The game features a two-token model, where Axie Infinity (AXS) serves as the governance token, while Smooth Love Potion (SLP) acts as the in-game currency. Users spend SLP to breed Axies and receive SLP for winning battles with other players. You can earn SLP by playing the Axie Infinity game through winning battles and fulfilling daily quests hence the “play to earn” term was coined. To start playing the game, you would need to obtain some Axies from the marketplace, which are creatures that can be used to battle other players in the game.
What is Smooth Love Potion (SLP)?
The SLP coin, previously known as ‘small love potion’, is a utility token that players in the Pokémon-inspired Axie Infinity universe can earn as rewards for gameplay. Players can use SLP to breed digital pets called Axies, NFTs that they can sell to other players in the Axie Infinity Marketplace. As the utility token of one of the most played blockchain games in the world, the Smooth Love Potion enjoys the status of being a leading GameFi token worth investing in. As more users sign up to play Axie Infinity, the SLP token price and market cap could experience a boost in the future, making it a worthy digital asset to invest in.
What Is Smooth Love Potion Crypto? Everything You Need to Know
Axies can be bred a maximum of seven times, and the seventh breed costs 2,100 SLP. This limit exists in order to prevent hyperinflation in the marketplace. Players can collect, raise, breed, battle, slp coin forum and trade token-based creatures called Axies within the Axie Infinity Universe. Each Axie is a unique NFT that can be bred to produce more Axies or traded through an in-game P2P Axie marketplace.
What Makes Smooth Love Potion Unique?
The Axie Infinity game has a multi-token economy, and uses another ERC-20 token called Axie Infinity Shards (AXS) as a governance token for its ecosystem. Smooth Love Potion (SLP) is the in-game digital currency of the Axie Infinity gaming metaverse. It enables the game’s players to breed collectible digital pets — known as Axies. The overall demand for SLP tokens has grown such that they are also traded on cryptocurrency exchanges.
Smooth Love Potion Markets
Nguyen says that the breeding process, for which SLP is used, is designed to be familiar to those who have played other collectible games such as CryptoKitties. The trading volume of Smooth Love Potion (SLP) is $10,308,492.48 in the last 24 hours, representing a -3.20% decrease from one day ago and signalling a recent fall in market activity. You can buy Smooth Love Potion (SLP) on several crypto exchanges, including Binance, KuCoin, Gate.io, FTX, Gemini, OKEx, Uniswap (V3), SushiSwap, etc.
SLP paves the way to the concept of Play-to-earn which popularizes the Axie Infinity games among players who are looking to earn some money or participate in DeFi. The cost of breeding begins at 100 SLP but increases gradually — rising to 200 SLP for the second breed, 300 for the third, 500 for the fourth, 800 for the fifth, and 1,300 for the sixth. Among all the assets available on CoinStats, these have the most similar market capitalization to Smooth Love Potion.
CoinStats is a cryptocurrency research and portfolio tracker app that enables you to monitor the profit, loss, and liquidity of cryptocurrencies across several exchanges. CoinStats supports over 250 cryptocurrency exchanges and over 7,000 cryptocurrencies. It offers charting tools, analytical data, advanced search features, up-to-date news, and fundamental crypto market analysis to help investors make better decisions. Smooth Love Potion (SLP) is a reward token within Axie Infinity, a “play-to-earn” pet training game, and a virtual world built on the Ethereum blockchain. Players can earn SLP by playing the game in adventure or battle mode and use SLP to breed in-game Axies and level up a creature.
The first breeding costs players 600 SLP, and gradually increases upward until the seventh breeding, which costs over 10,000 SLP. With the SLP token charge for Axie Infinity breeding gradually increasing, the more progress a player makes in the game, the more SLP they will likely need to expend. The limit of seven total possible breedings also serves to help limit the https://turbo-tax.org/ revenue-generating capabilities of each individual Axie NFT. Because the Axie marketplace has become so popular and competitive, Axie NFT traders have even started using Axie Infinity breeding guides. Although the Axie Infinity platform offers several ways to earn SLP tokens, it can be difficult for players to accumulate enough SLP to successfully breed their Axies.
You’ll then be able to claim your SLP rewards and transfer them to your wallet. When SLP initially launched, it didn’t actually have a fluctuating value as a cryptocurrency. However, this all changed when a liquidity pool for SLP was created on Uniswap. As we mentioned, the Binance Innovation Zone has unveiled support for the Pokémon-inspired game. If the number of Axie Infinity players increase substantially, this could result in much higher levels of SLP entering into the ecosystem as more competitions are won and lost.
