Key Sentence:
- If you’re a fan looking to express your devotion to the famous Korean show Netflix Squid Game – well, there’s a cryptocurrency for that.
- Players have created an online version of the program that requires the cryptocurrency Squid to play.
It cost a modest 1 cent on Tuesday but rose to $4.39 (£3.18) on Friday. However, Squid has been criticized for not allowing investors to resell their tokens. The dystopian series, which tells the story of a group of people forced to play deadly children’s games for money, has become a viral sensation.
Squid is known as a “play-to-win” Cryptocurrency Trading where people buy tokens to play online games to win more tickets. They can then be exchange for other cryptocurrencies or banknotes. In the case of Squid, many of the buyers will be players looking to join the online gaming program, which starts in November.
“The more people participate, the bigger the prize pool (sic),” says the release document. Which states that the developer takes 10% of the entry fee, and the remaining 90% goes to the winner.
“More importantly, we have no fatal consequences!”
Individual spins are associate with costs for example, playing around 1. Red Light, Green Light costs 456 Squid players – for a total of six rounds, which become more expensive over time. But potential buyers should be wary of cryptocurrency price tracking website CoinMarketCap. Which issues a warning that many consumers have failed to resell their tokens on cryptocurrency exchanges.
The market cap, or total market size, stands at $184 million (£133 million).
On Twitter, one trader told the Cryptocurrency Trading he had $7,500 (£5,442) in a currency he expected to release in 48 hours. “This cryptocurrency joins a long and growing list of digital coins. And tokens associated with random memes or cultural phenomena,” Cornell University economist Essouard Prasad. “It will be note that many such coins quickly caught the attention of investors, leading to significantly increase valuations. Naive retail investors caught up in such speculative mania risk heavy losses.
Play to Win the Game: The Future of Games?
Gaming games have become increasingly popular during the pandemic. The growth of online gaming has driven the development of the GameFi technology sector, which combines entertainment with tools to make real money. Meta universe should help this sector to grow further. Netflix subscriptions are restore when the program launches. According to Bloomberg, the Korean series will cost the streaming giant around $900 million after only $21.4 million.