Today’s blockchain-based gaming industry is turning the traditional gaming industry upside down. Unlike the traditional gaming industry, where the last dollar or euro is sucked out of you by the game owners, you can make money in blockchain gaming. This is done by the so-called Play-2-Earn (P2E) system. As an added icing on the cake, you can also own in-game items. This can be virtual land, but also cars, critters, houses, you name it. Give your imagination free rein. All this in the form of NFTs. Of these blockchain games, Axie Infinity is the most popular game at the moment. Even with several street lengths ahead. In Axie Infinity, the Smooth Love Potion token is used to breed the Axies.
In this blog we are going to talk about the Smooth Love Potion token. I am going to explain to you what Smooth Love Potion is and how it works. We are also going to investigate the team behind this project and take a look at the course. If you want to know where to buy SLP, you’ve come to the right place.
Please note: please note that the text below about ‘Smooth Love Potion (SLP)’ as well as the explanation thereof should in no way be taken as advice. The choice for whether and in what way you want to trade (crypto) and which choices you make in terms of investment is up to you and you alone. We are not financial advisors.
Here you can first watch an in-depth video showing how Axie Infinity works. An explanation is also given about Smooth Love Potion.
- 1 What is Smooth Love Potion?
- 2 How does Smooth Love Potion (SLP) work?
- 3 Who is on the Smooth Love Potion team?
- 4 What is the price of the SLP token?
- 5 What is the expectation of the SLP token?
- 6 Where can you buy the SLP token?
- 7 What is the best way to store the SLP token?
- 8 Conclusion
What is Smooth Love Potion?
Smooth Love Potion is the in-game cryptocurrency of the Axie Infinity game . It is an ERC20 token and SLP is required to breed new Axies . You can earn the SLP tokens by playing Axie Infinity in the PvE Adventure mode or in the PvP Arena. These are different ways to play in Axie Infinity and win SLP. However, you can also buy and sell SLP on a crypto exchange and that is a part of your profits from this game. In addition, there is the opportunity to earn SLP by participating in tournaments or promotions.
The easiest way to earn SLP is to participate in games and then win those games. However, this can be a time consuming activity as it can take up to 15 games before you can start breeding an Axie for the first time. Buying SLP tokens on a crypto exchange is then the most obvious way to quickly obtain these tokens. Due to the great popularity of Axie Infinity, you can now buy the SLP token on many different crypto exchanges, including Bitvavo . We will come back to this later.
What’s interesting is that Smooth Love Potion was mined by the Axie Infity players. This technically makes it a ‘ fair launch cryptocurrency ‘. This means that the token is decentralized, and it is earned, owned and controlled by the community. Everyone participates on an equal footing and before they are sold publicly, there is no opportunity to buy the token in a private sale. It is quite an unusual and rare way to market a token, but Bitcoin , Dogecoin and YFI are good examples. This also means that 100% of the amount of SLP is in circulation.
What are the uses of the SLP token?
The SLP token has three distinct uses. These applications make gaming with Axie Infinity easier and more accessible.
- You can breed new Axies up to seven times with an Axie.
- It is given as a reward to gamers who reach certain levels.
- You can buy or sell it on various CEXs and DEXs. Convert your reward into profit.
How does Smooth Love Potion (SLP) work?
To breed Axies you need the Smooth Love Potion. To avoid inflation of the Axies, you can only breed an Axie 7 times. It also gets more expensive every time you want to breed an Axie. All SLP tokens used to breed Axies will be burned. This partially helps to counter inflation of the token. However, new SLP tokens are also constantly being minted , to sell to new gamers or so that the new and active gamers can earn the tokens in the game. So there is no cap on the amount of SLP tokens.
However, the Axie population is controlled by this breeding restriction. Every time you want to breed again in that series of seven, it gets more expensive. In addition to SLP tokens, you also have to pay four AXS tokens to be able to breed. These AXS tokens are not burned but go into a community treasury along with 4.25% of all marketplace proceeds. In this way 95% of all winnings flow back to the game. This is obviously a big draw that this game has.
In the following chart you can see how much SLP you have to pay with each subsequent round in the breeding process of an Axie.
Earn an income with Axie Infinity
In some countries where the average income is low, Axie Infinity has proven to be a godsend to get income despite reduced income due to Covid-19. In the Philippines and Vietnam, people have literally given up their jobs to participate in this game. Earnings of $1,500 per month playing Axie Infinity are no exception. That is a pretty good income in these countries. The game was also a hit in Cuba, Qatar and the United Arab Emirates.
An interesting report has been made about how Axie Infinity provided many people with income in a Philippine village during the Covid-19 pandemic. The following video shows you this 18 minute report.
In late August, the Philippine government tried to tax the income earned from Axie Infity. Another indirect way that shows how popular this game has become in a short time. However, it also opens up a window into the issues facing more and more blockchain and crypto projects, namely government regulation . In August 2021, Binance seems to be the only one to encounter this in various places in the world. This may just be the tip of the iceberg. The crypto world could use a little more regulation, but that is actually a topic for a completely different blog.
