On GameFi or play-to-earn platforms, users play to earn, and exchange blockchain-protected cryptocurrencies or non-fungible tokens (NFTs) like digital avatars, objects and outfits. What is GameFi? Mash the decentralized finance (DeFi) and gaming communities together, and this is the result. The story was still developing as of dispatch time, but the alleged currency is part of a growing GameFi phenomenon that has upped stakes for gamers, by translating their earnings into cryptocurrency. “More importantly, we do not provide deadly consequences apparently.” “The more people join, the larger the reward pool will be,” according to the currency’s now-deleted white paper. How did it work? Starting this month, gamers could supposedly pay in SQUID to enter successive rounds of online Squid Games, with 90% of the proceeds going to the prize pot and 10% to the developers. The currency and online game are not affiliated to the show or its producers. What is/was this thing anyway? The currency was launched in mid-October as the exclusive coin of the play-to-earn Squid Game platform, which was set to offer players the chance to compete in a virtual version of the deadly tournament at the center of Netflix’s standout Korean hit. Then CoinMarketCap, which was already warning potential buyers that some were having technical difficulties trying to resell SQUID, updated its warning to note that the developers’ website and social media are no longer functional and the currency cannot now be sold on Pancakeswap. Just before noon today, the cryptocurrency flatlined, losing more or less 100% of its peak value in seconds and ending up worth less than when it started. Then SQUID developers pulled out the funds, and disappeared, taking with them USD 2.1 mn, according to Gizmodo. You hereby agree that we are not providing our own opinions, advice, or recommendations.Squid Game can (not) make you rich: New cryptocurrency Squid Game (ticker: SQUID) surged uncontrollably to hit a peak of USD 2.9k this morning, up more than 300k times its value of USD 0.01 on Tuesday and putting its fully diluted market cap at a staggering USD 2.3 tn - more than Bitcoin and Etherum combined. While we endeavor to publish and maintain accurate information on external listings, we do not guarantee the accuracy, completeness, or usefulness of any information on this site, nor do we adopt nor endorse, nor are we responsible for, the accuracy or reliability of any information submitted by other parties. The brands and the logos appearing on this website are registered trademarks by their respective brand owners. may not offer certain products, features and/or services on the App in certain jurisdictions due to potential or actual regulatory restrictions. Please note that the availability of the products and services on the App is subject to jurisdictional limitations. You may obtain access to such products and services on the App. It is not intended to offer access to any of such products and services. The purpose of this website is solely to display information regarding the products and services available on the App.
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