What Is Lympo Sport (SPORT)? Complete Guide & Review About Lympo Sport

What Is Lympo Sport (SPORT)?

Lympo Sport is a utility token that is designed to be the currency of purchase, utility, and attribution of sports-themed digital collectibles (in the form of non-fungible tokens, NFTs) in and outside of various games

Lympo products that utilize SPORT tokens 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.

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GameFi: dawn of a new era

Gaming is a top entertainment industry; it is bigger than the music and film industries combined (USA News Group, 2019) and generated $152.1 billion global revenue in 2019 (Statista, IBISWorld, NewZoo, 2020). Millennials and Gen Z age groups are passionate about gaming: millennials were found to spend $112 monthly on gaming (SuperData, 2019), 43% of Gen Z played online games daily (Cybercultural newsletter, 2020).

During the pandemic, video game traffic increased by a hefty 75% and is poised to grow (Verizon, 2020). Blockchain-based games and digital collectibles are a booming new trend in this industry and have the potential to deliver true digital ownership to 2.6 billion gamers worldwide, allowing trading of gaming assets and the much-needed interoperability. 2020 has seen a 30% increase of crypto players and a significant boom in the trade of NFTs (non-fungible tokens).

Lympo = GameFi + sports NFTs

The core principle of the Lympo Sport ecosystem is the utility of NFTs. They believes that NFT collectible value is short-lived and only appeals to a small niche of the audience. For this reason, It has built and continues on building products where NFTs can be used and monetised. Here is a short summary of these products:

• Lympo NFT staking: stake NFTs and earn various tokens
• Lympo metaverse collaboration: use Lympo NFTs in the Sandbox metaverse
• Lympo play-to-earn games: use Lympo NFTs to play and earn in games

In addition to NFTs, Lympo operates the main ecosystem token $SPORT and the play-to-earn currency $LMT. These ERC-20 utility tokens allow their holders to interact with ecosystem products. Main products run on the Polygon chain thus enabling cheap and fast transactions for product users and token holders. Both LMT and SPORT tokens are bridged to Ethereum and Binance Smart Chain protocols.

Lympo NFTs

Lympo Sport works with the world-famous athletes and sports stars to release licensed NFTs in cooperation with the IP holders themselves. All NFTs are produced in close collaboration with the athletes including a multi-stage creative production approach whereby the athletes and their representatives are included in every step of the process.

Lympo athletes include the best chess player in the world Magnus Carlsen and Champions Chess Tour; UFC Women’s Champion Rose Namajunas; Olympic game medal winners from disciplines ranging from bobsleigh (Francesco Friedrich) to swimmer (Caeleb Dressel), world champions in athletics and martial arts; basketball, football, tennis, rugby, poker, snooker, golf players from all over the world.

Lympo NFT minting platform

Lympo Sport NFT minting platform is a place where NFTs are minted. The holders of SPORT tokens can stake these tokens to get the pool credits. These credits are later spent to mint NFTs in that particular pool. The credits cannot be transferred to a different wallet or a different pool.

In addition to the credits, Lympo has introduced a dynamic pricing mechanism that kicks in as soon as a new series of NFTs are published on the NFT minting platform. Dynamic pricing allows users to get to the most wanted NFTs sooner by paying $SPORT token or ETH (on Polygon) and possibly other crypto currencies in addition to the credits. Dynamic pricing starts with a certain price that is dropping every pre-defined period of time until the price reaches zero and the NFTs can be minted with the credits only.

Lympo NFT staking platform

Once users acquire NFTs, NFTs can be staked, alongside with the SPORT tokens, in the NFT staking platform to earn more tokens: various staking pools will include the tokens of ecosystem, SPORT, LMT and LYM, and various partner tokens

LYM token utility

The utility of the LYM token will be further expanded in the future. Currently, LYM token serves as a way to easier access SPORT or LMT tokens via purchasing LYM tokens on one of the big centralized exchanges on which the token is listed and then converting it into the $SPORT or $LMT on one of the deep pools provided by on decentralized exchanges.

LYM token metrics

Lympo token was released in early 2018. All LYM token holders were offered to exchange their LYM tokens to the LMT tokens at the LMT token offering in March 2021. LYM token is listed on the following centralized exchanges, Huobi, Gate.io, Bitfinex and Kucoin, as well as on some decentralized exchanges.