$SLP the play-to-earn token that gave millions of people around the world a glimpse of hope till it crashed and burned.
$SLP started as a revolutionary play-to-earn token with great potential to help people in developing countries. However, the diminishing rewards and a drastic drop in value since its peak has led to a decline in the token's attractiveness and usefulness, raising concerns about its long-term viability.
The token is earnt while playing Axie Infinity, a strategy game that is available to play on mobile and desktop. The token can be exchanged for real $$$ or used for breeding the NFTs within the game. In its prime, SLP provided a lucrative source of income for players, especially in developing countries like the Philippines, where earnings from the game often surpassed average salaries.
During the boom of NFTs, Axie Infinity's approach was effective with over 2.78 million daily users investing their time to earn rewards, where thousands of guilds were born.
SLP experienced its peak value of around $0.35 in May and July 2021 which was an attractive project to get into. However, the game mechanics and rewards began to change, leading to a decrease in the number of SLP tokens distributed to players. This change negatively impacted users who relied on the game for income.
I was one of the unlucky guild founders, who purchased 24 axies, built an amazing team but was left burnt. I loved the community, the vision and the fact that it was allowing people to earn a higher salary by playing a remote game.
The biggest downfall of this project was the team who created the game. They brushed off community feedback, gave false promises, resulting in a loss of millions of users, and now have only 254,727 daily users with $SLP currently valued at $0.002996.
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