Small Love Potion (SLP), also sometimes referred to as Smooth Love Potion, is the non-fungible token currency of the online blockchain-based game Axie Infinity. This Vietnamese-based game has proven to be one of the biggest contenders in the blockchain Plat-to-Earn market. So today we are going to be taking a look at this coin, discussing its origins and providing a guide on how you can get some for yourself.
What is SLP?
SLP is the NFT currency of the Vietnamese blockchain game called Axie Infinity. Chaired by CEO Trung Nguyen in December of 2019, this game has proven to be one of the more successful blockchain games that focuses on the ‘Play-to-Earn’ model. Within the game, SLP is used to create a form of digital pet referred to as Axis.
The Axis has an internal economy of evolution and adaptation that is created by using the SLPs to change your pet. This can be done by earning in-game currency by competing in tasks or battling in an arena mode. However, this way of playing or leveling is laborious, likely purposefully so, therefore customers are incentivised to buy these SLPs.
This type of gameplay loop has been criticized in the past as exploitative or even predatory. Unusually for games of this type, these SLPs are available to be traded on a variety of exchanges, making the in-game currency speculative assets both in and out of the game.
Based upon the ERC20 chain, this token can be best described as an NFT game in which players invest both time and money into a gameplay loop to create value for their own digital assets and the value of the platform.
We here at CryptoWallet are in no way authorized to provide you with financial or trending advice, instead, we hope to bring you information that can help you on your own journey of understanding towards a crypto project. It is always a good idea to do your own research and to attentively look into a project’s history, development team, and use case.
So, keeping that in mind, we will now provide a guide on how you can purchase some of your own SLP.
Step 1: Register on Fiat-to-Crypto Exchange
SLP is a little different from other cryptocurrencies or altcoins, so you may need to perform one or two extra steps to obtain it. But if you follow along, you’ll get yours in absolutely no time at all!
A more well-known cryptocurrency, such as Bitcoin (BTC) or Ethereum (ETH) should be purchased first. To make the tutorial simple and easy to understand, we’ll use Ethereum. Next, look for fiat to a cryptocurrency exchange to buy ETH.
It is usually a very good idea to compare providers’ rates and choose the exchange that best suits you because there are so many exchanges to choose from and each one offers a variety of services at different prices.
But for the sake of this tutorial, let’s pick our CryptoWallet because we believe it to be quick, trustworthy, and easy for both cryptocurrency enthusiasts and crypto newcomers. The CryptoWallet app is available on both the Google Play Store and the Apple Software Store.
After downloading and installing, follow the on-screen instructions. This will entail creating a profile, providing some basic information, and adopting many security measures. Select “deposit” from the account tab after signing up, then comply with the on-screen instructions to add some fiat money to your freshly formed CryptoWallet account using your bank account.
Your money will show up in your CryptoWallet Account after a short time.
Step 2: Buy ETH with Fiat Money
You can buy Ethereum using the recently deposited cash in your CryptoWallet account. Click Confirm after selecting the right quantities of ETH on the trade page. After a brief confirmation period, which may fluctuate depending on traffic, the extra ETH and any additional fiat money will be available in your CryptoWallet account.
When using cryptocurrency exchanges like TrustWallet, CryptoWallet, or Metamask, you can receive access to a range of asset price charts, trading tools, and real-time market data. It is a good idea to get knowledgeable about them and pay close attention to important aspects because doing so might help you make decisions about your purchases that are more worthwhile and, if used successfully, even lucrative.
Step 3: Transfer ETH to an Altcoin Exchange
Once you have your Ethereum, you can sign up for an altcoin exchange and swap it into SLP.
The first step is to choose an exchange, and different exchanges provide different rates, accessibility levels, and trade pairs. Binance, KuCoin, Gate.io, FTX, and Uniswap (V3) are just a few of the websites that provide SLP trades. We will choose Binance in this case due to its great usability and simplicity. From one cryptocurrency exchange to the next, the requirements for registration and the costs and services provided may differ in detail, but they will have general similarities.
Before you can begin trading, you must sign up with Binance. During the quick and easy registration process, information, KYC processes, and 2FA security will all be required.
After Binance alerts you that your account is ready to trade, the following step is to deposit some ETH from your CryptoWallet account to your operating Binance account. To complete this stage, select “deposit money” from the Binance “funds” page. Now, Binance will provide you with a wallet address or a QR code. Then, on your CryptoWallet account, click “transfer money/send ETH.” After scanning or entering the Binance address into the address area, select to transmit.
Ensure that the Binance address is properly entered in your CryptoWallet app.
There will be a brief confirmation time, then your ETH will appear on the Binance account, where you may then trade it for SLP. To execute the transaction, choose the ETH/SLP trading pairings, enter the trade amount, and then select the confirm button.
By this time, you ought to be the proud owner of some SLP.
Last Step: Store SLP Securely
If you have followed our instructions, you will have some of your own SLP. After all of this, though, you might still be wondering, “Where do I store my SLP?” Now is the opportunity to begin thinking about wallet systems.
The most noteworthy solutions are TrustWallet, MetaMask, Binance ChainWallet, Ronin Wallet, and a variety of hardware alternatives. An SLP can be kept in each of these wallets.
By selecting “withdraw money” on the dashboard, you may remove your new SLP funds from the Binance exchange. The next step is to enter your new personal wallet address manually by manually scanning or manually entering a QR code, as instructed by Binance. Your SLP will be shown in your new wallet after a brief time of validation.
CryptoWallet does not presently host SLP, even though it offers a broad variety of possibilities and a strong level of protection. Several other currencies and financial services are housed there, even though SLP is not at the moment. In the next few months, we think it will be beneficial to watch.
Can I buy SLP with cash?
Much like the vast majority of alternative cryptocurrencies, SLP tokens cannot be bought with fiat money directly, the same as the vast majority of alternative cryptocurrencies. SLP must be purchased on an alternative exchange by exchanging a digital asset like ETH or Ethereum. Visit the preceding steps to find out how to do it.
Are there any quick ways to buy SLP in Europe?
SLP purchases include a few additional steps compared to other cryptographic transactions, which may make them appear more challenging. However, if you follow the guidelines we’ve provided, we can guide you through each stage. Thankfully, the aforementioned guidelines are completely appropriate in the EU.
Are there any alternative platforms to buy SLP or Bitcoin with credit cards?
SLP, unlike other cryptocurrencies, cannot be bought using fiat currency. Alternatively, you may buy a cryptocurrency like Bitcoin or Ethereum and then exchange it for SLP. Check out the directions above to learn how to do this.
On the other hand, you may quickly purchase Bitcoin with a credit card by looking for a cryptocurrency exchange that accepts credit or debit cards. This service is offered by organizations like eToro and several others.