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Lympo LMT token offering generates over US$36m value

LMT is a new utility token to power Lympo’s ecosystem of sports-related non-fungible tokens (NFTs)

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Lympo LMT token offering generates over US$36m value

Lympo, a subsidiary of Animoca Brands, announced that it has successfully launched LMT and concluded the LMT token offering (announced 18 March 2021). LMT is a new utility token to power Lympo’s ecosystem of sports-related non-fungible tokens (NFTs), including collectables based on world-famous athletes.

The LMT token offering lasted 72 hours, from 6 pm on 19 March to 6 pm on 22 March 2021 (UTC). Existing Lympo LYM token holders exchanged their LYM for LMT at a 1 LMT to 8 LYM ratio, resulting in the issuance of 50,982,694 LMT. In total, 407,861,552 LYM tokens were exchanged to LMT during this time window, which represents more than 40% of the maximum total LYM token supply. The value of LYM tokens exchanged during the offering period was equal to $36,225,477  based on the LYM price when the offering’s closing.

Concurrently, Lympo announced that multiple leading athletes are joining Lympo’s sports NFT ecosystem: Eddie Hall, the official deadlift world record holder; Rose Namajunas, #1 in the UFC Women’s Strawweight Ranking; and Aleksandra Trusova, the 16-year old Russian figure skater, junior world champion, and holder of the world record in free skating as well as four Guinness World Records. Over the coming months, Lympo will continue to enrich its ecosystem by signing on additional globally recognized athletes.

Ada Jonuse, CEO of Lympo, said: “The LMT offering has highlighted the strong support for our Lympo NFT ecosystem, and we were overwhelmed by the interest and excitement for this new chapter for our company. This type of offering was a novel way to launch a new token, but, thanks to our experienced team, the token offering was successful and went smoothly.”

Yat Siu, chairman and co-founder of Animoca Brands, commented: “The ecosystem that Lympo is building presents exciting new opportunities for sports fans to engage with athletes via NFTs. The interest we saw in the LMT token offering demonstrated the enthusiasm of NFT and sports fans around the world. Animoca Brands is thrilled to have Lympo as a part of its growing and influential family of blockchain-related initiatives.”

The Lympo NFT ecosystem

The Lympo NFT ecosystem, which will be powered by LMT, will be developed in two stages. In the first digital collectables 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 collectable 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 information on the Lympo NFT ecosystem is available here.

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