In the bustling city streets and rural villages of the Philippines, a new phenomenon took hold in 2021 that highlighted the power of cryptocurrencies to rapidly reshape economies. The object of desire? Smooth Love Potion (SLP) - an in-game token for the play-to-earn blockchain game Axie Infinity. As the value of SLP skyrocketed against the Philippine Peso, it created an explosion of economic activity and disruption.
The Rise of SLP to PHP
Prior to 2021, few outside of crypto circles had heard of Smooth Love Potion. The token served as a reward mechanism for players of Axie Infinity, which allowed users to earn cryptocurrency while playing an online battle game. With relatively low levels of adoption, SLP traded for under ₱2 per token in early 2021.
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However, as more Filipino players discovered Axie and the earning potential it enabled, SLP demand went parabolic. Earning opportunities were amplified by the Philippines' low minimum wage of just ₱537 per day. With players able to earn multiples of that amount simply through skilled gameplay, word quickly spread.
At its peak in August 2021, Smooth Love Potion incredibly reached heights above ₱48 per token on crypto exchanges! This enabled some players to earn over ₱300,000 ($6,000 USD) monthly just from accumulating and selling their SLP rewards - far exceeding regular professional salaries.
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Economic Disruption on a National Scale
The fallout from SLP mania was impossible to ignore. Entire neighborhoods were transformed as local businesses rapidly moved to facilitate SLP trading and meetup spots for Axie players sprung up. Lines formed around the block at remittance centers as players cashed out their SLP earnings to Philippine Pesos.
The Philippine government was forced to issue rulings on how Axie earnings should be taxed. Companies quickly mobilized to capitalize on the craze by offering Axie cryptocurrency masterclasses and other services.
In short, the chase to accumulate and cash out SLP tokens steamrolled its way into mainstream Filipino life and economics in just a matter of months. It was a spectacular demonstration of just how rapidly crypto could infiltrate the real-world economy once incentives aligned.
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The Inevitable Crash and Lasting Impact
Of course, as is typical of booms in the volatile cryptocurrency world, such unsustainable highs could not last forever. By early 2022, SLP began a prolonged crash back down towards single-digit PHP valuations as the game developers implemented economic reforms to curb SLP hyperinflation.
However, the SLP price craze left an indelible mark. It will go down as one of the seminal events that brought crypto into the Filipino mainstream consciousness. Millions were exposed to the economic possibilities of blockchain-based earnings models first hand. While SLP's peak may never be reached again, it foreshadowed how quickly the next disruptive cryptocurrency or token could upend economies when conditions allow.
