With the rise of play-to-earn games, in particular Axie Infinity, there’s a new way for people to earn money through gaming. Many players have gone to the Philippines, where this trend has really exploded, turning their in-game rewards into real world cash. Smooth Love Potion (SLP), the in-game token that players get while playing Axie Infinity is one of the key components of this system. Through play-to-earn gaming, gamers can convert SLP to PHP, and their in-game achievements into Philippine Pesos.
For starters, if you are a new player and want to get into the play-to-earn world, you need to know how SLP works, how to convert SLP to PHP, and what are the pros and cons of entering this fast-evolving space.
Learning About SLP in the Play-to-Earn Ecosystem
In Axie Infinity, players battle other creatures known as Axies and receive SLP (Smooth Love Potion) as a reward. SLP is a vital part of the game and can be used to breed new Axies, Axies are costly assets within the game. The real appeal for many players is that SLP can be traded on cryptocurrency exchanges for other currencies such as Ethereum or can be converted directly into fiat currencies such as PHP.
And that’s what makes the P2E model such a tempting one, especially where the game has become a new avenue of income for people in countries such as the Philippines during difficult economic times.
Converting SLP to PHP: How It Works
Converting SLP to PHP is easy, but you have to understand how cryptocurrency exchanges work. To convert your SLP earnings into PHP, you’ll typically follow these steps:
Create a Crypto Wallet: Next, you’ll want a crypto wallet to store your SLP. Typically popular wallets like Metamask or Ronin Wallet (specifically for Axie Infinity) are used.
Transfer SLP to an Exchange: You earn SLP tokens by playing, and you can transfer them from your wallet to a cryptocurrency exchange that allows trading SLP like Binance. In this, you’ll be able to exchange your SLP for other cryptocurrencies like Ethereum or Bitcoin, or to stablecoins, which you can then convert to PHP.
Convert to PHP: When your SLP is in a supported exchange like Binance, you can trade it for Philippine Pesos. From there you can withdraw the funds to your local bank account or digital wallet (like GCash) for easy access to your earnings.
The value of SLP is volatile like any other crypto so keeping an eye on it and understanding the SLP to PHP conversion rate is key.
New Player Considerations
The potential income through gaming is alluring, but before diving in full into the play-to-earn model, there are some vital points that new players must know.
1. Initial Investment
The first thing you need to do to start playing Axie Infinity and earning SLP is to have a team of Axies. To do this means an initial investment, as the Axie is an NFT (non fungible token) and as such has its own value. The price of Axies can be all over the place based on their traits, strengths, and rarity and pricing out new players at the start can be a steep barrier to entry.
In reaction, many players join the Axie Infinity through scholarship programs as managers lend their Axies to new players in exchange for a portion of the SLP earnings. If you can’t pay at the beginning, this can be a good entry point.
2. Time Commitment
In play to earn games like Axie Infinity, you need a really long time commitment to earn your SLP. You can earn a steady income from the game but this involves daily gameplay, battles and managing your Axies. To make a play to earn a profitable venture, new players have to be prepared for the amount of time investment which facilitates the original idea.
3. Volatility of SLP Value
Just like other cryptocurrencies, SLP is sensitive to market volatility. In other words, you might have to earn a specific number of SLP tokens from gameplay. However, in terms of PHP value, your SLP tokens may have a very different value, depending on the supply, the demand, and the broader PHL market. The Risk of holding or converting SLP is something new players should understand as its price can boom or crash very quickly.
4. Managing Your Earnings
It is a great idea to earn money from gaming, but it is important to manage your earnings to see success on a long term in the play to earn space. If you’re a new player, you should set up conversion of SLP into PHP to prevent possible losses from market downturns. Also, it’s wise to re-invest some of your earnings in the game (for example, buy new Axies) to make your potential earnings grow over time.
Moreover, it’s important to know the tax implications of play-to-earn income. Depending on which local regulation you are under, you may have to report cryptocurrency earnings and pay tax on them — so stay informed and compliant.
Benefits of the Play-to-Earn Model
Despite the challenges, the play-to-earn model offers several significant benefits, especially for players in developing countries:
New Income Opportunities: Converting SLP to PHP has opened up a new revenue stream for many who are able to do it, and this supports or supplements traditional income sources.
Financial Literacy: Playing in the play-to-earn world helps players learn cryptocurrency, digital wallets, and the world of Decentralized Finance (DeFi), increasing financial literacy and providing access to other parts of the broader crypto world.
Community and Growth: The Axie Infinity community boasts a lively and supportive community of players who share tips and strategies to maximize earnings. This space will also provide opportunities for you within the blockchain gaming world.
Conclusion: Clear Strategy and Expectations
Axie Infinity and its SLP to PHP conversion allow for exciting new players entering the play to earn space. But then it’s important to realize that the mechanisms are earning and converting SLP, the time and cash investment needed, and the risk of cryptocurrency volatility. New players, however, can turn in-game achievements into real-life financial success by approaching the play to earn gaming with clear expectations and strategy in place.
Disclaimer: The opinions expressed thereby are those of the author and not necessarily those of the site.
The post SLP to PHP: What New Players Need to Know Before Entering the Play-to-Earn Space first appeared on The Yucatan Times.