The most popular exchange to buy and trade SLP is Cetus, where the most active trading pair SLP/SUI has a trading volume of $356.25 in the last 24 hours. A November rally in metaverse-related tokens followed the renaming of Facebook’s (FB) parent company to Meta Platforms (META). The SLP price rose to $0.1352 on 4 November, but a bearish turn across the cryptocurrency markets pulled the price lower.
The developers have since limited the ways players can earn SLP and launched a new season of the game in August, again adjusting the way the token works. The Smooth Love Potion (SLP) crypto exists in lieu of traditional experience points. It’s also a big driver of the Axie Infinity community by allowing users to mint unique NFTs to trade. Using SLP, users can “breed” their Axies up to seven times apiece, each time creating a token that’s more unique than the last. These NFTs can then be used or bought and sold for profit on the marketplace.
- Thus, there is a market for selling SLP for users who don’t have the time for all of that work.
- The bullish action could not continue, however, and SLP plummeted to a local bottom at $0.08 by late May 2021.
- This can disincentivize players to continue playing the game as they earn less in the long term and may quickly cash out their tokens to avoid inflation-driven price drops.
- Because the Axie marketplace has become so popular and competitive, Axie NFT traders have even started using Axie Infinity breeding guides.
- With the SLP token charge for Axie Infinity breeding gradually increasing, the more progress a player makes in the game, the more SLP they will likely need to expend.
Axie Infinity went viral in 2021, adding millions of users and making headlines as the biggest NFT game in major financial media outlets like Bloomberg. The SLP token thus earned or obtained can be used to breed new digital pets, which can be used for new battles or sold to other players to increase your earnings from the game. Axie Infinity lets players collect, raise and pit cute monsters known as Axies against each other to complete quests and earn rewards. The SLP cryptocurrency facilitates this gameplay, allowing users to generate and add more value to their gaming experience. Smooth Love Potion (SLP) is one of two tokens used within the widespread blockchain-based fame Axie Infinity.
So while players earn SLP by playing Axie Infinity, they might also purchase additional SLP from other players on SLP token exchanges to accelerate their in-game progress. SLP isn’t intended as a cryptocurrency to invest in since it’s primarily an in-game utility token and it’s volatile. Players buy Smooth Love Potion with the intent to breed Axies and to expand their current Axie pool for their respective gaming guilds or to sell on the Axie Infinity marketplace.
The blockchain-based design enables Axie to reward players for their contributions to the ecosystem, which has taken the lead in popularising the ‘play-to-earn’ model for NFT games. “Axie has attracted thousands of players from developing countries in the pursuit of a new income stream during the Covid pandemic,” according to the whitepaper. SLP can be earned by playing the game, bought on decentralized and centralized exchanges, or purchased on Axie Infinity’s exchange, Katana. Once players have successfully migrated ETH to Axie Infinity’s side-chain, Ronin, then players are able to access Katana to minimize trading fees. To breed, players will need both SLP, the governance token, Axie Infinity Shards (AXS), and the network’s new token, RON. SLP shouldn’t be viewed as an investment vehicle but rather as a utility token that can expand the way users invest in the game.
It can not only be earned in the Axie Infinity metaverse, but can also be traded on supported cryptocurrency exchanges — a noteworthy caveat that brings wider market access to this in-game currency. The external market for SLP emerged when a liquidity pool for ETH-SLP was created on the decentralized exchange (DEX) Uniswap, bringing SLP out of the Axie game metaverse and into the crypto market. As Axie Infinity has grown into one of the most popular blockchain-based games, SLP has demonstrated the value of in-game assets both within the metaverse and beyond. Smooth Love Potion (SLP) is an ERC-20 token that is the in-game asset of the popular blockchain-based gaming metaverse Axie Infinity. In this game, players collect unique digital pets called Axies — represented by non-fungible tokens (NFTs) — which they can breed, sell, or deploy in battle against other players.
As the Axie Infinity ecosystem evolves and rolls out new use cases for the Smooth Love Potion, the demand for the cryptocurrency could climb even higher, driving up the SLP value. CryptoKitties — the game where you can buy, sell, and breed digital cats — is famed as being among the first cases of non-financial use on the blockchain. Brenden Rearick is a Financial News Writer for InvestorPlace’s Today’s Market team. He mainly covers digital assets and tech stocks, with a focus on crypto regulation and DeFi. You can buy SLP on all the major crypto exchanges like Binance, KuCoin, and MEXC, among others. You can also use the Ronin network’s native DEX Katana for SLP purchases.