After the Axie Infinity game became increasingly popular in the Philippines in 2021, Filipino merchants have taken notice and are now accepting Smooth Love Potion or SLP crypto as a mode of payment.
Some of these merchants include Smile Craft Dental Centre, Little Blossoms, The Architect, Ecowash, Swab Republic, Adz Garage and Bakebe to name a few.
Bakebe’s business partner, John Moore, discussed the effects of accepting SLP as a mode of payment, ‘The minting and acquisition of SLP has become an everyday task for a lot of people, so it’s useful to be able to spend it as an everyday currency.’
The payments are completed through a series of online transactions. Instead of converting SLP to the Philippine peso, these establishments allow the online transfer of SLP from one Ronin wallet to another.
CoinDesk columnist Leah Callon-Butler has observed that these businesses were owned by people who play and enjoy the Axie infinity game themselves. Through the use of the Ronin wallet, the payments are settled efficiently and allow 100 free transactions every day.
In a CoinDesk article published in May 2021, Callon-Butler discussed her observations on how Filipinos used Axie Infinity. She found out that it was more than just a game as it turned out to be a source of income for many people.
‘I heard that about 100 people on the street in Cabanatuan City, Nueva Ecija, were playing the game to pay the bills and put food on the table after losing their jobs amid the COVID-19 lockdowns,’ Callon-Butler said.
With the popularity of Axie Infinity and using SLP, more people are trying the game for themselves. This has caught the attention of the Philippine government, specifically, the Bangko Sentral ng Pilipinas (BSP) and is now looking for opportunities to make these transactions taxable.
For now, the Axie platform continues to grow in popularity in the Philippines and currently holds a market cap of $0.112. SLP is the official cryptocurrency of the Axie Infinity game.
Axie players need to create their team of monsters and complete quests or battle with other teams. The more experience they have and the stronger their monsters are, the more SLP tokens they can earn.
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