Who is on the Smooth Love Potion team?
The team at Smooth Love Potion is the same team behind Axie Infinity. Axie Infinity is in turn part of Sky Mavis from Singapore who released the game in 2018. At the end of August 2021, 65 people will be working on this game full-time . Axie Infinity’s headquarters is located in Ho Chi Minh City in Vietnam.
- Trung Thanh Nguyen – CEO. He has been working as an entrepreneur since he was 19. In 2014, he represented Vietnam in the International Collegiate Programming Contest (ICPC), an annual competition between universities from around the world.
- Aleksander Leonard Larsen – COO. Co-founder of Sky Mavis and Axie Infinity. He is responsible for all finances at these two companies. Was one of the top 200 players in Europe for DOTA 2 and was on the Norwegian team in Warcraft 3.
- Tu Doan – Art Director and Game Designer. Designer of the original Axies and now team manager of the art team. Co-founder of Lozi.vn, a company he co-founded with Trung.
- Andy Ho – CTO . Responsible for the engineering team and technical planning and execution.
What is the price of the SLP token?
If you want to invest in the SLP token, a good start is to know what the price is. If you are already going to trade, you also want to make a profit. You can make a technical analysis to see what the best buy or sell moment is.
The SLP token plunged in price almost immediately after it appeared on CoinMarketCap’s radar on July 9, 2020. The opening price of $0.09126 until April 29, 2021 was only briefly reached once in March 2021. Shortly afterwards, a parabolic price increase was recorded in no less than three days to $0.3642. That is also the current ATH.
This spike was quite short and in June 2021 the price fluctuated around USD 0.13 before breaking out again in July to USD 0.3462. At the end of July the price started to fall again and at the time of writing, at the end of August 2021 the price is $0.1234
What is the expectation of the SLP token?
The expectation of the SLP token will depend on how innovative the Axie Infinity designers will be with how easy or difficult you can get this token.
At CoinMarketCap it is in the top 100 at place 180. If you look at the price development you will see that this token is volatile and the price development will depend on the popularity and accessibility of the Axie Infinity game. To participate in Axie Infinity you need a minimum of three Axies. That would cost you about $10 per Axie in January 2021. Meanwhile, at the end of August 2021, the price for one Axie has already risen well above $250-$300.
The entry costs are therefore already close to $1,000, if the gas fees are also included. It is only new players who buy SLP because it is needed to breed Axies. If no new players are added, it is quite possible that the price of SLP will continue to plummet. One way to deal with this problem is to build in a ‘difficulty level’ to earn SLP. That works about the same as with Bitcoin , if the miners don’t have to solve the puzzle for each new block, the value of BTC would not be high either.
At this point, I wouldn’t be surprised if the price continues to fall. The Axie Infinity team is currently not making any plans to build in a ‘difficulty level’ to earn the token. However, there are also predictions that Smooth Love Potion will go to $0.5 by the end of this year or next year in 2022. If you want to invest in this coin, it is important to do your own research as well.
Where can you buy the SLP token?
The SLP token is for sale on Gate.io and Binance (in the innovation zone). Bitvavo has included this coin in its offer at the end of August 2021. Most leading CEXs also offer this coin, such as FTX, Gate.io and KuCoin . Click below to buy on Bitvavo. There are also many liquidity pools on DEXs like Uniswap where you can find an SLP pair.
What is the best way to store the SLP token?
You have several options to store this token. The safest way is to store them on a hard wallet , also known as a cold wallet. With a hard wallet, such as the Ledger X or S and the Trezor, you are protected against internet hacks.
You can of course leave your SLP token on the exchange where you bought the token. However, now you do not have access to your private keys. The private keys of an exchange remain in the hands of the exchange itself. There is always a danger that a stock exchange will be hacked and then you have a chance that you will lose your coins. These wallets on an exchange are also called hot wallets.
As a third option, you can also use an online wallet such as the Ronin, MetaMask or Trust wallet. Here is also another chance of an internet hack, but it is theoretically smaller than a hack on a stock exchange.
We put the Smooth Love Potion token through its paces in this blog. It is an interesting token in several ways , firstly due to the fact that it is a fair launch crypto token. Furthermore, the token has a few uses that are only of interest to gamers in Axie Infinity. Nevertheless, the token is listed on many crypto exchanges, partly due to the popularity of Axie Infinity. If you participate in the Axie Infinity game, Smooth Love Potion is indispensable.
However, therein lies the potential problem of this game. To participate in Axie Infinity you need a large investment, around $1,000. That is quite a decent amount, and without new players, the demand for SLP tokens will also drop.
Axie Infinity is currently breaking every possible game record imaginable and the question is whether they can keep it up. Especially with such high onboarding costs. If you want to invest in the SLP token, do your own research first.
Thanh Lanh Tran(1989) is Chief Editor from BitcoinUSD.com