In an op-ed titled “Some Filipino Merchants Prefer Payment in Axie’s SLP,” Emfarsis Director Leah Callon-Butler recounted her experience when she visited SM Aura, one of Metro Manila’s sprawling shopping malls. She went there to find BakeBe, a whimsical “co-baking” space. It offered a delightful experience with its pink-frosted walls, electric mixers reminiscent of Barbie’s dream house and glass jars filled with delectable treats.
Additionally, BakeBe accepted Smooth Love Potion (SLP) as payment. However, SLP acceptance extended beyond BakeBe, as Leah found many advertisements showcasing various goods and services purchasable with SLP in the Philippines. From Sneaky X‘s trendy kicks to ZION‘s massage chairs, adopting SLP as a preferred currency gained momentum across industries.
Living in the Philippines, I have also seen this tendency to value SLP with real-world items. The player community could care less about how much SLP is worth in terms of PHP or USD. On his first day of playing Axie Infinity, a friend excitedly told me he had earned three Chicken Joys in just a few hours.
Joseph Moore, the business partner of Nikko Que, shared with Leah that there is an increased prevalence of SLP acquisition. He saw its utilization as an everyday currency. Leah was delighted when she found out that customers at BakeBe evaluated prices regarding SLP, relating it to their daily quest within the game. Leah described the shift in perception with the growing community that values SLP based on the effort required to earn it.
By accepting SLP, BakeBe and other merchants tap into a rapidly expanding segment of financially empowered individuals in the Philippines. Leah deduced that Axie’s surging popularity and a significant portion of its daily active users originating from the country had turned SLP into a valuable asset. Merchants embraced SLP as payment that catered to this thriving consumer base. It also provided a seamless transaction experience without users needing to convert SLP into other cryptocurrencies or fiat currencies.
UPDATE: Due to the nascent nature of the blockchain gaming industry, the gaming models rapidly evolved into a skill-based system where skilled players are incentivized.
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“Some Filipino Merchants Prefer Payment in Axie Infinity Infinity’s SLP” by Leah Callon-Butler Published February 9, 2023, on CoinDesk