Crypto Adoption Boom: Philippines’ Merchants Accept Axie Infinity SLP Coin as Payment

The mass adoption of crypto and the underlying tech, the blockchain, has been one of the most important goals that the crypto industry set.

There have been lots of movements made in this direction and they continue.

It’s been just revealed that Axie Infinity is conquering Southeast Asia. According to the latest reports, the merchants in the Philippines are now accepting Axi0’s Smooth Love Potion (SLP) token as payments.

Filipinos are using the in-game reward token in payments for goods and services – this is the exact coin they earn their income from.

A growing number of Filipino merchants are accepting SLP, the in-game reward token in the popular play-to-earn NFT game, according to the latest reports coming from Genesis Block.

“This includes Filipino business Nextperience Group—with local businesses in event planners and co-baking spaces, CoinDesk reports. Since mid-July, it has processed a total of PHP 150,000 (US$2,980) in revenue.”

As one of the two tokens in Axie Infinity, SLP tokens are awarded for successful battles, the same reports say.

Players can cash out or use SLP in the game to breed new Axie monsters.

It’s also worth noting the fact that players can earn Axie Infinity Shards (AXS) in tournaments, or from selling Axies in the marketplace.

With the growing popularity of the game in Southeast Asia, the trading volume for SLP has risen a lot.

Crypto exchanges in the region are allowing users to exchange SLP for the local currency.

“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 SLP as an everyday currency, according to Nextperience.

“There are more Filipinos with Ronin wallets than there are Filipinos with credit cards,” according to Nextperience’s spokesperson.

Stay tuned for more relevant news and make sure to keep your eyes on the market.