If you already know about Axie Infinity, the gameplay and how it’s taken the Philippines by storm, you’ll know that it works on the blockchain. But cryptocurrency, play-to-earn and blockchains can sometimes be complicated and if you want to get an Axie Infinity scholarship and earn money from playing the game, you’ll need to know all about how cryptocurrency works in Axie Infinity.
Firstly, Axie Infinity is a game built on a blockchain. That means that all the code and software that makes up the game doesn’t live on one company’s servers, but on the computers of everyone on the blockchain! Since hundreds of thousands or millions of computers running the blockchain can see and validate what is happening, the entire network is safe and secure.
For Axie Infinity scholarships, however, the most important part of the game is the fact that scholars get paid in cryptocurrency. The cryptocurrency scholars in the Philippines get paid in is called “SLP” (short for Smooth Love Potion). It’s the in-game token that lets you buy things in the Axie Infinity universe but you also earn SLP when you win challenges in adventure mode, or defeat other players in P2P mode. SLP is what Axie Infinity scholars get paid in and it is a cryptocurrency that lives on a few different blockchains. One of the largest and fastest-growing gaming guilds that gives out Axie infinity scholarships, CGU (Crypto Gaming United), uses the Binance Smart Chain to pay their scholars in SLP. Because SLP is a cryptocurrency it is freely traded on the blockchain and therefore it can move up and down in price.
It is important for players who get an Axie Infinity Scholarship in the Philippines to think about and plan how they are going to keep their earnings safe and whether they want to keep them in SLP (as they are paid), or take that SLP and exchange it for a stablecoin (like USDT, BUSD, or USDC). A stablecoin is a cryptocurrency that is pegged to the US Dollar, so it always has the same value as the USD. For anyone who has an Axie Infinity scholarship, you should think about whether you are ok with holding your earnings in a cryptocurrency that could go up or down in value, or you’d rather swap it when you get paid for a stablecoin so the value stays the same.
But whichever cryptocurrency you hold in the Philippines, for Axie Infinity scholarships, players still want to cash out their rewards into their local currency so they can use them as income. To do this you’ll need to use a cryptocurrency exchange that lets you change your cryptocurrency, into “fiat” (government issued) money like the Philippine Peso. The most popular of these exchanges includes Binance, and many of the largest play to earn guilds with Axie Infinity scholarships in the Philippines (like CGU) use Binance.
For anyone especially interested in crypto, blockchain and play to earn games, the Axies themselves that scholars use are actually a type of cryptocurrency. But whereas one Bitcoin is just like every other bitcoin and they are worth exactly the same as each other (because they are a type of money), Axies are all different from each other. That is why they are called “NFTs” which stands for “Non Fungible Token”. Whereas most tokens, like SLP or USDT are “fungible” (meaning one token is the same as every other token), Axies are “Non Fungible”, because each Axie is unique. That’s why people buy and sell Axies for different amounts of cryptocurrency on the Axie Infinity marketplace. As a scholar, however, your guild like CGU will take care of the buying and selling of any Axies! Leaving you to play, learn and earn an income from Axie Infinity and cryptocurrency in the Philippines