Lympo LMT token offering generates over US$36m value
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Lympo LMT token offering generates over US$36m value

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The Lympo NFT ecosystem, which will run on LMT, will be built in two phases. Various NFTs of world-famous athletes, influencers clubs, and fans will be released according to a set plan specifying the supply of multiple levels of NFTs ranging from more popular to extra rare cards in the first digital collectibles stage.

FREMONT, CA: Lympo, a subsidiary of Animoca Brands, announced that the LMT token offering was completed successfully (announced March 18, 2021). LMT is a new utility token that will control the Lympos ecosystem of sports-related non-fungible tokens (NFTs), such as collectibles based on popular athletes from around the world.

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.”

The LMT token offering lasted 72 hours, from 6 p.m. on March 19, 2021, to 6 p.m. on March 22, 2021. (UTC). Existing Lympo LYM token holders could exchange their tokens for LMT at a ratio of 1 LMT to 8 LYM, resulting in the issuance of 50,982,694 LMT. During this period, a total of 407,861,552 LYM tokens were exchanged for LMT, accounting for more than 40 percent of the total LYM token supply. Based on the LYM price at the time of the offering’s closing, the amount of LYM tokens traded during the offering era was 36,225,477 dollar.

Eddie Hall, the official deadlift world record holder; Rose Namajunas, the #1 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, are among the athletes entering Lympo’s sports NFT ecosystem. Lympo will continue to expand its ecosystem in the coming months by bringing on more internationally recognized athletes.

“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 NFT and sports fans' enthusiasm around the world. Animoca Brands is thrilled to have Lympo as a part of its growing and influential family of blockchain-related initiatives, said Yat Siu, Chairman, and Co-founder, Animoca Brands.

The Lympo NFT ecosystem

The Lympo NFT ecosystem, which will run on LMT, will be built in two phases. Various NFTs of world-famous athletes, influencers clubs, and fans will be released according to a set plan specifying the supply of multiple levels of NFTs ranging from more popular to extra rare cards in the first digital collectibles stage. Various operations, including games using LMT as the key utility token and in-game currency, will be introduced during the second content and media creation period. The Play-to-Earn model will be used in these games. Players will be able to build and customize their sports hero characters with their Lympo digital sports collectible cards, then join teams, compete against other players, and win tournaments to earn real-world prizes.

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