Squid coin crashed, popular IP chain games swarmed

When the phenomenon-level web drama “Squid Game” was on the air, GameFi, which was based on the plot setting as the creative prototype, also appeared. On the BSC chain, a game called Squid Game imitates the plot, attracting players to compete through the stage with a considerable ultimate prize as a temptation. However, every time players pass a level, they need to pay a certain amount of “Squid Coin” SQUID as admission. fee.

On November 1st, SQUID staged a roller coaster trend. It skyrocketed tens of thousands of times to a maximum of US$2,861.80, but after only 5 minutes it “free-fall”, plummeting 99.99% to US$0.0007926. According to game players, the developers designed an “anti-dumping mechanism” that prevented the tokens from being sold at high points, and participants could only watch it fall to the bottom.

After this incident, the Binance Exchange launched an investigation and finally determined that this on-chain squid game was a scam, and the development team had already ran away with money. In this game, players almost “live forever”, and browser data shows that more than 40,000 people still hold the token after the collapse of the project.

Squid Game has a negative impact, but it is undeniable that building chain games around popular and well-known IPs is becoming an effective means of attracting traffic quickly, attracting many developers to follow suit.

On November 4th, another “Squid” game SquidGame Online appeared. In addition to the gameplay, it also opened the betting gameplay, which was considered by some players to have a gambling element. In addition, Nyan Heroes, a shooting battle royale game based on the game IP of PlayerUnknown’s Battlegrounds, is in preparation, and games like “Fishing Master” and Flappy Bird-like chain games are also appearing.

Developers on the chain choose well-known IPs to create games, which is conducive to quickly attracting players, but players should carefully distinguish whether the chain games have genuine authorizations when participating, and at the same time tighten the string for the risk of fraud.

Squid game crashes on the chain, SQUID plunges 99.99%

The “Squid Game” produced by the American streaming media giant Netflix has become a phenomenon-level hot film and television drama. The drama describes 456 people on the fringe of Korean society who were desperate and were lured into the “Big Escape” by a mysterious organization with huge bonuses. After a series of games such as “One Two Three Wooden Men”, “Sugar Cake”, “Tug of War” and “Squid Game” in the “Kill” secret room, only one person can survive to get the ultimate reward of 45.6 billion won. The cost is the remaining 455 lives lost in the game.

When “Squid Game” was broadcast and accumulated a large audience, blockchain application developers took aim at this popular IP. On October 26, the Squid Game “Chain Game” with the same name as the online drama landed on the BSC chain. The design mechanism of this blockchain game is based on the cruel plot in “Squid Game”. Players want to participate in the game and get the final bonus. Need to go through 6 rounds of the game, and to enter each round of the game, you need to buy “Squid Coins” SQUID as the entrance fee. The token consumption has been increasing from 456 in the first round. In the sixth game, the entrance fee will increase. To 15,000 SQUIDs.

Initially, SQUID was issued on Pancake Swap, a DEX application on the BSC chain, at a price of $0.01. With the popular IP of “Squid Game”, players followed one after another. In order to participate in the game, participants had to buy SQUID coins, and its price soared.

The craziest moment occurred on November 1, when SQUID soared 3800 times to $38 in the early morning of that day, which made it attract more people’s attention. In the next few hours, SQUID continued to skyrocket until it rose to $2861.8. However, due to the “anti-dumping mechanism” designed by the developers, the profiteers who participated in the game found that they could not realize the tokens in their hands at all, and the huge increase was visible and intangible.

An unfortunate scene happened very quickly. Only 5 minutes after reaching the high point, SQUID fell sharply to $0.0007926. Compared with the high point flash crash of 99.99%, this “Squid Game” was finally wiped out, and only the volume running was the only one who survived. Road game designer, none of the participants survived.

Squid coin crashed, popular IP chain games swarmed

SQUID soars more than $2800 after flash crash

Subsequently, Binance Exchange launched an investigation into this vicious incident. The platform believed that SQUID was a scam and announced that it was considering blacklisting wallet addresses associated with SQUID developers and launched on-chain analysis to identify bad behavior By.

