Lympo, the sports NFT ecosystem and a subsidiary of Animoca Brands, announced that it has launched NFT Staking, which allows users to monetize and receive rewards for locking up and delegating their NFTs issued by Lympo and their partners. Lympo’s NFT Staking will deliver additional value and utility to its community of NFT holders.
Up to this point, the Lympo NFT Minting Platform allowed users to stake LMT and partner tokens to mint sports NFTs depicting and officially licensed by top-level athletes. With the launch of NFT staking, Lympo has created a way for users to monetize their NFTs through monthly staking rewards.
Lympo’s NFT Staking will allow NFT holders to delegate or lock up their NFTs in staking pools. Users stake up to 15 NFTs together with LMT tokens and receive between 2% and 17.5% of the value staked in rewards every 30 days based on how many NFTs they stake and their rarity. The first Lympo NFT staking pool offers a total of 888,888 LMT (~$220,000) in rewards.
In the future, Lympo will partner with other NFT projects to release joint NFTs which can be staked to get double rewards in the form of two different types of tokens. Just like double reward pools on DeFi platforms, this will enable cooperation on this new Lympo GameFi product, opening new venues for additional value to NFTs.
Staking allows users to utilize their NFTs beyond collectible value and generate additional LMT that they can utilize in the Lympo NFT ecosystem. With multiple staking pools, a dynamic reward system, and community engagement events enabled through NFT staking, Lympo is pioneering new NFT staking mechanics.
Ada Jonuse, CEO of Lympo, said, “Lympo is taking big steps to bring the latest innovations into the GameFi sector. NFT Staking is one of the first methods that Lympo is using to provide additional utility to our NFTs. We have designed the process to be as fair as possible and we will be monitoring the NFT staking platform to make tweaks if necessary. Our goal is to integrate the Lympo NFTs into as many different activities and games as possible and to create a broad network of industry-wide partnerships for NFT interoperability in games and other GameFi products.”