SPORT token to power Lympo’s GameFi ecosystem, including blockchain chess game and treasury governance
31 May 2022 -- Tallinn, Estonia -- Lympo, a subsidiary of Animoca Brands, is pleased to announce the launch of the SPORT token, a new ERC-20 token to replace the old Lympo utility token LMT following a security incident earlier this year, and to reflect the extensive overhaul and enrichment of Lympo’s GameFi ecosystem, including SPORT token integration into the upcoming basketball manager and spell chess games in cooperation with Magnus Carlsen - the best chess player in the world - and his team. The SPORT token will also enable participation in Lympo’s treasury management governed by the principles of a decentralized autonomous organization (DAO).
Lympo is building a GameFi product suite based on officially licensed athletes’ non-fungible tokens (NFTs). Lympo’s ecosystem is built around its guiding principle that NFTs should have a clear utility and value proposition for their holders. The existing Lympo products, Lympo NFT Minting and Lympo NFT Staking Platforms, will allow SPORT holders to earn credits, mint NFTs, and stake NFTs together with tokens in order to receive more Lympo ecosystem and partner tokens in return.
Later this year, Lympo aims to launch its first game, a basketball manager game, including a dedicated generative art NFT collection of fantasy and real basketball players as well as the possibility to utilize other Lympo NFTs to upgrade the gameplay.
Through the recent partnership between Animoca Brands and Play Magnus Group (PMG), Lympo is also developing a blockchain-powered chess-inspired game in collaboration with the PMG’s Champions Chess Tour. The SPORT token, as the underlying Lympo ecosystem token, will serve as a gateway to both of these games.
“We are beyond excited to be co-developing a new chess game together with Lympo and Animoca Brands. The future concept will revolutionize the experience of casual chess lovers by adding new elements to the strategy play and establishing true ownership. This experimental mode will truly merge the foundations of chess and blockchain Play-to-Earn gaming,” said Sebastian J. Kuhnert, Chief Business Development Officer at the Play Magnus Group.
2.5% of SPORT’s total token supply will be allocated to Lympo’s treasury, which has the goal to increase the number of users in the Lympo ecosystem, and is governed according to the principles of a DAO. In addition to this, Lympo will allocate a part of proceeds from its NFT sales to the treasury. Participation in governance of the SPORT token ecosystem, including submitting, discussing and voting on proposals, will be enabled for all SPORT token holders who hold an NFT from a special future NFT collection to be announced later this year.
Lympo LMT tokens will change their utility and become an in-game play-to-earn currency. Any current holder of LMT tokens who held LMT prior to the security incident on 10 January 2022 will be able to claim their SPORT tokens (in a ratio of 1 SPORT: 1 LMT) on the official Lympo website immediately after the SPORT token listing on the first centralized and decentralized exchanges. Additional SPORT tokens will be made available to claim for LMT token holders who purchased their LMT between January 10 and January 16, 2022.
The SPORT token launches on 31 May 2022 on the MEXC exchange (SPORT/USDT pair) and on the decentralized exchange Quickswap (SPORT/MATIC and other pairs). The SPORT token contract is bridged to Polygon Network and BNB Chain.
More information about the Lympo GameFi ecosystem can be found in its updated lightpaper.
About Lympo
Lympo, a subsidiary of Animoca Brands, is building a GameFi product ecosystem based on the officially licensed athlete’s non-fungible tokens (NFTs). Lympo’s products include the NFT Minting and NFT Staking Platforms as well as the upcoming sports-themed play-to-earn games like basketball manager or chess. Lympo is a holder of IP rights of 50+ world-leading athletes including the best chess player in the world Magnus Carlsen. Learn more at www.lympo.com or get updates on Twitter or Telegram.
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About Animoca Brands
Animoca Brands, a Deloitte Tech Fast winner and ranked in the Financial Times list of High Growth Companies Asia-Pacific 2021, is a leader in digital entertainment, blockchain, and gamification that is working to advance digital property rights. It develops and publishes a broad portfolio of products including the REVV token and SAND token; original games including The Sandbox, Crazy Kings, and Crazy Defense Heroes; and products utilizing popular intellectual properties including Disney, WWE, Snoop Dogg, The Walking Dead, Power Rangers, MotoGP™, and Formula E. The company has multiple subsidiaries, including The Sandbox, Blowfish Studios, Quidd, GAMEE, nWay, Pixowl, Forj, Lympo, Grease Monkey Games, and Eden Games. Animoca Brands has a growing portfolio of more than 200 investments in NFT-related companies and decentralized projects that are contributing to building the open metaverse, including Axie Infinity, OpenSea, Dapper Labs (NBA Top Shot), Yield Guild Games, Harmony, Alien Worlds, Star Atlas, and others. For more information visit www.animocabrands.com or follow on Twitter or Facebook.
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press@animocabrands.com