Lympo launching its LMT utility token for sports NFT collectibles on Binance Smart Chain
Animoca Brands, a company specializing in blockchain, gamification, and artificial intelligence technologies, today announced that its recently acquired subsidiary Lympo will launch LMT, a new utility token to empower Lympo’s ecosystem of sports-related non-fungible tokens (NFTs); including collectibles based on world-famous athletes.
Lympo will launch the new token and associated NFTs on the Binance Smart Chain (BSC) to enable fast and cheap transactions for holders of LMT tokens and NFTs.
The Lympo NFT ecosystem will be developed in two stages. In the first digital collectibles stage, various NFTs of world-famous athletes, clubs, influencers, and enthusiasts will be issued according to a set plan defining the supply of various levels of NFTs ranging from more common to extra rare cards.
In the second content and media development stage, various activities will be launched including games using LMT as the main utility token and in-game currency.
These games will implement a Play-to-Earn model. Players will be able to utilize their Lympo digital sports collectible cards to create and upgrade their sports hero characters, and then form teams, play against other players, and win tournaments, earning rewards with real-world value. More detailed information on the ecosystem and the LMT token will be provided in the upcoming light paper.
The new LMT token will give its holders access to NFTs in various staking pools and will begin to be offered Friday, March 19th, 2021. The only way to obtain LMT tokens during the offering is to exchange them for the existing LYM tokens. The LMT/LYM token exchange will take place at a predefined rate to be announced soon.
At the later stage, the LMT token will become the currency of the sports-related NFT ecosystem giving access to various media and content activities to its holders. Initially launching on Ethereum, this NFT ecosystem will be later bridged to the Binance Smart Chain.
Binance Smart Chain, enables the creation of smart contracts for tokens while being compatible with the Ethereum blockchain. It promises cheap transactions as low as 1 cent and a high-performance network capable of producing a block every 3 seconds. For NFT and LMT token holders, this means that minting, transferring, and trading NFTs will be much cheaper and faster than the usual options available.