Lympo is planning to introduce NFT wrapping via the ENVELOP protocol
28 September 2021 — Tallinn, Estonia — Lympo, a sports NFT minting platform and a subsidiary of Animoca Brands, is pleased to announce that it partners with ENVELOP, an NFT wrapping protocol developer, to explore new opportunities for NFT in Sports, Esports and Gaming industries. As the result of the partnership, Lympo will implement ENVELOP NFT wrapping solutions to further improve the economy and mechanics of specific Lympo NFTs.
The Lympo NFT minting platform invites NFT enthusiasts to stake LMT tokens and mint NFTs of world champions and famous athletes. Using the ENVELOP protocol Lympo will provide their users with simple tools that allow an additional layer of customization. This option will be available for a select amount of Lympo NFTs.
Not only these NFTs can later be used in play-to-earn Blockchain games, but users will be able to implement growth models, universal royalties, and different conditions of unlocking to existing or newly minted Lympo NFTs.
Ada Jonuse, the CEO of Lympo, said: “We’ve set out to make more than just digital collectibles. Lympo NFTs are part of an ecosystem that’s constantly evolving. This is just the next step in that evolution; we want to increase interactivity and give more options to Lympo NFT holders; the ENVELOP protocol is a great place to start. Making NFT trading more exciting, easier, and safer will bring more exposure to the platform and the community around it.”
By using the ENVELOP protocol, Lympo NFT holders will have more interaction with their NFTs. Once the implementation is complete Lympo hopes to introduce new mechanics based on collateral assets that involve wrapped NFTs, mainly economics, to grow the NFT value transactionally. This would reduce NFT devaluation over time and set up the environment necessary for Esport and in-game NFT item renting.
Alexander Shedugubov, the CEO of ENVELOP, commented, “We could see a big ambition in growing and developing Lympo further as a business through unique features to facilitate a powerful transition into a next-level NFT minting platform. By working with Lympo, we’ve been able to make Lympo a rock-star minting platform that brings real value to its users and has all the chances to become a number one NFT minting platform out there — no joke! So excited to see what the future holds for us! I am already feeling proud of the end result. ”
ENVELOP is a cross-chain protocol that utilizes NFT as storage for cryptocurrencies or additional NFTs in a process called “wrapping.” Using the protocol, it’s possible to add any digital asset inside NFTs. The assets, also known as collateral, can range from static to dynamic, with custom programmable fees charged with every transaction and stored into a vault for later withdrawals.
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