Squid Game cryptocurrency soars 2300% in first few days
If you’re a lover of the hit Korean Netflix show Squid Game, there’s a cryptocurrency for that. Squid, which was selling for roughly a penny on Tuesday, jumped more than twenty-fold to $2.34 on Friday. Its market capitalization, or total trading volume, is likewise $184 million. The dystopian series has gone viral. It tells the […]
If you’re a lover of the hit Korean Netflix show Squid Game, there’s a cryptocurrency for that.
Squid, which was selling for roughly a penny on Tuesday, jumped more than twenty-fold to $2.34 on Friday.
Its market capitalization, or total trading volume, is likewise $184 million.
The dystopian series has gone viral. It tells the narrative of a group of individuals forced to play lethal children’s games for money.
Squid Game cryptocurrency : Squid
Squid is a “play-to-earn” cryptocurrency, meaning that users can buy tokens to use in online games to earn more tokens. After that, they can swap for other cryptocurrencies or fiat currency.
Many buyers of Squid will be gamers seeking to participate in the program’s online game, which likewise begins in November.
“The more people join, the larger reward pool will be (sic),” according to the platform’s whitepaper, which says developers will take 10% of the entry fee with the remaining 90% given to the winner.
“More importantly, we do not provide deadly consequences!”
Individual rounds have entry fees. For example, playing Round 1: Red Light, Green Light will cost a player 456 Squid and there are a total of six rounds, each of which gets more expensive as it progresses.
“This cryptocurrency joins a long and growing list of digital coins and tokens that piggyback on random memes or cultural phenomena,” Cornell University economist Eswar Prasad told the BBC.
“Remarkably, many such coins rapidly catch investors’ fancy, leading to wildly inflated valuations. Naïve retail investors who get caught up in such speculative frenzies face the risk of substantial losses.”
Play-to-earn games: The future of gaming?
During the pandemic, play-to-earn games grew in popularity. The rise in online gaming aided the growth of the GameFi technology industry. It blends entertainment with real-world money-making opportunities.
This industry has predictions to grow even more as a result of the metaverse.
When the show first aired, Netflix’s subscriptions skyrocketed. According to Bloomberg, the Korean series is worth $900 million to Netflix after only costing $21.4 million to produce.
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