Video games are becoming more popular globally. According to Statista, there were approximately 3.24 billion gamers worldwide in 2021. This figure is forecasted to reach a whopping 3.3 billion in 2024.
Initially, people played video games to have fun, bond with other players, relieve stress, and boost their moods. But thanks to technology that has advanced the gaming industry and led to the development of video games, you can play and earn some money. One of the games is Axie Infinity, that’s well-known for its in-game economy of digital assets like Smooth Love Potion (SLP). Here’s what you need to know about this asset:
What is SLP
SLP is an Ethereum Request for Comment (ERC) token that can be gained and utilized in the famous blockchain-based game Axie Infinity. The game involves collecting unique and modern pets known as Axies depicted by non-fungible tokens (NFTs). In addition, Axie Infinity enables you to make money by playing the game as you compete, grow, and trade Axie breeds.
Like real pets, you can breed Axies to generate offspring. To do this, you need Axie Infinity Shards (AXS) and some SLPs. The AXS is unstable and can be adjusted according to financial conditions.
Most popular SLP conversions
You can use SLP tokens to purchase actual products and services. But before doing so, you need to convert them to real money. The most common conversions are SLP to PHP, SLP to USD, and SLP to IDR. It’s, therefore, essential to note if the currency you’re using supports it. It’d also help if you understand the market movements for SLP, so you convert at a time with the best exchange rates.
How SLP works
As indicated above, SLP is an ERC-20 gaming token with a limitless supply. As of September 7, 2022, SLP’s market cap reached USD$178.10 million and a circulating pool of USD$43.32 billion.
You can earn SLP rewards after completing specific games in Axie Infinity or purchase them in exchange markets. After attaining a particular number of SLPs, you can use them for breeding new Axies. The breeding cost varies and increases as the number of breeds increases. For instance, the price of breeding starts at 100 SLP for the first breed but increases as follows:
- Second breed: 200 SLP
- Third breed: 300SLP
- Fourth breed: 500SLP
- Fifth breed: 800SLP
- Sixth breed: 1,300 SLP
- Seventh breed: 2,100 SLP
You can only breed a maximum of seven times to prevent market hyperinflation. Furthermore, SLP has a burning mechanism. It means after every Axie farming, the SLP utilized is burnt. Moreover, you can use your SLP to unlock new levels and compete with other players.
Where to buy SLP
Here are top exchanges you can purchase SLP cryptocurrency with a debit card, Bitcoin, or credit card:
- Binance: It’s one of the largest and most popular cryptocurrency exchanges worldwide. One advantage of buying SLP here is that the fees are lower than other exchanges. Another one is that there’s increased liquidity allowing you to buy and sell swiftly.
- Gate.io: This exchange offers a user-friendly interface for beginners and maintains vigorous and sophisticated charts for diverse skill levels.
- Bitstamp: This is one of the world’s oldest and most trusted exchanges. It was founded in 2011 and has so far attracted more than four million customers across the globe.
- Kucoin: Like Binance, Kucoin offers low trading fees, and more prominent traders enjoy discounted prices.
- Swyftx: This offers up-to-date trading features and ease of brokerage on the same platform.
How to acquire SLP
The most common way of earning SLP is through rewards after you win a game in Axie Infinity. Initially, there were three methods to obtain SLP. However, the developers reduced just one, the Arena Mode. In this mode, the amount of SLP rewards you earn depends on your Matchmaking Rating (MMR). MMR is a specific number used to ascertain your skill level and rank you against competitors with almost the same skill level.
The higher your position, the more SLP you earn. For instance, the least you can acquire is 1 SLP with MMR between 0-999. On the other hand, the maximum is 14 SLP with an MMR of 2,500 and above.
Every game in this mode uses up one energy. Without this, you won’t obtain any SLP even though you win a game. You can boost your maximum energy capacity and regenerate more energy with time-based on how many Axies you own. For example, if you have 20 Axies or more, you can gain a maximum energy capacity of 60 at the rate of five every two hours.
How to buy smooth love potion
As explained above, you can earn SLP by playing and winning a game in Arena mode. However, this requires you to win a maximum of 15 competitions before you execute your first breed. Fortunately, you can purchase SLP from exchanges that support it, like the ones above. Here are the fundamental steps you may follow to buy SLP crypto:
- Create an account with a crypto exchange platform of your preference. Just remember to check if it supports SLP crypto.
- Next, deposit money into your account using your debit or credit card.
- Then, navigate to the SLP page in the exchange platform and buy your SLP.
- When the exchange is complete, your SLP is saved in your portfolio. But it can be risky; thus, you’d want to add an extra layer of security by obtaining a different crypto wallet to store SLP.
What makes SLP special?
SLP is one of the unique in-game currencies. The Axies differ from other NTF tokens because of how you earn and cultivate them until they mature. Additionally, SLP is among the few in-game tokens to be recorded by Binance. You can trade this token in decentralized exchanges or trade for landmark exchanges on metaverse or Axie Infinity.
Gone are the days you could see video gaming as of no value. These days, they’ve become a source of income for many. The gaming industry has moved from the old pay-to-play model to a digital play-to-earn model, where you can thrive and earn through challenges and rewards. Note that, like other investments, there are risks involved with these games, especially with crypto, which can be very volatile. Thus, before investing in SLP, you should thoroughly know what it is. Ultimately, you’ll make an income for your time spent playing.