 and a pack of 6 has a price of $320, but it’s important to keep in mind that their value might rise compared to the starting one.

This is not to be excluded considering that a CryptoKitty was sold for 170 thousand dollars.

What is the ERC-721 standard

ERC-721 is the name of a standard intended for the creation of non-fungible tokens on the Ethereum blockchain.

These tokens have unique identities and are not equal to each other, unlike euros, dollars, Ethereum or Bitcoin.

The most famous example of non-fungible tokens based on the ERC721 standard are CryptoKitties and the most typical use of this standard is that of digital collectables.

In this particular case, however, the object is physical and the tokens are used to ensure authenticity and make the object a hybrid between physical and digital.

The blockchain, in this case that of Ethereum, and cryptocurrencies in general, have introduced scarcity for digital goods and non-fungible tokens allow to create goods with different value.

Each CryptoKitty has a different value from another and it is expected that the same will happen with CryptoKaiju.

Adrian Zmudzinski
Adrian Zmudzinski

Adrian is passionate about technology and Information Technology (IT). Adrian specialized in the analysis of tokens, the blockchain technology, and cryptocurrencies. His interest in Bitcoin dates back to 2009 and it rapidly transformed into a more general interest of the still arising cryptocurrency industry. His analyses are concerned mostly by the technological potential underlying the analyzed token.

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