Want to jump straight to the answer? You can buy SLP on Gemini today.
In 2021, crypto aficionados have seen the rise of several projects that combine video games with cryptocurrency. These projects use unique and unprecedented features to create powerful games. The most popular play-to-earn game built on Ethereum is Axie Infinity. Axie Infinity allows players to engage with a pet-based universe and earn cryptocurrency in the form of Smooth Love Potion (SLP).
What Is Smooth Love Potion (SLP)?
Axie Infinity allows players to breed, battle and acquire pets within their game. Players can purchase Axie Infinity tokens (AXS), which give them voting rights for the project and can be used to purchase in-game pets. Each Axie is represented by a non-fungible token (NFT) that allows holders to verify their ownership of Axies. Players can take these Axies and battle, breed and trade among other players in the game.
While the AXS token serves as a form of governance and purchasing power, the game also offers another token that can be earned in-game. This token is called Smooth Love Potion (SLP). SLP is essentially a cryptocurrency representation of experience points. It is earned by beating other players in battle and can be spent on breeding Axies.
Axies can be bred up to 7 times, with each sequential breeding costing more than the last. For example, the 1st breeding costs 100 SLP, the 2nd is 200 SLP and so on, until the 7th, and final breeding costs 2,100.
SLP can also be earned through battle. However, this slow process can take multiple hours to earn just 100 SLP. Because of this, the developers allow users to purchase the token and use it in-game. This workaround helps those who are not willing to spend hours playing Axie Infinity for SLP.
Smooth Love Potion is built on the Ethereum Blockchain and uses the ERC-20 standard. This means that it uses all of the functionality of the Ethereum chain while still having the ability to make its own unique changes.
SLP is essentially a way for experience points to be represented in the form of cryptocurrency. It is like if Call of Duty gave players small amounts of money for every kill they get. This unique system could become much more popular in the gaming world.
Brief History of Smooth Love Potion (SLP)
Axie Infinity and SLP were founded by Trung Nguyen in 2018. Nguyen was looking for a way to give users the chance to own assets within their favorite games. Since then, Axie Infinity has grown to house over 25 full-time employees. It even attracted attention from Mark Cuban, who contributed to Axie Infinity’s funding round.
SLP reached an all-time high of over $0.36 in April 2021 before falling down. It is currently trading at around $0.04 as of December 2021 and has a market cap of over $100 million.
How to Buy Smooth Love Potion (SLP)
Now that you have an understanding of how Axie Infinity and SLP work, you may be interested in purchasing the token for either investment or to use in the game. Fortunately, it is fairly easy to acquire and only takes a few short steps.
- Open an online account.
The first step in purchasing SLP is to open an account on a supported trading platform. A handful of exchanges support SLP, but a few in particular stand out because of their security, low fees and ease of use.
Gemini, FTX and Crypto.com are all great platforms that support SLP. To open an account, navigate to the website or mobile app and sign up using an email and password. From there, verify your account by providing the necessary documentation. Finally, fund your account using a bank transfer. This simple process should not take more than 15 minutes.
- Buy a crypto wallet (optional).
If you are looking to use SLP in Axie Infinity or just want a safer place to store your investment, a wallet may be the way to go. Wallets store crypto separately from any single entity and give users full custody over their funds.
- Make your purchase.
Once you have a funded account on a supported platform, navigate to the SLP page and enter the amount you would like to purchase. Execute the trade, and your SLP will be stored in your portfolio.
You can then send it to a wallet by copying the wallet address into the “Send” feature on your trading platform. It is best to send a small amount first to verify that you have the correct address before sending the full amount.
Cryptocurrency Wallets For SLP Tokens
Best Hardware Wallet: Ledger
Hardware wallets are physical devices that hold the private keys necessary to send crypto. Without the physical device present, it is nearly impossible to hack the wallet.
Ledger is a brand of hardware wallet that supports SLP. It has Nano S and Nano X models. The Nano S is designed for beginners and only has necessary security features. The Nano X has the same security features but focuses on ease of use, with bluetooth connectivity and a larger screen.
You can see Benzinga’s full comparison of the 2 models here.
Best Software Wallet: Coinbase Wallet
Software wallets store private keys online. While this is not as safe as a hardware wallet, it still gives users full custody over their funds.
Coinbase Wallet, offered by Coinbase Global Inc. (NASDAQ: COIN), is a software wallet that is functional and secure. It uses three-factor authentication to safely store your assets. Combining this safety with usability across the blockchain, it is a solid choice for those looking to quickly obtain a wallet.
Bonus section: Keep an eye out for any major updates on Axie Infinity. Changes can increase the amount of users, and in turn, demand for SLP.
Trade, Sell or Convert your Smooth Love Potion (SLP)
To convert your SLP, you can use the “Trade” or “Swap” features on your trading platform. Enter in the amount of SLP to trade for another token and execute the trade. From there, your new balance will be stored in your portfolio.
You can also sell your SLP for fiat or Tether (USDT) on the trading platform. Once you do this, you can deposit it back into your bank.
Current Crypto Prices
December 2021 has seen dips for major tokens, such as ETH and BTC, while alternatives to these tokens, such as AVAX, have risen.
This sentiment is largely caused by the rising fees on major chains. Many crypto enthusiasts are looking for new blockchains that have lower fees and can support more volume. However, Ethereum is set to release ETH2.0 in 2022, which may yet again change the markets. To see where your favorite cryptocurrencies are trading at, make sure to check out Benzinga’s up-to-date price table.
Is Smooth Love Potion (SLP) a Good Investment?
Smooth Love Potion’s success is entirely dependent on Axie Infinity. Without the game, SLP has no uses, making it very risky, as Axie Infinity is a fairly new project and has many risks of its own. However, if Axie Infinity becomes more popular, then SLP will be used by more people, which may cause the price to spike. No one knows where SLP will go, but it will certainly be correlated with Axie Infinity.
Benzinga crafted a specific methodology to rank cryptocurrency exchanges and tools. We prioritized platforms based on offerings, pricing and promotions, customer service, mobile app, user experience and benefits, and security. To see a comprehensive breakdown of our methodology, please visit see our Cryptocurrency Methodology page.