Lympo is a project which holds the intellectual property rights of leading athletes and clubs and uses these IP rights to issue unique NFT tokens on their identity. There are various degrees of digital scarcity associated with the underlying NFT tokens which makes the NFTs valuable for fans and collectors. Besides the NFTs can be used for engaging in digital games.
Lympo is a subsidiary of Animoca Brands which is the developer of a number o f blockchain based games involving NFT tokens. Other tokens issued by Animoca Brands include $REVV and $SAND.
LMT is the utility token of the Lympo ecosystem. LMT stands for Lympto Market Token. A LMT token offering took place in March 2021. During the token offering LYM tokens could be exchanged for LMT tokens.
The LMT token is an ERC-20 fungible token on Ethereum. LMT tokens can be used for staking and obtaining Lympo NFT tokens in exchange. NFTs on Lympo will be based on Ethereum’s non-fungible ERC-721 token. The LMT token and the complimentary NFT tokens will contain utility for a number of games produced by Animoca Brands.
The Lympo ecosystem development is divided into two phases:
- Phase 1: A set of NFTs featuring athletes and clubs is issued. Those NFTs can initially only be obtained through staking the LMT token. Later on it will be possible to trade those NFTs against LMT tokens.
- Phase 2: A gaming and entertainment system will be launched around the NFT tokens to provide further meaning and significance to the underlying NFT tokens.
There are five different levels of rarity for NFTs on Lympo:
Lympo offers staking pools which allows users to farm NFT tokens through staking their LMT tokens. Staking LMT tokens in order to farm NFTs is one of the main use cases of the token. The Lympo staking pools can be distinguished into three categories:
- Athlete Pool: contains NFTs of world famous athletes for which Lympo has licensed their intellectual property rights.
- O’lympian Pool: contains NFTs of artificial characters that were designed by the Lympo ecosystem.
- Exclusive Pool: containing unique NFTs. This pool can only be joined by contributors in the initial LMT offering.
Lympo is another example of applying the digital scarcity of blockchain technology. The platform’s NFT are integrating their unique features into a system of games which incentivize users to purchase and hold NFTs. LMT is the ecosystem token which allows investors to gain exposure to Lympo without necessarily participating in the gaming components of the Lympo ecosystem.