Netflix Inc’s NFLX Korean-language “Squid Game” has spurred an Axie Infinity AXS/USD meme contest.
What Happened: Axie co-founder Jeffrey Jiho Zirlin announced the contest on Sunday night on Twitter; participants have one week for submissions.
See Also: How To Buy Axie Infinity (AXS)
The winner would receive 5 AXS, worth around $684.20, the second-place meme would be rewarded $2 AXS ($273.68) and the third prize winner would receive 1 AXS ($136.84).
AXS traded 26.42% higher over 24 hours at $136.84. Over the last seven days, the token has shot up 106.65%.
The Axie co-founder’s efforts have borne some fruit already as his followers on the social media platform responded with memes.
Why It Matters: Since 2021 began, AXS has skyrocketed 22989.63%, making it the coin one with the highest year-to-date gains, as per CoinMarketCap data.
See Also: Here Are The Top 10 Most Watched Netflix Shows — And No, 'Tiger King' Is Not #1
Meanwhile, Squid Game’s massive popularity is causing a surge in broadband traffic in South Korea and a legal controversy over network usage fees has erupted between the streaming giant and South Korean telecom firm SK Telecom Co. Ltd SKM.
Axie Infinity, a blockchain gaming project with a non fungible token focus has been received well in developing countries in Asia where players can earn substantial regular income by playing the game.
South Korean dramas are Hollywood’s “biggest competitor,” reported Elle. These dramas are especially popular in Asia, in some of the same markets where Axie has a large player base.
Price Action: On Friday, Netflix shares closed 0.46% higher at $613.15 in the regular session.
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