The world of cryptocollectibles

 

Source: Salon, Jessica Klein

Cryptocollectibles are gaining in popularity, but what are they?

Blockchain is a technological innovation that lets people move digital items online, including money, in a secure and efficient way. Cryptocurrencies, decentralized currencies not attached to certain nations — the best known of which is Bitcoin, with Ethereum creeping up behind — rely on this technology. Cryptocollectibles (one-of-a-kind “art” pieces that individuals can purchase and therefore own) are built on blockchain technology, and people can buy them using cryptocurrencies (usually Ethereum). Blockchain technology tracks where each CryptoKitty goes (aka, tracks ownership) and ensures that they cannot be duplicated.

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