A digital token based on the hit Netflix show Squid Game has lost 99.9% of its value overnight in a move experts are calling a ‘scam’. It is an example of the potential dangers of digital investment, which continues to grow in popularity with Gen Z.
I’m sure that you’ve watched the hit Netflix series Squid Game by now, a fictional drama that sees 600 financially desperate people compete against one another for a huge cash prize. There are six rounds based on South Korean children’s games and if a player loses in any round, they die.
Squid Game is a mix of Hunger Games and Fortnite’s ‘battle royale’ mode, with a hint of horror thrown in.
Despite its heavy anti-capitalist message the show has managed to permeate every corner of mainstream pop culture, so much so that Pop! Vinyl figurines are now available to purchase online, protestors at COP26 are dressing as guards from the show, and even cryptocurrencies based on its branding can be bought into.
— Denise Chow (@denisechow) November 2, 2021
Not that you should do so, mind. News broke this morning that the Squid Game digital token plummeted in value in an instant, dropping by 99.9% from a high of $2,856 per unit. The sudden drop serves as a warning to those eager to get involved in cryptocurrency.
Rewards are lucrative and the stakes are high – but everything can be lost in mere moments. We’ve already seen volatile stock markets lead to financial turmoil this year with GameStop and Reddit, as more start-up companies try their hand at bringing Wall Street trading to the masses.
While democratising these previously impenetrable markets is good for us regular folk, they also expose inexperienced investors to serious risk and potential bankruptcy. You’d wish you were in the real Squid Game if you just chucked several thousand pounds down the drain on a phoney digital token currency.