Squid Game Cryptocurrency Rises Up in The First Few Days of Trading
Netflix Observed an Increase in Subscriptions After the Global Release of Squid Game
Recently a new Squid Game cryptocurrency has surfaced across the world, which allows the fans to show their devotion for recently released Netflix series Squid Game that has been able to gain the most viewers in a limited amount of time and became the top viewed Netflix original series ever as more than 111 million accounts watched the Korean series within the first month of its release, removing Bridgerton from the top as it had only been able to gain 84 million views.
The gaming community has been able to create an online version of the program, which requires payment to be made through the Squid Game cryptocurrency for the players to be able to participate in the video game.
Netflix series inspired cryptocurrency
On Tuesday, it was reported that a solitary Squid Game cryptocurrency was only worth 1 cent each, but by the end of the week on Friday, the value of a single cryptocurrency was able to reach $4.39. However, multiple criticisms have been made on the Squid Game cryptocurrency, as it does not allow the investors to resell the tokens they had bought.
The dystopian Korean series, which tells the story of a group of individuals suffering from a huge amount of debts that are forced to play children’s games with a deadly twist to them for money, and has recently become a viral sensation throughout the world.
The Squid Game cryptocurrency is also known as a play-to-ear cryptocurrency, in which the gamers have to buy the tokens to be able to participate in the online video game, where they would be allowed to earn a greater number of tokens as they win the rounds. The tokens can then later be exchanged into other forms of actual cryptocurrencies or money.
In the case of the recently launched Squid Game cryptocurrency, many of the investors will be looking to actually play the online video game of the program, which is scheduled to begin in the upcoming month of November.
According to the publicly issued document, the more quantity of individuals are to join in the game, and the larger would be the reward pool. The developers of this online game would be taking about 10% of the entry fee, which is mandatory to be paid by the user, while the rest of the 90% would be given at the end to the winner of the game. The most important aspect of this online game is that the developers do not provide any kind of deadly consequences after losing the game.
The multiple individual rounds of the online video game would have costs for players to join; for instance, for playing in the first round named ‘Red Light, Green Light’, all the players will be costed 456 Squid Game cryptocurrency. The entire game would include a total of six different games, based on the Netflix original series, and the cost for each would also increase gradually as they go along.
Forewarning to buyers
Prospective investors should beware as a warning has been issued by the crypto price-tracking webpage named CoinMarketCap that numerous users that had already paid for the Squid Game cryptocurrency are unable to resell the tokens they have bought on cryptocurrency exchanges.
The market capitalization has reached a worth of $184 million. One of the traders said that they have around $7,000 tied up in the Squid Game cryptocurrency, which is expected to be released to the public in the upcoming 48 hours.
Although the reason for the happening of this is yet unclear, the company stated that it is currently using an innovative anti-dumping technology that limits the number of people from reselling their tokens if there are not enough number of coins being bought in the overall crypto market.
An economist at Cornell University, Eswar Prasad, said that the Squid Game cryptocurrency has joined along with a long growing list of digital tokens and coins that piggyback on randomized memes or the cultural phenomenon. Remarkably, many of such kinds of coins are able to rapidly catch the investor’s interest and lead towards highly inflated valuations. While some of the naïve retail buyers had to face substantial losses as they got caught in speculative frenzies.
Due to the onset of the coronavirus pandemic, play-to-earn online video games have grown popular among the general population, as it has encouraged the further development of GameFi technology which is able to combine entertainment with real-life tools for earning money.