CryptoKitties’ ‘Eggs’ Soar 30x as NFT Community Calls for a Comeback

The CryptoKitties NFT collection, a pioneering project in the Ethereum ecosystem, has recently captured renewed attention with the release of its “Eggs” collection. Launched quietly on August 30th, the open edition mint for these NFTs was priced at just 0.008 ETH (around $20). However, after the minting period concluded within 24 hours, the market quickly recognized the potential of these NFTs, driving the prices up by more than 30 times. As of now, these Egg NFTs are trading at 0.3 ETH ($750) each.

The Eggs collection consists of three tiers of NFTs: common, uncommon, and rare. The market frenzy has seen common eggs trading at 0.3 ETH, uncommon ones at 0.38 ETH, and rare eggs fetching as much as 1.42 ETH, which is a remarkable 175 times the original mint price.

While details about the Eggs collection remain sparse, there has been speculation that these NFTs are linked to a play-to-earn (P2E) game mechanic. This potential connection has fueled further interest and speculation within the NFT community.

CryptoKitties, launched in November 2017 by Dapper Labs, is known as the first-ever ERC-721 token and played a pivotal role in the early development of the NFT market. Dapper Labs later gained significant attention with the success of NBA TopShot and the development of the Flow blockchain.

The resurgence of interest in CryptoKitties comes at a time when the NFT market faces increased regulatory scrutiny. The U.S. Securities and Exchange Commission (SEC) recently issued a Wells Notice to the NFT marketplace OpenSea, indicating that certain NFTs might be classified as unregistered securities. While it's unclear if this notice relates directly to CryptoKitties or similar NFTs with staking emissions and P2E mechanics, it has heightened awareness and caution among market participants.

Despite the renewed interest in the Eggs collection, the original CryptoKitties collection has seen only modest changes in trading volume and floor price due to the vast supply of over 2 million NFTs generated through its breeding mechanics. Nonetheless, the CryptoKitties "Eggs" collection has successfully reignited interest in one of the earliest and most iconic NFT projects, signaling a potential comeback in the NFT space.

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