The sports NFT ecosystem and subsidiary of Animoca Brands – Lympo has announced that it has launched its new NFT staking system. With staking now available for users, NFT token holders can receive rewards and build up passive income by locking up their NFTs.
Passive income generation has become commonplace for cryptocurrency holders looking to strike the balance between HODL-ing and generating revenue. With Lympo’s NFT staking, users will be able to stake up to a max of 15 NFTs with LMT tokens (Lympo’s native token).
Depending on the number of assets and their value, users can receive anywhere from 2 to 17.5% of their market value every 30 days. To begin, Lympo’s first staking pool will provide users with a stakinng pool of 888,888 LMT (or roughly $220,000).
Even before its launch, the underlying structure of Lympo’s staking solution aims at fairness and a low-maintanence structure, according to Ada Jonuse, CEO of Lympo.
“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.”
With this first pool acting to trial out its value for partners and players, the long-term aim sees Lympo partnering with other NFT projects to co-launch on the former’s platform. While NFT projects can benefit from the utility and exposure on the platform, it also unlocks more opportunities for monetisation as time goes on.
Catch up on the team and its Minting platform here:
Find out more about Lympo by visiting the website.
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