Perhaps one of the best things about the blockchain is the creation of metaverses. Oftentimes, you can chill and unwind with these metaverse games while making money.
If you’ve dabbled in NFT gaming, you’ve probably heard of Axie Infinity. With this game, you earn Smooth Love Potion or SLP, which you can essentially turn into extra cash.
Many Filipinos flock to Axie Infinity primarily because of its income-generating potential. A lot of success stories surround the game. It isn’t too technically demanding, so you can make money easily during your free time.
If you’re interested in making it big in Axie Infinity, it’s important to understand what SLP is and how the coin works. Check out this guide for everything you need to know about this token.
Before Anything Else: A Brief Primer on Axie Infinity
To fully understand and appreciate the nature of Smooth Love Potion, you need to have an idea of Axie Infinity’s gameplay. If you played Pokémon or Tamagotchi in the past, this should be easy for you.
Axie Infinity is a game where you collect, raise, and battle cute pet monsters called Axies. Each player is required to have three Axies. And because the game’s universe runs on blockchain, each Axie is a unique and irreplaceable non-fungible token (NFT).
What is SLP?
Photo: Binance Academy
What is SLP? What’s the meaning of SLP in Axie? These are the questions Axie Infinity newbies ask. SLP is one of the two major currencies that hold the game together, the other being Axie Infinity Shards (AXS).
SLP is an important element in the Axie metaverse because it is required for breeding new Axies. The amount of SLP players make depends on their performance.
But what is SLP with respect to crypto trading? SLP is basically an ERC-20 token, meaning it's essentially part of the Ethereum blockchain. As such, you can trade these tokens with other cryptocurrencies on exchange platforms such as Binance.
Note that Axie Infinity doesn’t sell SLP to players. Instead, the tokens are generated in the game. Such a setup compels players to participate in the game so they can earn SLP.
How Do SLP Tokenomics Work?
Tokenomics refers to a token’s economics within a game or a metaverse. It covers the factors that affect a token’s value, such as supply and demand, distribution, and burning (or the removal of the token or coin from the overall supply).
Currently, there are more than 42,663,732,577 SLP tokens circulating in the market.[1] Take into account that the SLP coin is currently uncapped, meaning its supply gets bigger as more players become part of the game. In turn, the circulating SLP supply constantly changes.
To prevent the oversupply of SLP and balance the metaverse’s economy, Axie Infinity implemented a burning mechanism. In this case, SLPs used for breeding Axies are burned.
Visit sites like coinmarketcap.com to check live data on the SLP coin market. To view the latest SLP price chart and stay updated on SLP’s ever-changing value, you can also check out this conversion table.[2]
How Much is Smooth Love Potion Now?
As of this writing, the SLP to PHP conversion rate is ₱0.119. At the height of the game’s popularity in 2021, however, the SLP value reached ₱17.
Keep in mind that the Smooth Love Potion price is subject to change due to factors such as demand for the game and the crypto market's aggressive fluctuation.
How Do I Earn SLP?
Originally, there were three ways players could earn SLP tokens. These included completing daily quests, battling enemies in Adventure Mode, and fighting other players in Arena mode.
However, Sky Mavis, the developer of the game, streamlined the players’ SLP-earning mechanism. At present, you can only earn SLP by winning battles in Arena Mode. However, Arena Mode has a ranked ladder you'll need to climb.
At the end of every competitive season, you can only claim your SLP tokens based on your final placement. If you want to earn more SLP tokens, you need to engage in more fights and win consistently.
The Arena Mode has three tiers:
Practice Mode
Battles in this tier are designed for those who are new to the game. You can freely explore the capabilities of your Axies and create strategies. There should be no pressure on your end since Practice Mode doesn’t have a ranking system.
In Practice Mode, you’re allowed to play an unlimited number of battles every day. You also earn 1 EXP every time you win a battle.
Ranked Mode
Battles in Ranked Mode are the same as the ones in Practice Mode. The only difference is that Ranked Mode has a ranking system. The more battles you win here, the higher your rank will be.
Ranked Mode has a more elaborate ranking system. It is divided into eight ranks, and each is subdivided into four tiers. On top of that, you can also join the Challenger Sphere.
Tournament Mode
According to Axie Infinity, this new mode will be held periodically after the initial Alpha launch of the game’s Origins phase. The developers explained that this mode will provide players an avenue where they can flex their Arena skills, but no other specific details have been announced yet.
Read more: Compare the Best Cryptocurrency Trading Platforms in the Philippines
Scholarship: A Strategy for Earning More SLPs
If you’re serious about making money with Axie Infinity, it’s not enough that you know the answer to “What is SLP?” You also need to know tactics. Perhaps one of the best ways to earn more SLPs is to organize a scholarship program.
A scholarship program is a strategy where you let other players, or so-called “scholars,” play the game for you. It also goes the other way.
Those who don’t have Axies or the budget to join the metaverse get the opportunity to play the game. The revenue from this partnership is split based on the agreement between you and the scholars.
The number of SLPs that you’ll earn from this partnership will depend on the quality of your scholars. As such, you need to be very discerning when choosing your players.
What to Do with SLP?
Do you now understand the answer to “What is SLP?” Then it’s time to delve into some ways that you can use it:
1. Use SLP Coin for Breeding Axies
The cute battle monsters you own have value. Other than using them for battles, you can sell them to other players. And if you want to make more money by selling Axies, you need to learn how to breed them.
