A quick look into SLP wavering sales prices

Smooth love potion (SLP) trading price dropped by 99% exactly one year from when its all-time high was established on 13 July 2021. This is mostly attributed to Axie Infinity’s loss of players over time following the attack on the network. The current price is now at $0.004, closer to the SLP’s all-time low of $0.003 established on 20 June 2020.

Sales volume has also dropped given how there are less players participating in the Axie Infinity economy. Many see this downward trend as an opportunity for the remaining players and those just joining the game’s blockchain. SLP is merely a resource players could burn rather than use as a mode of exchange to enable Axie Infinity’s most valuable functions. Here is a quick explanation of what is SLP and why the price drop is advantageous to players:

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What is SLP

SLP is one of many consumable Axie Infinity tokens. You can generate or mint it by completing various in-game objectives like completing challenges or winning battles. When you win some, it becomes minted into the Ethereum network under your ownership. You are essentially earning new SLP rather than getting it from someone else. 

The activity that needs SLP is called Breeding Axies, an action that makes two NFT creatures known as ‘Axie’ create a new one. This would then mint an original new creature that is a random combination of its parents. How does SLP work? As its name suggests, it is a small love potion crypto. It makes the two creatures fall in love and bear an egg. 

What is SLP crypto and why is it such a valuable item in marketplaces? Players value it because each account can only mint a limited amount of it each day. Buying them is the only way people can continue their breeding business over the daily minting limit. Thus, it became one of the most traded assets on crypto markets in 2021. It’s expected that it will experience another upward trend once the crypto winter is over. 

What is Axie Infinity

Axie Infinity is a play-to-earn (P2E) game from Sky Mavis built on the Ethereum blockchain. It is mostly made entirely of ERC-20 tokens from SLP to the Axies. The most valuable currency in the game is the Axie Infinity Shard (AXS), a governance token used to pay in-game purchases or gain influence in a community vote.  

The creatures called Axies are NFTs that you can store in your Web3 wallet or sell on crypto markets. Other than the cute creatures, players can also cultivate an NFT land for producing other assets. You can condition the land for a certain type of resource, decorate it with furniture, or simply lend it to a more active player who will pay you rent. 

Axis are where the game revolves around. Your goal is to make the best team. Raise them as great fighters against artificial intelligence and other players. If the Axies you have at the moment aren’t strong enough, make them breed in hopes of passing their best qualities onto their progenies. Alternatively, you can buy the creatures with ideal traits from other players on the market.

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Is SLP a good investment?

What is SLP in Axie Infinity? It is one of the most important resources because of the game’s emphasis on breeding. Most who would sell it would generate it through completing activities rather than buying and selling because of Axie Infinity’s upward trend then. However, the circumstances have changed drastically, making the asset almost easy to ignore by comparison. 

Reasons why it is

If you are looking forward to investing in SLP either by earning them as a player or buying and selling, there are a few advantages to doing so. As stated, it is a valuable resource in Axie Infinity. Experts’ SLP crypto prediction states it will boom eventually because Axie Infinity is a popular P2E game. New players are coming and will soon experience how troublesome the minting limit is to produce this asset. They will need a large deposit of love potion to breed.

Buying and selling is a great opportunity right now because the average selling price is lower than its original price. At its current price in Q3 of 2022, you can buy roughly 337006 SLP using 1 ETH. If Axie Infinity catches another hype train, it is likely to reach at least half of its all-time high at the start of 2023. Sky Mavis just recently strengthened its systems to handle more players, inspired by 2021’s surge of newcomers that caused them to loosen security. Its players are now waiting for the next time of popularity where SLP trends become bullish.

Reasons why it’s not

As an investor, you need to ask ‘why is SLP going down?’. Sky Mavis made a mistake that made a huge number of players leave Axie Infinity. A heist happened in April 2022 when a hacker took advantage of the game’s loosened security. 

Sky Mavis was supposed to close the opening a week before the attack because the update was just temporary to let in thousands of newcomers into the network. It’s also only one of many NFT-related attacks. Sky Mavis has learned from their mistakes and has improved its systems but it’s hard to earn back trust.

There is also the fact that Axie Infinity is no longer the only good P2E game on the market. Skyweaver, The Sandbox, Sorare, and Illuvium are trending in the gaming industry. That said, Axie Infinity is still one of the most polished NFT games, giving it an edge over its competitors.

What’s the future for Axie Infinity?

What happened to SLP is a result of a universal trend in the crypto market. Sky Mavis is hardly to blame for attacks on the whole Ethereum network from Q1 to Q2 of 2022. A hopeful Axie Infinity SLP update will come, giving its players newfound confidence in the developers and the network, boosting the game’s popularity. This can be later in 2023 or as soon as Q4 of 2022 but it will coincide with the end of the so-called crypto winter. 

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Words: Clarence Clarke