Blockchain gaming startup Animoca and blockchain network Harmony are aiming offer crypto collectibles on a much larger scale with a new acquisition.
Blockchain gaming startup Animoca has partnered with the blockchain network Harmony to jointly acquire the digital collectible startup Quidd, with the intent of using its services to build a new ecosystem for crypto collectibles.
Harmony shared news of the development with Cointelegraph via a press release. According to the announcement, Animoca is planning to onboard its games and brands to the Quidd platform after the acquisition is complete.
As noted in the press release, one issue the companies are aiming to solve in the crypto collectibles space is scalability. According to the announcement, the major crypto collectibles application CryptoKitties — which Animoca was involved in — at one point peaked at 14,000 users, which strained the Ethereum network. This is reportedly because the Ethereum blockchain only supports a throughput of 14 transactions per second.
The partnering companies, however, are attempting to onboard a platform, Quidd, which has 200,000 users. In order to achieve this, the companies will be relying on the capabilities of Harmony’s blockchain, which can support 10,000 transactions per second per the announcement. This can support Quidd’s user base, and can even scale up as necessary to accommodate a growing number of users via sharding.
As noted in the press release, Animoca auctioned off a crypto collectibles car, the “1-1-1,” for $106,428. An anonymous user made this purchase as part of a promotional sale conducted prior to the release of Animoca’s blockchain-based game F1 Delta Time.
Near the end of 2017, CryptoKitties also saw some crypto collectibles being traded in the six-figure range. As previously reported by Cointelegraph, five of the rarest CryptoKitties sold for over $100,000 each. The most expensive collectible kitten reported at the time was sold for approximately $120,000.
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.