Introduction to Smooth Love Potion (SLP) Crypto, and How to Use It
The Smooth Love Potion token is a unique cryptocurrency built for use in the play-to-earn video game Axie Infinity.
The game was developed by?Sky Mavis?and it involves collecting and raising fantasy characters called ‘Axies.’ The Smooth Love Potion token, which is based on the Ethereum blockchain, is provided to players as an incentive for playing the game well, and is also vital to the in-game economy.
Understanding the SLP token’s uses and background, along with some of its current challenges and limitations, is a good first step in deciding whether or not the SLP token is a worthwhile investment. So let’s take a closer look at this game currency.
Origins and Use Cases for Smooth Love Potion
The main point to consider when diving into SLP token, and Axie Infinity in general, is the revolutionary ‘play-to-earn’ model. While many traditional mobile games earn money by encouraging players to purchase items within the game, Axie infinity draws players in with the opportunity to earn currency just by playing the game.
These rewards are issued in the form of the Smooth Love Potion token.
SLP is an ERC-20 token, meaning it is built on the Ethereum blockchain, and can therefore be stored in any Ethereum-compatible wallet, and it adheres to all Ethereum token standards.
The SLP token serves many functions within the Axie Infinity game. For one, users can spend their SLP to breed their existing characters and create completely new ones. SLP tokens can also be spent in the game’s marketplace to directly acquire characters that are more powerful and highly sought after.
Smooth Love Potion is also provided to users as a reward for skillfully battling against other players’ characters during gameplay. All the income that players manage to earn in the form of SLP tokens can then be cashed out by trading it on conventional or decentralized crypto exchanges.
You can trade your SLP tokens for any number of?cryptocurrencies, or cash out in various FIAT currencies.
Tokenomics and Price History
The total Smooth Love Potion token supply is approximately 41 billion tokens, all of which are currently in circulation. The demand for rare and powerful characters on the game’s marketplace, along with popularity of the Axie Infinity game overall, definitely plays a large role in the fluctuating demand for SLP tokens.
To date, the game has attracted users from all over the world, especially in areas where incomes are low and economic opportunities are somewhat limited.
It is important to note, that the SLP token reached an all-time high in May of 2021 of $0.4191 USD.
The earning potential at that time certainly surrounded the game with a lot of buzz and really provided incentive for people to continue playing. Since then, the token has fallen dramatically in price and currently sits at approximately $0.0015 USD. With a significantly lower reward for playing, it is no surprise that the number of people playing the game has also fallen off.
Challenges and Limitations for the SLP Token
Since the Axie Infinity game runs on the Ethereum blockchain, it can be affected by the limitations of the network. During times of high traffic on Ethereum, the gameplay may be slower and all transaction fees will be higher.
As is a problem with many applications built on?Ethereum, Axie Infinity’s ability to scale up the number of users and transactions within the game will continue to be a challenge.
Regulatory bodies in various countries have taken notice of the token, especially during the time the token value was high. Tax implications and the way in which the asset is ultimately classified will be interesting and will no doubt affect the demand and price of the token in the future.
Given that financial rewards for playing Axie Infinity are currently quite low, keep in mind also that the game is in direct competition with a colossal gaming industry where the popularity of games can be short-lived and unpredictable.
The SLP rewards alone may not be enough to retain players and attract new ones in the long term. If the?cryptocurrency?sector, and more specifically?Bitcoin, gains more value and adoption overall, then the SLP token may rise with the tide and regain some of its attractiveness, but that hardly seems like a good enough reason to choose it as an investment.
How can you earn SLP tokens on Axie Infinity?
You can play Adventure mode or Arena mode to earn SLP tokens. Daily quests provide additional coins.
?? Read more at https://tinyurl.com/6m8msv5p
#SLP #AxieInfinity #CryptoGaming