There's now a 'Squid Game' cryptocurrency - and it's jumped more than 75,000% in under a week
Squid is now $2.22, up nearly 2,400% over the last 24 hours, and its market capitalization is over $174 million.
The Squid token was launched as the exclusive coin of the Squid Game project – a crypto play-to-earn platform.
Squid is what is considered a “play-to-earn” cryptocurrency, meaning that holders play online games that are inspired by the show, such as Red Light, Green Light. Entry fees are charged in Squid, with 10% going back to the developers and the rest being invested back into the reward pool.
“The more people join, the larger the reward pool will be,” the white paper explains. “More importantly, we do not provide deadly consequences apparently! Your experience will only reflect on the joy of winning rewards and sorry of losing money when the game failed.”
Players will, however, have to pay a preset price in squid tokens in order to participate in each game, and some rounds also require users to purchase a custom-made NFT, available for sale on their website. Some of these NFTs feature characters from the show, including the guards who wear full-body reddish-pink suits (the exact coloring has prompted a heated debate among show fans) and black masks covering their entire face.
The gameplay doesn’t come cheap, especially at current prices. If you want to take part in the final game of the tournament, you’ll have to pay $15,000, or $33,450, and purchase an NFT.
Entry fees from each of the rounds are split between developers (10%) and the reward pool (90%).
The Squid Game platform also offers Marbles Pools — yet another reference to the show — wherein holders can earn tokens through staking, which is putting up their cryptocurrency holdings as collateral to earn passive income.
