“Squid Game,” a new Netflix Korean-language show about a violent competition of adults playing children’s games in the hopes of winning a large cash prize, has become a worldwide hit. It now has its cryptocurrency, which debuted with a massive price increase.
SQUID is currently trading at $2.22, up about 2,400% in the last 24 hours, with a market capitalization of more than $174 million.
Those interested in participating, however, should proceed with caution before exchanging squid. CoinMarketCap has issued a warning, claiming that “several reports” have been received that users to sell this currency on Pancakeswap, a decentralized exchange. It’s unclear why certain users can’t sell their tokens, but the coin’s white paper outlines anti-dumping technology that prevents consumers from selling their vouchers if some requirements get not met.
CNBC contacted Squid via the contact information posted on the website to see if the developers were aware of the issue and trying to remedy it, but did not receive a response right away. Netflix told CNBC that the currency has nothing to do with it and does not endorse it.
In addition, unlike the series, which set the maximum final bonus at $38.5 million for the winner, this virtual simulation of Squid Game will not restrict the number of participants or the final reward.
Players will, however, be required to spend a predetermined amount in squid tokens to play each game, and some games will also require players to acquire a custom-made NFT, which will be available for purchase on their website. The guards, who wear full-body reddish-pink costumes (the exact color has sparked heated dispute among show fans) and black masks covering their entire face, are among the NFTs that feature characters from the show.
Gameplay isn’t inexpensive, especially at today’s costs. If you wish to play in the tournament’s final game, you must spend $15,000 (about $33,450) and purchase an NFT.
Each round’s entry costs get shared between the developers (10%) and the prize pool (10%). (90 percent ).
The Squid Game platform also has Marbles Pools — another show reference — where users can earn tokens by staking or putting their bitcoin holdings up as collateral to generate passive income.
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