TO cryptocurrency hit based Korean Netflix Show Squid It has grown by more than 45,000 percent since its launch this week.
The Squid crypto token, which was trading at about 1.2 cents on Tuesday, is currently priced at more than $ 4.50, a growth of nearly 45,000 percent over this period.
Inspired by the dystopian Korean drama about a deadly children's gaming tournament, Squid is what's known as a "play to win" cryptocurrency.
The show became an instant worldwide hit and the most-watched television series of all time, with 111 million viewers. tuning in October 12.
In the Squid Game project, people buy tokens to participate in online games with which they can earn more tokens that can be exchanged for other cryptocurrencies or fiat money.
With the squid tokens, people can participate in an online game of the program, which begins in November.
"The more people join, the bigger the reward pool," says the platform technical document, adding that "10% of the entry fee will be sent to the developers' wallet and the remaining 90% will be added to the pool of rewards for the last winner of the game."
The online tournament is expected to follow the plot of the Netflix show with six rounds of games, but unlike the TV series, the company says it does not provide "deadly consequences."
"... everyone here in the cryptocurrency world can play the Squid game with the related SQUID or NFT token in our market," the platform noted.
Each round of the game costs participants certain amounts of the squid cryptocurrency to join.
For example, the initial round called "Red Light, Green Light" after the iconic game of the TV show, costs participants 456 calamari and the second level would cost participants an entry fee of 1000 units of the digital token.
Squid joins a growing list of virtual tokens created based on cultural trends and real-world memes, such as dogecoin, which was created in 2013 as a parody and has since become a successful cryptocurrency.
