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Squid Game cryptocurrency rockets

BBC
01 Nov 2021 00:00:00 | Update: 01 Nov 2021 00:59:00
Squid Game cryptocurrency rockets

If you're a fan wanting to express your devotion to the hit Korean Netflix show Squid Game - well, there's a cryptocurrency for that.

Gamers have created an online version of the programme, for which you need the Squid cryptocurrency to play.

On Tuesday, it was worth a modest 1 cent, but by Friday it had exploded in value, reaching $4.39 (£3.18).

But Squid has been criticised for not allowing investors to resell their tokens.

The dystopian series - which tells the story of a group of people forced to play deadly children's games for money - has become a viral sensation.

Squid is what is known as a "play-to-earn" cryptocurrency, where people buy tokens to play in online games where they can earn more tokens. These can then be exchanged for other cryptocurrencies or fiat money.

In the case of Squid, many buyers will be gamers looking to play in the online game of the programme, which begins in November.

"The more people join, the larger reward pool will be (sic)," according to the issue document, which says developers will take 10% of the entry fee with the remaining 90 per cent given to the winner.

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