The popular Korean Netflix show Squid Game has been turned into a cryptocurrency and it’s soaring. According to reports, it sold out in just 1 second after starting presale on 20th October. Squid Game cryptocurrency is termed SQUID and its currently trading at 5.50 USD but continuing to rise at a dramatic pace.
The token’s popularity coincides with the show, which is a huge pop culture phenomenon these days. The TV series tells a story of financially desperate Koreans recruited by a shadow organization to compete in a series of 6 games. The winners receive a life-changing sum of money in the end while the losers are mercilessly killed after each game.
SQUID is reportedly inspired by the show and is now live to serve a specific purpose.
Squid Game Cryptocurrency for Online Game
According to reports, there is now an online game based on the show, which is going to launch in November 2021. Players would require Squid Game cryptocurrency to play in the online games and earn more tokens. It will follow a play-to-earn style in an online tournament that features 6 games from the famous series. Players can then exchange their earned tokens for fiat currency or other cryptocurrencies.
The creators of the game confirmed that there won’t be any “deadly consequences” for the losers like its namesake. However, players would still need to invest a preset SQUID amount to play each game.
How Much Will the Games Cost?
Playing in the Squid Game project won’t be cheap as the price of joining would increase with every game. Sometimes the players will also have to buy custom NFTs (nonfungible tokens) featuring the show’s characters.
The first game requires 456 Squid Game cryptocurrency coins but the last game could reportedly cost over 30,000 USD.
The reward pool will get larger if more players join the games. The cut for developers will be 10% while the winners will get the remaining 90% of the pool.
Before You Buy
There is still skepticism related to the entire crypto market let alone Squid Game cryptocurrency, that is cashing on an already popular show. According to reports, SQUID is facing criticism for not allowing its investors to resell their tokens on decentralized crypto exchanges.
The reason for this inconsistency is not clear but the company behind this token claimed that its “innovative” anti-dumping technology prevents users from selling their token if buying activity in the market is low. It did not clarify further when approached by the media.
Critics warn that it is just like other cryptocurrencies that take advantage of growing trends and random memes such as dogecoin. These tokens quickly capture the attention of investors that eventually leads to inflation in their prices. It often happens that investors who engage in a hypothetical coin frenzy are more likely to be at risk of losing money.
According to reports, one trader had 7,500 USD stuck in SQUID currency that he hoped to be released in 2 days.