Using the LYM token to crowdfund sports and wellness related initiatives
Although the practice of crowdfunding dates back centuries, the earliest recorded use of the word itself was in August 2006, and it only started gaining mainstream recognition with the launch of online platforms, such as IndieGoGo and Kickstarter a few years later.
Typically, small amounts of money are gathered from a large number of people, and thousands of projects have since succeeded using this method.
Last year, in November 2017, the first Nigerian bobsled team raised $75,000 through GoFundMe and successfully qualified for 2018 Winter Olympics in PyeongChang.
Crowdfunding is a great way to make dreams a reality, and we envision the LYM token to have this function as well. Among already discussed use cases, the LYM token could be used to crowdfund:
· Individual athletes
· Sports teams
· Sporting events
· Various sports and wellness related projects
The Lympo app+ecosystem will be a great place to host crowdfunding initiatives because it will attract people and businesses truly enthusiastic about healthy and active lifestyle. You could, for example, use your LYM, which you’ve earned for running a marathon, to crowdfund your favorite local sports team or to help a rising athlete achieve their goals.
We believe that the LYM token will make crowdfunding more popular in the sports community and we are endlessly excited for the first project crowdfunded through the Lympo app to see the day of light!