Overview of the Lympo Tokens Utility
What are the current Lympo tokens and their utility?
After releasing the NFT Minting platform, where the SPORT token is used as the primary Lympo utility token, we want to take the time and go over how the Lympo token ecosystem evolved and what you can expect from Lympo moving forward.
LYM Token Utility — Released 2018
Initially released in 2018, the LYM token aimed to power a health data marketplace, rewarding users for gathering their health data from various data sources like apps and allowing data buyers to directly access and reward users for their collected data. In March 2021, Lympo pivoted to become a GameFi company specializing in sports-themed NFTs by acquiring the IP rights of famous sports stars and releasing NFT-driven products. LYM token holders were offered to exchange their LYM tokens for a new utility token LMT which was meant to give access to various new Lympo products. The utility of the LYM token has therefore ceased to exist in its original form.
LMT Token Utility — Released 2021
Released in 2021, the LMT Token was aimed to power the Lympo product ecosystem. LMT is a utility token used to mint sports digital collectible cards. Moving forward, it will be usable in various content and media activities like sports-related Play-2-Earn (P2E) games. In addition, Lympo will collaborate with game publishers worldwide to create an unforgettable experience for Lympo NFT holders and gamers, creating a unique gaming ecosystem and player environment. In 2022, LMT Token holders received SPORT tokens based on their LMT holdings as SPORT became the primary utility token of the Lympo NFT Platform.
SPORT Token Utility — Released 2022
The SPORT token was launched in 2022 and became the primary Lympo utility token to mint, stake and purchase sports collectibles (NFTs). The SPORT token is also the main currency of the Lympo Treasury, which will be governed by a Decentralized Autonomous Organization (DAO) made of Lympo community members.
The SPORT token will also have limited application in Lympo P2E games, depending on the tokenomics of each particular game and might be used as a token to enter special game events or acquire exclusive in-game items.
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