Introduction to Squid NFT World

Squid Game, a Korean dramaserie, is Netflix’s most-streamed show ever, with more than 140 million households watching it in its first four weeks of release. Building upon the success of the show is the popular blockchain platform Squid NFT World, in which the player can “play” various games from the show and win BSW (Biswap tokens).

Game Mechanics #

Launched in December 2021 by Biswap, Squid NFT World is a BSC-based blockchain game in which players can compete against each other for prizes by winning games. As of writing there are 7 games for players to enter. These games are:

1. Destiny Marbles
2. Slippery Rope
3. Red Light, Blue Light
4. Flip-Flop Envelopes
5. Killing Sweets
6. Crowned Peak
7. Rock-Paper-Scissors

Each game awards the winner with a certain amount of BSW tokens. Destiny Marbles has the smallest prize pool and Rock-Paper-Scissors the biggest.

However, in order to participate in a game, the player needs to fulfill four conditions. The first condition is that the player needs to mint a NFT bus. As in the TV show, the player is brought to the game’s location by bus. Each bus has a certain capacity, which ranges from 1 to 5. The more capacity the bus has, the lower the chances for it to drop / be minted.

The next step is to mint players. Each player has a predefined amount of Squid Energy, which is needed to participate in a game. The rare the player, the more Squid Energy it will have. For example, a common player with a Squid Energy of 300-500 has a drop rate of 50%. Players with a Squid Energy of 2300-3300 only have a drop rate of 0.5%(!). The user is limited in the number of players that can be minted, which is based on the number of busses and capacity of the busses that the user has in his/her wallet.

Finally, the user needs to purchase game contracts, which allow the user’s player to be send to a game. You can purchase game contracts with different durations. For example, you can purchase game contracts for 15 days, 30 days or 60 days.

As shown in the image below, each game costs a different amount of Squid Energy and requires a different amount staked BSW tokens. However, there’s also a higher prize pool for more expensive / higher demanding games.

In short, if a new player wants to play Squid NFT games, they need the following:

1. 1 bus
2. 1 player
3. 1 Game Contract
4. Staked BSW
5. Squid Energy

Regarding Squid Energy and the staking of BSW tokens; Squid Energy will be refilled every 48 hours or by conducting transactions on the Biswap website. Players also need to stake their BSW tokens in Biswap’s Holder Pool, which can be found here.

Tokenomics #

BSW is a BEP-20 token and has a maximum supply of 700,000,000. There was a start supply of 10,000,000 BSW tokens, which were allocated for initial liquidity, marketing, and strategic partnership purposes. 600,000,000 BSW tokens are allocated as follows:

• Farms / Launchpools: 80.7% per block
• Referral Program: 4.3% per block
• SAFU: 1% per block
• Team: 9% per block
• Investment Fund: 5% per block

The remaining 100,000,000 BSW tokens are used for Transaction Fee Mining.

What is interesting is that the tokenomics of this project are very solid. The deflationary mechanisms assure that the number of BSW tokens stays in check, and that the token won’t flood the market. You can read more about the deflationary mechanisms here.

Conclusion #

Biswap’s Squid NFT World is a solid project with well thought-out tokenomics. It’s a very clever idea to ride along the hype around the popular Netflix serie “The Squid Games”.

Because Squid NFT World is a is backed by a big platform (Biswap), we expect that it will stay the course for a long period to come.

References:

Biswap. (n.d.). Medium. https://biswap-dex.medium.com/

Squid NFT World – Biswap. (n.d.). BiSwap. https://docs.biswap.org/biswap-gamefi/squid-nft-world

Squid “NFT World is a Play-To-Earn game that allows users to have an enjoyable gaming experience and earn crypto. (n.d.). Squid NFT World. https://squid-nft.io/