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Netflix’s South Korean macabre of a series that is “Squid Game” sure did keep its viewers on the edge of their seats, not to mention that the show has officially toppled the streaming platform’s most viewed show “Bridgerton” with a whopping 111 million views. The show is so popular right now, that a new cryptocurrency was named after it and it even follows a mechanic similar to that in the show.
SquidGame token
Yes, you read that right, the Netflix show now has a token. Dubbed SquidGame (SQUID), is the latest addition of cryptocurrency on the blockchain and as per its website, the digital asset is indeed an adaptation of the TV series with the same name.
Further, the website also claims that SquidGame is the first game token within the Smart Chain network of Binance.
The description also mentioned that just like in the show, participants will be rewarded with prizes as these players hold the amount in their hands.
SQUID mechanics
As to how the so-called game works, players will have to take part in the pre-sale in which the top 10 presale holders in terms of the number of holdings will be rewarded with this VIP entrance to their game application. Now, this SquidGame token application will have a prize pool, which is two percent of the amount raised during the presale.
The 10 players will then be participating in the games that are set within this application and only three of them will be splitting the prize for themselves. Further, it is said that there will be three games during the application.
Meanwhile, SquidGames “Tokenomics” stated that the main goal of the token is the distribution of ETH through playing games and highlighted that two wallets of five percent will be reserved for game distribution. It went on to state that their holders will be compensated with ETH free of charge just by playing the game.
It was also noted that dividends will be paid ETH automatically to holders by simply holding on to the SquidGame token “at an attractive and sustainable seven percent rate.” Additionally, four percent will be allocated to the project’s “marketing wallet” while another four percent will be going to its “liquidity pool.”
As of publication, the SuidGame token’s price is at $2.23, an increase of over 2400 percent. This is coming from a 24-hour low of $0.08747.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
