By that, we mean that, in the course of writing this piece, we found there are actually two cryptocurrencies using Squid Game as their namesake, both with very similar play-to-earn premises - both almost certainly scams. It’s easy enough to buy SQUID, but, as Gizmodo points out, selling it is impossible.Īnd um, okay, actually, it looks like there may be more than one problem. It seems that if something you like is big enough, it'll be turned into a cryptocurrency and has the potential to fall apart at any moment.The only problem: As far as we can tell, there’s no way to actually cash in on those profits.
In the face of these problems, massive companies like Ubisoft (opens in new tab) and even McDonalds (opens in new tab) are getting into cryptocurrency and NFTs. We've also seen the creator of high-profile NFT project Evolved Apes (opens in new tab) peace out after a week and take about $2.7 million worth of Ether. We've seen outfits like FaZe clan (opens in new tab) suspend its own members over an ill-advised cryptocurrency that plummeted in value over a few days.
Scams like these are becoming common in the crypto space. As with everything else, they disappeared from NFT marketplace OpenSea as soon as it all shut down. SQUID also included NFTs which featured art of the characters and guards from the show. Presumably, the SQUID coin game would require a certain amount of them to play and then you could earn "Marbles" to sell them for real money. Players can earn "Smooth Love Potions" through daily quests to breed (the developers also take a cut from this) the "Axies" into more NFTs, hence "play-to-earn." As more people buy and sell both "Axies," which also let you vote on decisions for the game's development, and "Smooth Love Potions," the value goes up and the creators make more and more money. With every "Axie" sold, the developer makes a 4.25% cut. Axie Infinity works like Pokémon Go, where you battle with a team of three "Axies" that you're required to buy as NFTs in order to play. The paper cites blockchain mobile game Axie Infinity (opens in new tab) and its "Smooth Love Potion" tokens as inspirations for its game. "Obtaining Marbles without using violence is the key to Squid Game," is all it says. The white paper is unclear about how the game works and how you could earn Marbles in order to sell your SQUID coins.
That game, which was never shown, was slated to enter beta and then release sometime this month, again, with seemingly no approval from Netflix. In order for SQUID to function, the creators promised that the coin would be used to play a game based on the show. Squid Game will enter a new stage of community autonomy." We have to remove all the restrictions and the transaction rules of Squid Game. Squid Game Dev does not want to continue running the project as we are depressed from the scammers and overwhelmed with stress. We are trying to protect it but the price is still abnormal. Not only the Twitter account but also our smart contract. A moderator post on the SQUID official Telegram (opens in new tab) channel reads: "Someone is trying to hack our project these days.
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