There’s a cryptocurrency for that. If you’re a lover of the hit Korean Netflix program Squid Game, there’s a cryptocurrency for that.
Gamers have constructed an online version of the game, which requires the use of the Squid cryptocurrency.
It was only worth a penny on Tuesday, but by Friday, it had skyrocketed in value, reaching $4.39 (£3.18).
Squid, on the other hand, has been chastised for preventing investors from reselling their tokens.
The dystopian series has gone viral, telling the narrative of a group of individuals forced to play lethal children’s games for money.
Squid is a “play-to-earn” cryptocurrency, meaning that users may buy tokens to use in online games to earn additional tokens. After that, they may be swapped for other cryptocurrencies or fiat currency.
Many buyers of Squid will be gamers seeking to participate in the program’s online game, which begins in November.
According to the problem paper, “the more individuals that participate, the greater the award pool will be (sic),” with developers taking 10% of the entrance fee and the remaining 90% going to the winner.
“More significantly, it appears that we do not give lethal repercussions!”
Individual rounds include entry fees – for example, Round 1: Red Light, Green Light costs 456 Squid – with a total of six rounds that increase more expensive as they progress.
However, cryptocurrency price-tracking website CoinMarketCap has issued a warning that many users have been unable to resell their tokens on cryptocurrency exchanges.
Its market capitalisation, or total trading volume, has hit $184 million (£133 million).
One dealer informed reporters on Twitter that they are holding $7,500 (£5,442) in the currency and expect it to be released in 48 hours.
It’s unclear why this is occurring, but the firm claims to be utilizing “innovative” anti-dumping technology that prevents users from selling their coins if the market isn’t buying enough.
The firm did not immediately reply to a request for clarification from reporters.
“This cryptocurrency joins a long and rising list of digital currencies and tokens that ride on random memes or cultural occurrences,” according to Cornell University economist Eswar Prasad.
“Surprisingly, many of these coins quickly pique the interest of investors, resulting in exorbitant prices. Retail investors who get caught up in such speculative frenzys risk losing a lot of money.”
Crypto Games – The Future Of Gaming?
During the pandemic, play-to-earn games grew in popularity as the rise in internet gaming aided the growth of the GameFi technology industry, which blends entertainment with real-world money-making opportunities.
This industry is predicted to grow even more as a result of the metaverse.
The success of Squid Game has benefited more than just crypto traders.
When the show first aired, Netflix’s memberships skyrocketed. According to Bloomberg, the Korean series is worth $900 million to Netflix despite only spending $21.4 million to produce.