Animoca Brands Corporation Ltd’s subsidiary Lympo has launched non-fungible token (NFT) staking on its NFT ecosystem, allowing users to monetise and receive rewards for locking up and delegating their NFTs issued by Lympo and its partners.
Until now, the Lympo NFT Mining Platform allowed users to stake Lympo Market Tokens (LMP) and partner tokens to mint sports NFTs depicting officially licensed top-level athletes.
With the launch of NFT staking, Lympo says it has created a way for users to monetise their NFTs through monthly staking rewards.
‘Staking’ is the process of ‘locking up’ your tokens or NFTs and agreeing for them to temporarily become part of the blockchain infrastructure. This adds considerable stability and liquidity to the system without compromising the decentralised nature of blockchain exchanges.
Companies operating within blockchain gaming and GameFinance (GameFi) architecture have recently begun to incentivise staking on their platforms, attempting to increase flexibility and security within their own blockchain ecosystems through the staking of player tokens.
Lympo’s NFT Staking will allow NFT holders to delegate or lock up their NFTs in staking pools. Users stake up to 15 NFTs together with LMT tokens and receive between 2% and 17.5% of the value staked in rewards every 30 days based on how many NFTs they stake and their rarity.
The first Lympo NFT staking pool offers a total of 888,888 LMT ( about $220,000) in rewards.
Bringing latest innovations to GameFi
Lympo CEO Ada Jonuse said, “Lympo is taking big steps to bring the latest innovations into the GameFi sector. NFT Staking is one of the first methods that Lympo is using to provide additional utility to our NFTs.
“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.”
Lympo plans to eventually partner with other NFT projects to release joint NFTs which can be staked for double the rewards in the form of two different tokens.
As with double reward pools on decentralised finance (DeFi) platforms, Lympo says the partnerships would enable cooperation on this new Lympo GameFi product and open new avenues for adding additional value to NFTs.
The company believes staking on its platform will give users the ability to generate value from their NFTs beyond collectability and in-game uses and generate additional LMT to use within the Lympo ecosystem.
With multiple staking pools, a dynamic reward system, and community engagement events enabled through NFT staking, Lympo says it is pioneering new NFT staking mechanics.
About Lympo
Lympo, a subsidiary of Animoca Brands, is building a sports NFT ecosystem based on world-famous athletes and sports clubs.
The Lympo ecosystem will include sports stars, clubs, and custom sports characters created by various artists and sports influencers. Users can mint NFTs using LMT and partner tokens. Learn more at www.lympo.com or get updates on Twitter or Telegram.
About Animoca Brands
Animoca Brands is a leader in digital entertainment, blockchain, and gamification that is driving digital property rights via NFTs and gaming to help build the open metaverse.
It develops and publishes a broad portfolio of products including the REVV token and SAND token; original games and products utilising hundreds of popular intellectual properties.
Animoca Brands has a growing portfolio of more than 100 investments in NFT-related companies and decentralised projects that are contributing to building the open metaverse, including Axie Infinity, OpenSea, Dapper Labs (NBA Top Shot), Bitski, Harmony, Alien Worlds, Star Atlas, and others.