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Squid Game inspired crypto trends: what's behind the hype?

22 Oct, 2021
squid-game-crypto-trends

Netflix’s Squid Game hasn’t been around for long but has already penetrated almost every facet of global culture. The South Korean survival drama, in which desperate players compete in a series of deadly contests based on children’s games for a lucrative cash prize, has transcended linguistic and cultural barriers to become the most-watched Netflix show of all time. Scenes from Squid Game quickly became popular memes, and the show has been referenced all over social media, not just by fans, but also by corporations seeking to piggyback on the show’s popularity.

One unexpected subculture that has embraced Squid Game is the crypto community. Several blockchain projects have appeared referencing Squid Game in their names, though these are unaffiliated with the series producers or Netflix. 

Crypto Squid Games announced

For example, Squid Game NFTs have recently appeared on OpenSea. The linked images use symbols from the series, such as the circle, square, and triangle worn by the pink army in the show. Other NFTs show Korean script or reference characters from the series. The description Squid Game NFT explains that the “squid game cards are an invitation to enter the adventurous and mysterious metaverse games”. The metaverse probably refers to a virtual environment, which are popular with NFT users, but no other details are given. It only cryptically states that the games’ “characteristics and other functionality are intentionally omitted for unlimited imagination and community-driven game development.” Other NFTs also bear Squid Game imagery, including popular ‘ape’ or ‘punk’ versions of characters.

In the case of the invitation to these metaverse games, it has already been teased that a series of six games will be played for a prize pool of ETH, showing clear parallels to the Netflix show. The NFTs themselves are being traded based on speculation of their future value and exclusivity. But fans of the show should also keep in mind how the games were controlled by the elite game masters, and should be careful that they are not being played themselves!

Several competing Squid Game Tokens have been released, offering different benefits for their investors. For example, SGT touts its unique ‘tokenomics’ to make all players wealthy, with a bonus for members who are ‘abducted’ from different token groups. SQGT tokens are based around the ‘marbles’ games featured in the series, where players can bet and win tokens based on guessing the tokens held by another player. SQUID tokens allow players to participate in another competition to win Binance coins. Whichever way you look at things, it’s clear that Squid Game has really captured the imagination of the crypto community.

What do crypto and Squid Game have in common?

1.    Opportunity

There is more to the crypto community’s fascination with Squid Game than simple appreciation for the TV show. Squid Game’s premise contains, at its heart, a strong critique of the global financial system. The players of the Squid Game are all in extreme financial difficulty, trapped in cycles of debt and lack of opportunity, excluded from wealth by traditional means. The games present them with a chance to win enough money to completely change their lives, but not without risk. But if they play smart, learn the rules, and control their emotions, they have the ability to win a fortune and escape the financial trap. Is it really any surprise that crypto traders can relate to this?

The risk and reward that comes with crypto trading, plus the different kinds of strategies employed by traders attempting to play a complex system, has led to many comparisons between crypto trading and games. The same kind of drama, tension, and challenge motivates competition and excellence in both.

2.    Fairness

One fascinating thing about Squid Game’s story is that the organisers of the deadly games are actually very committed to fairness. Every player is supposed to be equal in Squid Game, and the game masters strictly enforce this rule against cheating or gaining unfair advantage. It’s this sense of fair competition that drives the players to return to the games voluntarily, rather than continue in the normal financial system where the odds are stacked massively against them. Blockchain and crypto are built on the idea of peer-to-peer equality, eliminating the need to give big institutions power over your finances. Cryptocurrency does have its big and small fish, but it’s a lot easier for the average person to get into crypto trading than, say, institutional finance.  

StormGain, too, is based on this idea of fairness and equal accessibility to everyone. Not only is it incredibly easy to register and start trading on the app or web platform, but StormGain also boasts low fees and the fairest profit system in the business. Thanks to its zero-commission profit-sharing model, StormGain traders only pay out when they make a profitable trade, making it fairer for everyone involved. The platform also makes sure that everyone who trades benefits from earning free Bitcoin via the cloud miner, providing this opportunity to all users.

3.    Strategy

Distinct from the thrill of sporting competition, we love to see people come up with interesting strategies on how to solve a problem. Ingenious ideas from different characters provided some of the most exciting, tense, and triumphant moments in Squid Game, and crypto is no different. Fortunately, when it comes to crypto, there can be more than one winner, and the community can come together to share their knowledge.

StormGain’s extensive educational program of articles and webinars, plus the demo account and in-app tools such as trading signals and charts, mean that traders have everything they need to analyse the market, learn from everyone’s experiences, and come up with winning strategies. The company holds regular trading contests for special prizes that offer even more rewards for clever tactics in trading.

All in all, there’s plenty in Squid Game that can be inspiring for crypto traders, and all without the dangerous elements of the TV show. Take care to do your research before jumping on any Squid Game NFTs, but if you’re reading to bring your A-game to crypto trading, then register with StormGain to get the best head start!

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