October 29, 2021 7:08:05 pm
Hit South Korean show Squid Game is officially Netflix’s biggest original series. The nine-part thriller has become a worldwide sensation since its launch and has inspired countless memes, Halloween costumes but now there’s one more reason to love the show— its own brand of cryptocurrency.
Gamers have developed an online version of the series, for which you need the ‘Squid’ cryptocurrency to play. The online tournament is set to launch in November and will mimic the six rounds of games played in the Squid Game, the OTT series.
Interestingly, on Tuesday, the squid coin was worth a 1 cent, but by Friday it had exploded by 2400 percent value, reaching $5.59, at the time of writing this article. The current ranking of the SQUID token stood at 2,828, according to Coinmarket cap.
What is a Squid coin?
The white paper of the Squid Game cryptocurrency explains: “The Squid Game project is a crypto play to earn platform inspired by the Korean hit series on Netflix about a deadly tournament of children’s games.”
Just like the series, the game developers say that “the more people join, the larger the reward pool will be—more importantly, we do not provide deadly consequences apparently!”
Further, the white paper notes that individual rounds will incur costs to join. For instance, playing Round 1: Red Light, Green Light will cost a player 456 Squid coins, and rounds get more costly as they go along.
It is worth noting that developers will take 10 percent of the entry fee and the remaining 90 percent will be given to the winner. “Rather than 456 players drawn from different walks of life but each deeply in debt chosen intentionally by the organizers in the drama, everyone here in crypto world can participate in the Squid Game with SQUID token or related NFTs in our marketplace,” the gaming company further adds.
However, prospective buyers should beware as crypto price-tracking website Coinmarket cap issued a warning stating that several users have been unable to resell their tokens on cryptocurrency exchanges.
As of now, it is unclear why this is happening, but the company says it is using “innovative” anti-dumping technology that limits people from selling their coins if there are not enough coins being bought in the market.
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