Blockchain gaming boom sees Small Love Potion (SLP) rise 179%

Read CoinChapter.com on Google News

Key Takeaways:

• SLP, a token of the Axie Infinity platform, rose by nearly 41% in a day.
• Blockchain gaming’s surging popularity has invited mainstream names in the world of blockchain.

NEW DELHI (CoinChapter.com) — Small Love Potion (SLP), a token in the Axie Infinity ecosystem, recorded a 179.2% jump from July 27’s low of $0.863 to July 28’s open at $2.40, before prices corrected to $1.22. Overall, the ERC-20 token was up 41.3% on Wednesday, 0800 UTC.

The SLP gain follows news regarding Yield Guild Games (YGG) completing its initial DEX offering in 31 secs, raising $12.5 million in the process. YGG is a collective of play-to-earn gamers.

Blockchain Gaming, Axie Infinity and SLP

Blockchain video games are games that use some aspect of cryptographic blockchain technology.

Unlike other video games, items acquired in blockchain gaming have a tangible value in the real world. For example, players can sell Experience Points, or XP, of a game they finished to new players exchanging crypto or fiat currency. While digital ownership exists in traditional video games, it only allows players to own something, not sell it.

Axie Infinity is an NFT-based online video game, which uses Ethereum based cryptocurrencies AXS and SLP. Vietnamese developer Sky Mavis created the game. Players use SLP to buy and breed digital pets (Axies) in the game. In November 2020, a single Axie was sold for 300 Ether (ETH), worth around $130,000 at the time.

Also Read: 4 reasons why Ethereum prices surged 210% in H1/2021

In February 2021, 9 plots of digital land in the Axie game had sold 888.25 ETH (about $1.5 million). Axie Infinity currently has the most expensive NFT collection, with over $42 million in sales in June 2021.

Yield Guild Games (YGG), an open gaming community, set a ‘Sponsor-A-Scholar‘ program in May. The program aims to provide scholarships to NFT gamers. Under this, sponsors can donate SLP to YGG players for breeding Axies.

The gaining popularity of blockchain gaming has made traditional gaming brands move into the blockchain realm. For example, Atari, the famous gaming company, announced its foray into blockchain gaming recently. Moreover, Sony’s PlayStation created The Six Dragons, which offers more than 300 items to trade, sell or own. The Ethereum blockchain supports the trading and crafting of objects.

SLP Price Jump

On July 27, YGG raised $12.5 million through its initial DEX offering via SushiSwap’s Miso platform. In addition, the forum also plans to expand its scholarship program. Last week, Axie Infinity’s AXS registered a three-figure gain of 286%, going from July 21’s low of $14.617 to July 27’s high of $56.44. As a result of these fundamentals, SLP registered a massive gain on July 27.

Also Read: Axie Infinity’s server issues are a thing of the past, as AXS charts new all-time highs.

SLP rose from $0.899 at midnight on July 27 to reach $2.41 on July 28, 12:00 am. However, the prices soon corrected, and SLP pulled back to $1.22 by Wednesday morning.

As per technical indicators, SLP is a strong buy.

With the increasing participation of mainstream names in blockchain gaming, SLP and similar cryptos may gain more robust fundamentals. Furthermore, the video game industry, valued at $162 billion worldwide, is enjoying massive growth.

As such, with blockchain-based games gaining momentum, gaming may soon become a profession.

SLP was trading at $1.34 at the time of writing.

Please leave this field empty

Subscribe Today
for our Weekly Newsletter

Free Weekly Crypto News without the spam.

Check your inbox or spam folder to confirm your subscription.