Blockchain paved the road for valuable derivatives like NFTs and metaverse. In the Metaverse, a popular and engaging product is the play-to-earn game. Those days are gone when big gaming corporations and high-end computer hardware manufacturers would only profit from the gaming industry.
Nowadays, gamers also profit from playing metaverse-ready games. They mint characters, powers, skins, and weapons in the form of NFTs and then engage in virtual battles within the gaming metaverse to earn rewards, which are also NFTs. Players can trade these NFTs in marketplaces like OpenSea for fiat money.
The most popular metaverse game is Axie Infinity, where you need to mint and train Axies to win battles. The game has a native crypto coin that players earn or pay out during in-game activities. The in-game name of this native coin is Smooth Love Potion, and the crypto marketplace name is SLP token.
SLP token has been in the spotlight since 2018, the inception of the Axie Infinity play-to-earn game. Read on as we describe all that you need to know about SLP tokens in this ultimate guide.
What Is SLP or Smooth Love Potion Token?
SLP is an ERC-20 fungible gaming token on the Ethereum blockchain with no maximum amount of supply. For affordability, all transactions take place on the RON network.
There are two crypto coins in the Axie Infinity metaverse, the Axie Infinity Shards (AXS) and Smooth Love Potion (SLP). SLP is the utility token, and AXS is the governance token.
SLP is equivalent to in-game virtual currency. Therefore, players need SLPs to breed pets, known as Axies. They also need SLP coins to trade Axies, a kind of NFTs, within the Axie Infinity metaverse. Earning the SLP coins at starting phase is challenging since you need to complete various daily quests.
Once you have sufficient SLPs, you can breed unique Axies and train them for arena battles. You can also go on in-game adventurous journeys with your Axies to earn SLPs. Players make maximum SLPs by winning arena matches or as incentives for attaining higher levels.
The game developers can not sell SLPs to the players. The Axie Infinity game will generate SLPs when players complete a set of quests, adventures, or win battles. Thus, the supply of this coin depends on the engagement of players within the game ecosystem. Therefore, this cryptocurrency project will always depend on the number of active players and may fail if the gamers stop joining.
The SLP coin is available on the Uniswap liquidity pool, and hence owners can trade the coins in secondary cryptocurrency marketplaces like Binance, Crypto.com, Gemini, Coinbase, etc. Novice players can buy a handful of SLPs from crypto exchanges and start breeding Axies in the game without going through the daily quests. Hence, gamers have built the economics of Smooth Love Potion coins around the Axie Infinity metaverse game.
The History of SLP Coins
SLP coin’s price goes up or down as per the activities in the Axie Infinity game and secondary marketplaces. When the number of active players increases in the metaverse, the price of SLP comes down. On the contrary, when players buy a lot of SLPs from the secondary marketplace, and there are fewer active players, the price would eventually goes up.
SLP traders saw a maximum price of $0.3642 on May 1st, 2021 according to Coinmarketcap. A report from ActivePlayer said that, back then, the daily average of active players was slightly over 1 million. On the contrary, almost 3 million players play the Axie Infinity now. Hence, the supply of SLP increased drastically, resulting in its fall in price.
The current market cap of the SLP coin is $87 million, with a circulating supply of 5.38 billion SLPs. The numbers clearly show that active participation increased the supply of SLP coins since more players mint the token in the metaverse.
The SLP coin also has to withstand selling pressure on the secondary marketplaces since many individuals sell SLPs to cash out their earnings in the game. An average player can earn 75 SLPs per day. If you are a good gamer and put in more effort, you can make up to 200 SLPs daily. Hence, many individuals in the countries like Indonesia, Malaysia, the USA, Venezuela, Thailand, and the Philippines take the Axie Infinity play-to-earn game as a source of livelihood.
