- BBC News World
Devotion to the “Squid Game” series now extends to the world of cryptocurrencies.
Video game developers have created an online version of the program – which tells the story of a group of people forced to compete in deadly children’s games for money – for which you need a cryptocurrency called “Squid” to play.
“The more people join, the bigger the reward bag“, say the creators of the currency, detailing that the developers will take 10% of the registration fee and the remaining 90% will be awarded to the final winner.
“And what is more important, we do not provide deadly consequences apparently!”, Jokes the white paper of the official website Squidgame.cash.
Squid is what is known as a cryptocurrency of the modality “play-to-earn” O “play to win”, where people buy tokens to play video games online where they can earn more tokens.
These can be exchanged for other cryptocurrencies or fiat money.
In the case of squid, many buyers will be gamers who want to play the online version of “The Squid Game”, which will be available from November.
Individual rounds have costs to participate. For example, playing “Round 1: red light, green light” will cost a player 456 squid. The rounds, a total of six, get more expensive as you go.
Since its premiere on Tuesday, squid has multiplied, like the series, its value without restraint. It started with a modest US$0,01 and by this Friday I already exceeded US$6,27, an increase of more than 60,000%.
According to the cryptocurrency price tracking website CoinMarketCap, the new virtual currency was even in the first places of daily earnings.
Its market capitalization, or total volume in the market, is then estimated to have reached US$184 millones in just 72 hours.
However, doubts began to arise when several of the buyers tried unsuccessfully to resell their tokens.
CoinMarketCap itself warned that many users have not been able to resell their tokens on cryptocurrency exchanges. “We have received multiple reports that users are unable to sell this token on Pancakeswap (exchange venue). Be careful when operating!“, he alerted.
Consumers have also expressed their concerns in this regard on social media.
A buyer told the BBC on Twitter that he has US$7.500 blocked on the coin and that he expects them to be released in 48 hours.
As the situation clears up, the company has said it is using “groundbreaking” anti-dumping technology that limits people from selling their coins if not enough are being bought on the market.
However, the company refrained from responding immediately to the BBC’s request for clarification.
“This cryptocurrency joins a long and growing list of digital coins and tokens that take advantage of random memes or cultural phenomena,” Eswar Prasad, an economist at Cornell University, told the BBC.
“Surprisingly, many of these currencies quickly attract investors’ attention, leading to wildly inflated valuations. Naive retail investors getting sucked into these speculative frenzy face the risk of substantial losses“, he warned.
Games to win
Play-to-win games have become increasingly popular during the pandemic as the rise of online games fueled the development of the GameFi technology sector, which combines entertainment with real money-making tools.
It is expected that the metaverso – a futuristic vision of the internet made up of shared three-dimensional virtual spaces – help this sector to develop further.
It’s not just cryptocurrency traders who have benefited from the popularity of “The Squid Game.”
Netflix subscriptions saw an increase when the show premiered. According Bloomberg, it is believed that the value of the Korean series to the giant of streaming amounts to about US$900 millones, of only US $ 21.4 million that its production cost.
* This article featured information reported by BBC Business journalist Katie Silver.
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Eddie is an Australian news reporter with over 9 years in the industry and has published on Forbes and tech crunch.