Play-to-earn token value shots up in a week
A cryptocurrency named after South Korea’s hit Netflix drama Squid Game was traded at around a cent on its debut early last week. Now, its price nears $40.
And it is no ordinary token because it is minted solely for playing a tournament of six online games where the eventual winner would take around 90 percent of the issued coins.
It’s just like Squid Game, which premiered midway through September to sweep the global Netflix charts for almost a month. It topped the podium in all the countries where Netflix services are offered.
As the values of Squid coin appreciate, problems have popped up.
The white paper of the cryptocurrency notes that the participant of the first round needs to offer 456 SQUID. At first, it was a mere $4.56, but now it amounts to almost $20,000.
Worse, the fees get more expensive for the next five rounds _ in the final round, the entry fee is 15,000 SQUID, which stands at more than $500,000.
Another problem is that CoinMarketCap issued a warning against the unique coin as it received “multiple reports” that users could not trade the token at a popular exchange.
Squid Game debuted on Sept. 17 and hit No. 1 in the global charts a week later. It was the first South Korean drama that topped the podium in the United States.
The dystopian series, directed by Hwang Dong-hyuk, depicts hundreds of cash-strapped contestants who play six rounds of deadly childhood games.
The winner of the battle royale is supposed to get $39 million, but all the gamers should risk their lives.