How does crypto cats work?

Could you please explain how the concept of Crypto Cats operates? I'm curious about how these digital collectibles function within the cryptocurrency ecosystem and how they can potentially generate value for their owners. Are they based on blockchain technology? What kind of unique features or attributes do they possess? Additionally, how are they traded or exchanged among users, and what are the potential risks associated with investing in Crypto Cats? I'm eager to understand the intricacies behind this intriguing phenomenon.