Animoca Brands Corporation Ltd’s subsidiary Lympo has moved to overhaul its GameFi ecosystem with a switch to the ERC-20 protocol and the launch of the SPORT token, a replacement for the old Lympo token LMT, following a security incident earlier this year.
The new SPORT token will be integrated into the upcoming basketball manager and spell chass games in cooperation with world champion Magnus Carlsen and his team.
The company says the SPORT token will also allow participation in Lympo’s treasury management, governed by the principles of a decentralised autonomous organisation (DAO).
Lympo’s first game – a basketball manager game – is expected to launch later this year, with the inclusion of a dedicated art NFT collection of fantasy and real basketball players and the ability to use other Lympo NFTs to "upgrade gameplay".
Lympo is also developing a block-chain based, chess-inspired game in collaboration with the Play Magnus Group (OTCQX:PMGMF)’s Champion Chess Tour – the SPORT token is expected to serve as a gateway for both games.
“Revolutionise the experience of casual chess”
“We are beyond excited to be co-developing a new chess game together with Lympo and Animoca Brands,” Play Magnus Group (OTCQX:PMGMF) chief business development officer Sebastian J. Kuhnert said.
“The future concept will revolutionise the experience of casual chess lovers by adding new elements to the strategy play and establishing true ownership. This experimental mode will truly merge the foundations of chess and blockchain play-to-earn gaming.”
Lympo will allocate 2.5% of SPORT’s total token supply to the company’s treasury, which aims to increase the number of users in the Lympo ecosystem, governed according to the principles of a DAO.
The company also says that participation in the governance of the SPORT system – including submitting, discussing and voting on proposals – will be enabled for all SPORT token holders who hold an NFT from a special future NFT collection to be announced later this year.