In our startup stories this week, we discuss with Ola, the Founder of KittieFight, an Ethereum-Cryptokitties crowd-driven, real-time fighting Dapp game. KittieFight Tokens and ETH are awarded to winners of fight sessions that utilize customized fighting kittie characters derived from the www.Cryptokitties.co platform.
Ola chats with us on what the game poses for the crypto and blockchain industries as well as cat lovers. Catch our discussion below:
About Kittiefight
“Kittiefight came about as a result of recognizing a unique opportunity to add value within the Cryptokitties community as well as identifying some of the issues Cryptokitties users face,” says Ola. “For example, we saw that so many users wanted to play and keep breeding NFT cats (non-fungible token cats) and couldn’t afford to keep doing so. Innately only a few are smart or lucky enough to make good money from breeding kittens, so we decided to add another opportunity for every user to earn from any ca or kitten they own.”
kittieHELL
There is a lot of undesirable cats held by users on the Cryptokitties platform wasting away unable to be sold for profit. KittieFight provides the opportunity for these to be used in earning cash or burned in their sink or Euthanasia called kittieHELL.
“The Idea behind kittiefight is for two players to schedule two opposing cats in a fighting march against each other with their respective fans supporting them, just like in a boxing match with fans,” he comments.
The match is moderated by smart contracts on the ethereum blockchain and contains a pool or “honeypot” of Ethereum Eth (digital cash) and kittieFight tokens, that the winner of the fight gets to claim a portion/percentage of. The losing opponent/cat is locked up in another smart contract forever. Without the ability to be claimed or used again unless a fee payable in the KittieFight tokens is made. Every fight scheduled requires a scheduling fee payable in KittieFight tokens.
The two players send Ethereum transactions to a smart contract representing the fighting algorithm. This results in punches and other forms of attacks on the cats.
“Supporters of each kitty actually bet on their champion using eth, which is collected into the honeypot. The top and highest of the last supporters betting eth get a share of the honeypot (Ethereum Eth cash and KittieFight tokens). Minimal share of the honeypot goes to a few runner-ups. This creates an attrition model where players hope to be last of the highest bettors in order to win the pot.
Business model
The startup’s main focus is to increase the valuation of each token. There are a total of 100 million utility tokens that will never change in number. The value of each token is supposed to increase with the increased usage or utility of the token in fees payments i.e for fight scheduling and for redeeming loosing cats.
Ola adds, “There is an allocation of less than 10% of the total supply of the tokens to the development team. We will be holding on to these tokens till KittieFight gains a sizable network effect. Which will have a direct effect in the exponential growth in KittieFight token utility. Thereby also increasing the valuation our holdings.”
“There is also a percentage of ethereum Eth from each fight honeypot. That rewards token holders of our parent organization: SuperDAO, on a pro-rata basis.”
“kittiefight actually works like a highly attractive rewarding poker-tournament game for users without the complexity and knowledge barrier to entry. This could be bigger than poker considering the user affinity for novel cats. The attrition model combined with the user experience.”
Attracting users
The company has a niche that is quite specific. However, they have a plan to get the users. Who are not only passionate about cats but also love the crypto market.
“Making money while they play with cute kittens fighting each other will be a very attractive offering we believe. Cat memes have been one of the internet mainstays for decades. Coupling it with economically rewarding activities seems to be one of the logical conclusions,” Ola remarks. He continues, “I think it’s a one of a kind match. Users will not be able to resist with good marketing on our part.”
Bootstrapping
The company has bootstrapped its way all through to this point in their startup. But it now will be raising additional funding for KittieFight endowment smart contract fund. Which will automatically fund the “honeypots” for the cat fight sessions scheduled via smart contracts.
“We have a dutch auction scheduled to go in the last week of September,” says Ola.
“The funding mechanism is also to determine the price/value of each token in order to qualify. The number of tokens awarded to winners as well as determine the ideal fees in scheduling of fights and redemption of loser cats.”
“My only advise on bootstrapping is to maintain a low burn rate. Keep your team focused on providing value to your community or users.”
Long-term rewards
The game keeps users engaged by using rewards as an incentive and Ola maintains. This is a long-term strategy and the rewards run throughout the lifetime of the game.
“A portion of the honeypot ( eth and KittieFight tokens) from each fight session is taken out. It recycled right back into the KittieFight endowment smart contract fund. This keeps the game funded. All games continuously funded and incentivized.
Empowerment
“We are economically empowering users of the cryptokitties platform with rewards in the form of eth and tokens. Well as cutting down on the oversupply of non-fungible cats/kitties on the cryptokitties platform,” he notes. “We are also making Blockchain games more mainstream.”
The future of Kittiefight
By continuous incentives on fights and fight fans participation with eth in KittieFight dapp game. The company expects to see unlimited growth of the KittieFight utility token valuation. Since the token will always be required for scheduling cat fights and to redeem any losing kitties. Therefore you can expect KittieFight project to continue to prop up the cryptokitties platform.
As he concludes he adds, “We can also expect to climb to the top in token valuation in the market”. He pauses then continues, “KittieFight wants to recognized for its unique value proposition for coupling. An immersive user experience with a crypto-economic scheme that users cannot part with, now and for years to come.”