Yes, Axies have the ability to breed and bear offspring. But breeding them requires SLP, so make sure you have more than enough of these tokens in your wallet.
2. Buy Axies with Your SLP Coin
Before, SLP was used for breeding new Axies, but you couldn’t use it for buying new ones. Now, you can use your SLP coin to buy these cute NFT monsters on the Axie Inifnity Marketplace. Prior to this update, Axies could be only purchased using ETH/WETH.
The update was announced in April by Jeff Kam,[3] Axie Infinity’s product designer. The new feature is made possible with Katana, a decentralized exchange. If you’re buying Axies using a non-WETH token, such as SLP, Katana will automatically make the swap for you.
3. Sell Your SLP Coin to Other Players
While the SLP crypto can be earned by winning fights, not everyone in the game gets to enjoy a winning streak. In other words, some players may have a hard time collecting enough SLP crypto to breed Axies. This resulted in the creation of a secondary market where players can buy extra SLP from other players.
In other words, you can sell your extra SLP to make money.
4. Sell Your SLP Coin to Investors and Speculators
SLP is an Ethereum-based crypto with real-life monetary value. Its value fluctuates, making it an ideal asset for traders. This means you can earn money by selling it to other crypto investors. Just time your sale to avoid losses. Make sure that the exchange platform through which you’ll sell your SLP is trustworthy with reasonable fees.
5. Buy Real-Life Items
Since the SLP coin’s value is tied to real money, you can use it to purchase real-life products and services. From sneaker stores to restaurants, a lot of establishments in the Philippines already accept SLP as a form of payment.[4] Nevertheless, it pays to check if this is the norm in your neighborhood, town, or city.
Read more: Is Dogecoin a Good Investment? Read This Before You Decide to Invest
Smooth Love Potion FAQs
This section touches on other topics you need to know about SLP crypto. It also covers the basics of buying and selling SLP.
1. What’s the difference between Smooth Love Potion and Axie Infinity Shards?
As discussed, Axie Infinity runs on two currencies, with Axie Infinity Shards or AXS being the other token. Wondering if there’s actually a difference between SLP and AXS?
You already know SLP is the in-game token that you can earn by winning matches. AXS, on the other hand, is the game’s governance token.
This crypto basically grants its owners the power to vote on proposals and projects that shape the Axie Infinity universe and its future. Furthermore, players can stake AXS (locking the token within a specific period to earn extra AXS) or use it as a method of payment in the Axie Marketplace.
2. What’s the difference between Smooth Love Potion and Small Love Potion?
They’re essentially the same thing. Small Love Potion is the former name of Smooth Love Potion.
3. How can I buy Smooth Love Potion?
To attract more players and investors, Smooth Love Potion can be traded at some of the leading crypto exchanges, such as Binance, KuCoin, Gemini, FTX, and Gate.io.
Here are the basic steps you need to follow if you want to know how to buy SLP crypto. Note that the procedures may vary from one exchange to the other.
- Open an account on a crypto exchange platform of your choice. Make sure your chosen exchange supports SLP crypto. Skip this step if you already have an account.
- Add funds to your account using your credit or debit card.
- Go to the exchange platform’s SLP page and make your purchase. Once the trade is executed, your SLP will be stored in your portfolio.
- As an additional layer of safety and security, get a separate crypto wallet where you can store your SLP.
4. How can I sell Smooth Love Potion?
Conversely, you can sell your Smooth Love Potion to make money. There are a few options for selling your SLP. Here are two of the most popular methods:
👉 Transfer SLP directly from Ronin to your preferred exchange
You can transfer the SLP tokens in your Ronin wallet to a crypto exchange that actually supports SLP. This is perhaps the most practical option since the Ronin network doesn’t charge transaction fees.
👉 Transfer SLP from Ronin to MetaMask
Since SLP is an Ethereum-based token, you can sell it on a decentralized exchange. But before you can do so, you’ll need to transfer your SLP to a MetaMask wallet. Here’s how:
- Create a MetaMask account. Skip this step if you already have one.
- Bridge your SLP from your Ronin wallet to your MetaMask wallet using Ronin Bridge. This will sync your funds and allow you to withdraw your SLP to your MetaMask wallet.
- Now that your SLP is in your MetaMask wallet, you can trade it on Ethereum. Use a decentralized exchange or automated market maker (AMM) that supports Ethereum.
Important note: Your SLP tokens will be lost if you send them directly from your Ronin wallet to an Ethereum address. As such, bridging your SLP to MetaMask is a must.
Read more: Coinbase Basics: How to Create a Coinbase Account, Trade Crypto, and More
Final Thoughts
Axie Infinity may look like a simple computer game, but it entails more than just pitting your cute little monsters against their own kind. You can make money through SLP and even AXS. These tokens can help you gain an understanding of how a metaverse works with respect to building an economy and sustaining it.
If you’re keen on making it big in the Axie Infinity metaverse, you need to learn the basics of its tokens, like what SLP is. And if you’re serious about investing in SLP, remember to use only the money that you’re willing to lose. Never use your main income or savings for it.
Sources:
- [1] Smooth Love Potion Stats
- [2] Smooth Love Potion-Philippine Peso Converter
- [3] Jeff Kam on Twitter
- [4] Some Filipino Merchants Prefer Payment in Axie’s SLP (CoinDesk, 2021)
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