Mark Weaden
The cryptocurrency based on Netflix’s Squid Game has seen its price skyrocket in the first few days in the market
The Korean Netflix hit game show has drawn the attention of millions of viewers across the globe, grossing the highest of any show in the platform's history. The crypto community has reacted to the popularity of the show and created a play-to-earn game to celebrate the popularity of the Squid Game.
On Tuesday this week, the value of SQUID was at around 1 cent. By the end of the week, the value of the coin had soared as high as $6.79. The concept of play-to-earn blockchain games has grown in popularity this year and we expect it will continue to make its way into mainstream gaming as blockchain development continues.
What is SQUID?
The Squid Game cryptocurrency offers owners the opportunity to go further than the dystopian TV series. SQUID is a play-to-earn cryptocurrency, where people are able to buy tokens to play in online games where they can earn more tokens. The tokens earned online can then be traded for other cryptocurrencies or even turned into fiat currency via online marketplaces.
Many of the buyers of SQUID are likely to be gamers looking to play in the online game, with the game due to be released in November. The developers have stated that they will take 10% of the entry fee per game and the remaining 90% will go to the winner of the game.
Each individual round of the Squid Game will require its own costs to join. While specific details of the games are yet to be released, it’s likely that each stage of the online Squid Game will be largely based on what we saw in the series.
Issues with SQUID
There have been a few issues with SQUID, with criticism coming out regarding the cryptocurrency not allowing investors to resell their tokens. With a market capitalization of $184m, there is certainly a great deal of value in the market, as Squid Game and gaming fans flock to purchase.
It is unclear why there are issues with the tokens, but the developers of SQUID have said they are using “innovative” anti-dumping technology that limits people from selling their tokens if there are not enough being purchased in the market—effectively trapping them into the purchase.
The hype of cryptocurrency has led to a number of coins being created to follow the hype of cultural icons. SQUID is the latest coin to do so, though it’s worth being aware of the fact these blockchains may only be around in the short term.
