Lympo, a company associated with Animoca Brands, is launching the LMT utility token that will be used in the ecosystem built by Lympo for its sports-related NFTs.
The launch will take place on the Binance Smart Chain.
Lympo had made a name for itself in 2018, when it launched its LYM token, listed on various exchanges, whose purpose was to incentivize healthy lifestyles.
In late 2020, Lympo was acquired by Animoca Brands, a leading digital entertainment company. Animoca Brands is the same company that issues blockchain games such as The Sandbox and boasts partnerships such as the one with Dapper Labs, the creators of CryptoKitties.
The merger with Animoca Brands has turned Lympo towards the gaming sector alongside sports.
Lympo’s NFT-based game
Lympo is currently building a particular type of game based on sports and NFTs. Initially, Non Fungible Tokens related to the sports world will be put on the market: athletes, teams, influencers. They will be both common and rare cards.
In a second step, these collectables will be used to participate in a Play to Earn game in which the characteristics of the NFTs can be improved at various levels. The token that will also be the currency of this game will be LMT. Not only can the characteristics of collectables be improved, but teams can also be built to compete in tournaments and win prizes of real value.
The issuance of the LMT token
The LMT token will be issued on March 19th, 2021. To obtain it, it must be exchanged for the LYM token. In a next step, LMT will allow access to this world of sports-related NFTs. Initially, these Non-Fungible Tokens will be issued on the Ethereum blockchain, then they will migrate to the Binance Smart Chain.
The Binance blockchain is known to be compatible with the Ethereum blockchain. But unlike Ethereum, it can guarantee much faster and cheaper transactions. Therefore, mining, transferring and trading NFTs will be much easier and cheaper on the Binance Smart Chain. This feature promises to be central to the Lympo game.