This article by Eva Yoo originally appeared on TechNode technode.com, the leading English authority on technology in China.
After Baidu’s financial blockchain lab released the blockchain pet Cryptodoggies (莱茨狗), Netease also launched a similar product “Lucky Cat (招财猫).” Now, Xiaomi seems to have to use the same form of blockchain layout. It is reported that Xiaomi’s blockchain product is called “Cryptorabbit (加密兔)” and is currently being tested, Chinese media iFeng is reporting. Xiaomi chose a rabbit since their mascot, “Mitu (米兔, meaning Rice Rabbit),” is a rabbit.
According to the “User Services Agreement,” Cryptorabbit is a digital pet service provided by Xiaomi based on the blockchain and feed on digital grain “rice grain (米粒)” in the game.
Crypto-collectibles show the potential of future gaming because, unlike traditional games, which focus on recreational entertainment, it is highly opportunistic and attracts players into the game. With blockchain technology, the platform guarantees that every pet is unique in the world, cannot be copied and cannot be destroyed.
Cryptokitties was the first digital game based on Ethereum blockchain technology launched by a Vancouver-based innovation studio and attracted a lot of attention from users and reached a valuation of tens of millions of dollars (in Chinese). Showing the huge market potential and profitability of digital pets, this grabbed the attention of Chinese startups started crypto pet bandwagon, including cryptodoggies and crypto alpacas (加密羊驼).
Those who join these crypto pet bandwagon should be cautious not to step the domestic policy red line, however. Netease launched “Lucky Cat(招财猫)”, taking its name from the figurine cat usually found at the entrance of shops. After a period of internal beta testing, it still hasn’t been released to the public. Some analysts pointed out that this is maybe because Lucky Cat supports digital currency payment, touching the domestic policy red line.