Earning Smooth Love Potion Coins
Players can enter the game and level up by investing time, effort, and gaming skills to earn a lot of SLPs. If you’re starting as a novice, you can either invest $500 to $1000 to buy SLPs from secondary crypto exchanges and start breeding Axies straight away. Or, you can spend some time in this blockchain game as a novice and earn SLPs for free. Here are some of the ways to earn SLPs in Axie Infinity:
1. Complete Daily Quests
Players earned up to 75 SLPs by simply completing daily milestones like game check-in, defeating players in the arena matches, and beating monsters in the arena. However, since the supply of SLPs had increased, the game developer reduced daily quest earnings to 25 SLPs/day as of 2021.
There is a possibility that the game will remove all the daily quest rewards in the upcoming Season 20 version of Axie Infinity to combat the price dip in secondary marketplaces.
2. Contest With Competitors in the Arena
Defeating rival Axies in the arena or player-vs-player (PvP) matches is the main source of SLP earning. The arena matches players for a battleground event based on their match-making ranking or MMR for short.
MMR is a vital metric that governs the SLP earning potential for a PvP battle winner. First off, you need at least 800 MMR to win SLP rewards by participating in arena matches. Secondly, MMR works as a reward multiplier. If you have a higher MMR point, you’ll earn a higher SLP as compared to another winner who participates in a similar match with a low MMR.
Another important resource you need to earn SLP in PvP events is energy. Every 6 hours, you get 20 energy ( for 3 Axies and more if you own >3 Axies) from the game app. On the contrary, each PvP match requires one energy if you wish to earn SLP, considering you win the battle. Thus, you can participate in up to 20 SLP-earning arena competitions.
If you run out of energy, you can still take part in arena matches. However, you will not earn any SLPs even if you win the battle. As a consolation, you get MMR rewards. Thus, you can always participate in PvP matches to increase MMR, increasing SLP earning potential.
3. Defeat Monsters in Adventures
Where arena mode is a multiplayer version of Axie Infinity, adventure mode is the single-player iteration. You need to complete one level after another, and there are up to 36 levels you can conquer. You can revisit each level multiple times to fulfill your daily quests. Also, you do not need to invest energy points to play the game in single-player mode.
Throughout the adventure mode gameplay, you can earn up to 40 SLPs each day. You get one-time bonus SLP rewards when you defeat bosses. All SLP earnings in the adventure mode are one-time, no matter how many times you play each level.
Moving SLPs to Ronin Wallet
SLP token exists on the Ronin sidechain of the Ethereum blockchain. Sky Mavis, the developer of the sidechain, has built it to facilitate the cheap transfer of SLPs across Ronin wallets. Otherwise, the players would have to pay a lot in gas fees if the SLPs were directly minted on the Ethereum blockchain.
When you decide to cash out your in-game earnings, you can claim SLPs from the game and transfer them to the Ronin wallet. You can do this after 14 days of earning a bunch of SLPs. Here is how you can move and sell SLPs:
- You can install Ronin wallet for Chrome and then create an account.
- Now, open the Axie Infinity game and log in to your gaming account.
- Connect Ronin wallet with your gaming account and go to Claim Tokens to find out how many SLPs can you transfer to Ronin wallet.
- Click on Claim SLP to move coins.
- At this point, if you want to sell the SLPs, you can do it through Binance. Because you can utilize the RON network to directly transfer SLPs to the Binance marketplace and avoid Ethereum gas fees.
With fiat money liquidity, SLP is one of the most successful play-to-earn game currencies. Crypto exchange records clearly show that gamers, traders, and investors have created a cycle of the economy around the SLP token with a sustainable structure.
When new players join the club, more SLPs are generated and burned to mint Axies. Axis fight in a virtual arena to add more SLPs in circulation. Gamers primarily gain SLP coins and sometimes can also win AXS, the governance token. Players can utilize their SLPs in the Axie Infinity metaverse to buy lands or simply sell tokens in crypto exchanges for USD currency.
Sky Mavis is also working on the back end to increase SLPs appreciation value as well as the game’s utility. Also, the company has claimed that there are enough operational funds for the upcoming 15 years.