After the crash of SQUID, according to the data of the blockchain browser, more than 40,000 people still hold the token, which means that the number of victims of this scam is very large. It is estimated that the developers of Squid Coin have taken away at least $3.3 million worth of crypto assets.

After realizing that they were cheated, the participating players were very upset. Some people admitted that it was driven by FOMO sentiment and invested assets in it without careful research. This scam under the banner of GameFi has once again exposed the high risk of participating in on-chain games.

Leveraging IP to make a chain tour has become an outlet, need to beware of fraud and infringement

Squid Game has been proven to be a scam, but it also reflects from the side the powerful drainage and gold absorbing capabilities of popular IPs. The creation of chain games around popular IPs has begun to be regarded by more and more developers as one of the effective “opening methods” of GameFi.

Soon, another chain game based on “Squid Game” as the prototype appeared. On November 4, the Squid IP survival competitive game named SquidGame Online announced the completion of the public beta. It also re-engraved the gameplay of the Squid game onto the chain. According to the developer’s disclosure, a total of 20,000 people participated in the public beta period.

According to the website introduction, the entry threshold of this new squid game has been lowered. Players can participate in the competition with a $1 ticket, and the final winner can get 90% of all players’ tickets as a reward. It should be noted that SquidGame Online has also developed a new gameplay method, that is, players can act as game viewers to watch the fight of game participants in God mode, place bets on players, and get rewards through quizzes.

Squid coin crashed, popular IP chain games swarmed

 SquidGame Online game page

The onlooker’s gameplay is similar to gambling, which is easily reminiscent of the guessing game derived from equestrian competitions and football matches. Just after a thunderstorm in Squid Game, the launch of this new game aroused the vigilance of some chain users. Someone said on social media that this kind of betting game design is very similar to gambling, and the probability of betting is extremely low, which is likely to cause losses. At the same time, participating in on-chain gambling has its own legal risks.

In addition to the “Squid Game” category of chain games, there are also a number of GameFi built with other IPs that are already on the way. On November 4th, Nyan Heroes, a battle royale universe game built on the Solana chain, announced that it has completed a seed round of financing. It is a third-person shooter battle royale game, which is very similar to the popular game circle from the description. PlayerUnknown’s Battlegrounds, commonly known as “Chicken Eating Game”.

In addition, in October, a blockchain game that imitated the phenomenon-level game Flappy Bird in 2013 was born. It was named Fancy Birds and claimed to have received support from protocol developers including Synthetix and Aave. .

Not long ago, the “Fishing Master” chain game Fishing Master also appeared. It was described as a “fishing while earning” game. Before starting the game, players need to buy turrets and shells to fish, and then make money by selling fish. The seemingly simple and classic gameplay, but also hidden risks. After experiencing it, some players said that the value of the fish they played was often not worth the cost of the shells.

It can be seen that more and more GameFi developers have begun to use popular and classic IP as a reference for game design. Some practitioners believe that the use of well-known IPs to create games will definitely help attract players quickly, and also lower the barriers for players to be familiar with the game. Introducing these IPs on the chain and even the “meta universe” is somewhat similar to the real-world Disneyland. And Universal Studios Park, both combine well-known IP with entertainment activities.

However, the person also reminded that since most well-known IPs have registered copyrights and the cost of obtaining copyright authorization is relatively high, many chain games may involve infringement, so copyright protection will be a topic that cannot be ignored in the development stage of chain games. Squid Game, which has already thundered, is an example. On CoinmarketCap, the project was prompted “It does not belong to the official Netflix IP, it just uses the same name.”

For chain players who desire Paly To Earn, choosing genuine IP chain games to play games will undoubtedly have a stronger guarantee. Therefore, you should pay attention to verification and screening when choosing chain games with IP attributes; in addition, players Before participating in GameFi, a detailed investigation should be done, including game mechanics, Token economic model, liquidity, and whether there is a security audit, etc., so as not to repeat the mistakes of Squid Game and fall into a fraud trap.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/squid-coin-crashed-popular-ip-chain-games-swarmed/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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