Crypto markets are bottoming out and nothing’s immune, not even the potions critters use to breed in the Pokémon-style collectathon Axie Infinity. Called Smooth Love Potions, the currency has been trending down for some time now as players flood the market with it. For the first time in its history, however, it’s now worth less than a penny, even if you round up.
“Axie Infinity’s SLP (Smooth Love Potion) utility currency went to zero! (approximately),” game developer Lars Doucet tweeted Thursday. “It’s now down to $US0.004, rounding to the closest cent gives you $US0.00 ($0).”
We first wrote about this over at @naavik_co last November, when crypto markets were at their height, and pointed out a number of problemshttps://t.co/fiqRMxjSDh
— Lars “Totally Texas” Doucet (@larsiusprime) May 12, 2022
In case you haven’t heard, Axie Infinity is supposed to be one of the poster children for the future of crypto-backed, play-to-earn (P2E) NFT games. Players trade, battle, and breed virtual creatures called Axies. The last part of that process requires the SLP currency, which players earn by playing the game. The value of SLP has been tanking, however, as players earn more and more without “burning” it by spending it. A year ago the value of SLP peaked at $US0.35 ($0), and it’s been trending downward ever since.
The long decline in the price of Axie Infinity’s Smooth Love Potion token illustrates the challenge of play-to-earn gaming. As Axios…
