In a move that aims to serve the growing Axie Infinity market in the Philippines, Binance has announced the launch of SLP-PHP Trading pair on its P2P marketplace. This allows buyers to directly trade their SLP for PHP and vice versa. SLP is the cryptocurrency earned when winning battles in the NFT game Axie Infinity.
How to Sell SLP to PHP using Binance P2P
Table of Contents.
The steps below details the procedures from syncing the SLP earned in the game up to the cashing out to PHP.
1) On the Axie Infinity account dashboard, sync your SLP.
2) Go to https://bridge.axieinfinity.com and transfer your SLP from Ronin to MetaMask.
3) Transfer the SLP from MetaMask to your Binance SLP Address. This will put the SLP to your Binance’s Spot Wallet.
4) From Spot Wallet, transfer the SLP to your P2P Wallet
5) On the P2P Marketplace, find a buyer of SLP. Take a look at the feedback of the buyers to ensure you are getting the best deal and rates.
6) Once you agree to the terms and the rates, the buyer will transfer the payment to your account, then Binance will transfer the SLP to the buyer.
Notable Cash Out Options for SLP in the Philippines
The following are the usual cash out options not just for SLP sale but also for crypto sale on the P2P platform:
The SLP-PHP pair on Binance P2P would allow and “enable [the creation] of an ecosystem of small merchants to form and help serve the growing Axie Infinity community in the Philippines,” Colin Goltra, Director of Southeast Asia at Binance, said in an email.
“It will also allow for Axie users to more easily off-ramp from SLP directly into PHP payment methods,” Colin stated further.
Use Case of SLP
In the Axie Infinity ecosystem, SLP (along with AXS, the governance token of the game) is needed to breed new Axies. The amount of SLP required depends on the breeding count of the Axies being bred – so anything between 300 SLP to 6,300 SLP will be needed to breed new Axies. The current demand for Axies have also increased the demand for SLP and AXS, catapulting its price higher. AXS has reached closed to $29 in recent weeks while SLP reached $0.40 as well.
The Axie Phenomenon in the Philippines
Axie Infinity’s latest data said close to 500,000 are now playing the game daily and 10% of those users are from the Philippines. According to Luis Buenaventura, co-founder of BloomX, Filipinos playing Axie Infinity and cashing have raked in close to Php 2 billion pesos sent back to the Philippines. This is at the price of Php 2 per SLP last month. A documentary by Yield Guild Games was released to investigate the Axie Phenomenon in Cabanatuan where a group of players have earned a living and weathered the pandemic by playing the game. (BItPinas interviewed the stars of the documentary and asked them how their lives have changed since playing Axie Infinity.)
As per Luis’ column on Cryptoday:
“To put that into perspective: 2 billion pesos is the average amount of remittances that ALL the OFWs living in Hong Kong send back home to the Philippines each month. But there are 800,000 of them stationed there! And don’t even get me started on how exploitative their living conditions are. Meanwhile, these Axie gamers are playing from their own bedrooms 3-4 hours a day, and making 4x as much. (Not to mention that they’re spending their money here, bolstering the local economy.)”
SLP is worth Php 14 at the time this article is written.
This article is published on BitPinas: You Can Now Directly Trade SLP to PHP in Binance P2P