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Lympo NFT Staking Mechanics Explained

Edit May 4th, 2022: Due to the release of the Lympo SPORT token, this article has been updated to feature the latest information.

Last month, we’ve teased the release of Lympo NFT staking. Now, we want to share detailed information about how the Lympo NFT staking mechanism works. Let’s get right into it

Short Summary

Each Lympo NFT digital collectible has a score associated with it — depending on its rarity. Users will be able to stake up to 15 NFTs + $SPORT per wallet in staking pools that we open. And get MONTHLY $SPORT or partner token rewards depending on the pool.

It’s a great way to utilize your Lympo NFTs and earn some extra monthly $SPORT rewards in the process.

How Are The Rewards Earned?

Let’s look at an example scenario to make the NFT staking mechanism more clear.

In this example, if you would stake 10,000 SPORT together with your NFTs, you would earn a 5% reward of the staked amount every 30 days. That means after 30 days, you would get 500 SPORT as a reward for participating in the Lympo NFT Staking ecosystem, and you would have 10500 SPORTs total.

The amount of SPORT you can stake is determined by the rarity of staked NFTs. Higher rarity NFTs allow users to stake more SPORT.

How Does it Work?

Here’s a quick explanation of what you need, how everything works, and what are the rewards for staking your NFTs and $SPORT.

Step 1: Make sure you have Lympo NFTs and $SPORT in your wallet. Connect your wallet to the Lympo NFT platform.

Step 2: Visit the Lympo NFT Minting platform and choose which 15 NFTs you want to stake. The more NFTs you stake and the higher rarity they are — the more $SPORT you will be able to stake and earn.

Step 3: Choose the pool you wish to participate in. Different Lympo NFT staking pools will have different pre-requisites and monthly rewards. Choose the pool that works best for your collection.

Step 4: Lock in your $SPORT and NFTs for a set period of time. You’ll earn SPORT or partner token rewards for every 30 days your NFTs and SPORT are staked.

NFT Staking Details

Let’s talk about unique situations, extra bonuses, and other crucial features regarding your Lympo NFT Staking.

If you have a 1 of a kind Lympo athlete NFT called the GOAT (Greatest Of All Time) card. You can stake it and get an additional staking bonus depending on the price you’ve purchased it during the Lympo GOAT Auction.

Here are the reward ranges:

  1. $15,000.00 — $50,000.00–5% Minting Bonus
  2. $50,000.00 — $100,000.00–10% Minting Bonus
  3. $100,000.00 and more — 50% Minting Bonus

All Lympo NFTs are valuable! Even if you own duplicate cards, you’ll be able to stake them and take up multiple staking slots. We do not want to restrict or penalize users that own multiple copies of their favorite NFTs.

Duplicate NFT Staking

We’re here to make sure there’s always a reason to collect, mint, or trade Lympo NFTs, and you don’t feel the pressure to only collect different cards.

We plan to have different staking pools open at the same time. That means there will be variety, and some pools will require a specific kind of collection or card rarity to enter.

We plan to have different staking pools open at the same time. That means there will be variety, and some pools will require a specific kind of collection or card rarity to enter.

Each pool will have a set amount of $SPORT or partner tokens that you can earn through staking. Once all tokens are distributed, the staking pool will close. The staked NFTs will go back to your wallet, and any pending rewards will be distributed.

To keep the staking process fair and engaging for all NFT holders, we had to implement mechanics to balance the NFT staking process.

  1. People are only able to stake 5 high-rarity (Epic/Legendary/GOAT)
  2. People are only able to sake 10 NFTs of lower-rarity (Common, Uncommon, Rare)
NFT Staking Menu

In total, people can stake up to 15 NFTs. This makes sure everyone can participate and earn rewards with various rarity collections.

Staking Periods

Users can stake their $SPORT and NFTs for as long or as short as they want. You’ll continue to earn monthly rewards as long as the pool remains open. However, there is a 1% unstaking penalty if you unstake your NFTs within the first 72 hours of staking them.

If you unstake your NFTs after 72 hours, there is no penalty.

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Lympo is building a sports NFTs ecosystem including NFTs with IP rights of world-famous athletes and clubs