Netflix’s most popular Korean-language series tells the story of participants in a game that has incorporated the element of death into children’s games. Each participant competes for a grand prize that increases with each participant’s death.
Netflix revealed in its Oct. 19 letter to shareholders that 142 million of its subscribers have watched at least two minutes of the wildly popular South Korean drama. That’s exactly two-thirds of the company’s 213 million customers worldwide.
A brand of cryptocurrency has been created based on the series, which has taken off with a huge price increase. SQUID is trading at $4.32, up nearly 283% in the last 24 hours, and has a market capitalization of over $347 million.
Their token was published for sale on October 20, after which the entire tranche was sold out in 1 second. This is another irrational meme type cryptocurrency like Dogecoin, or Shiba Inu, which without any reason or value behind the project grows with popularity in the market.
The token is to be used as an entry into a play-to-earn cryptocurrency platform from Squid Game. The online tournament will begin in November and will follow the six rounds of the game featured in the Netflix series. However, the company has already released its statement:
“We assure you that you will not suffer fatal consequences while playing!”
There’s also a difference between the serialized tournament and the one you can play. In the Netflix version, the grand prize pool was $38.5 million. In the virtual simulation, this limitation will be lifted, as will the unlimited number of participants
How can you play the Squid Game?
Anyone interested in participating in the tournament must first purchase Squid tokens to participate in each game of the tournament. In addition, you need to purchase entry tickets in the form of NFTs, which are available on the website. Some of them depict characters from the series. Including people in pink clothes and masks with the appropriate sign representing their class in the game management ecosystem.
However, it is better to recalculate the stakes of entering the game. We may not die there, but our wallets may become empty. The entry threshold is large, it is 15,000 SQUID tokens and buy NFT. On the day of publication, the entry price is equal to $66,300.
The entry fee is split for each round, with 10% going to the developers and 90% going to the prize pool.
In addition, early entrants are now struggling to sell tokens. Lured by the popularity of the series and an interesting idea, they have to contend with technology described as anti-dumping. This makes it difficult to sell tokens, and CoinMarketCap has issued a warning, saying it has received ‘multiple reports’ that users are unable to sell the token on Pancakeswap, a popular decentralized exchange.
Alternative earnings from tokens
It is human nature to go after large sums of money. The prize pool from Squid Game is not just limited to 38.5 million, as it was in the series. Many people dream of winning big and this is one way to make money, which is to simply enter and play.
Despite the sizable restrictions on token sales, many people can enjoy the profit today. The original price of the token was $0.05, and today it is trading at $4.42. Even while writing this, the price of the token has jumped by 10 cents. Those who manage to sell at the right time can declare themselves winners of the game without even participating in it.
The Squid Game platform also offers Marbles Pools, another reference to the series. Token holders can earn through staking, which is locking up their cryptocurrency holdings as collateral to earn passive income.
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