Lympo is one of the world’s top sports NFT platforms, and you can now use it to stake NFTs for passive profits, the company announced this morning.
Up to this point, the Lympo allowed users to stake LMT and partner tokens to mint sports NFTs of officially licensed athletes. With the launch of NFT staking, Lympo has created a way for users to monetize their NFTs through monthly staking rewards.
Lympo Sports NFT Staking Explained
What is NFT Staking and how does it look like on Lympo? It’s pretty simple.
If you ever dabbled with NFT Staking, you’ll know the drill, if not – You lock up and delegate your NFTs in staking pools, and you generate yield.
Currently, users can stake up to 15 NFTs alongside their LMT tokens, and receieve between 2% and up to 17.5% of the staked value in rewards. The rewards are distributed every 30 days, and are based on how many NFTs are staked and. their rarity.
Lympo’s first NFT Staking pool currently offers around $220,000 in staking rewards.
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.
In the future, Lympo aims to expand on its GameFi ambitions by partnering up with other NFT projects to release joint NFTs together, and possibly even offer double the rewards for those types of staked NFTs. In the same way that DeFi platforms offer double staking rewards in their staking pools.
If you’re into NFTs and digital sports collectibles, you can learn more about Lympo and start staking on their platform
About Lympo, The Sports NFT Platform
Lympo is a subsidiary company of Animoca Brands. They are based out of Lithuania. Some of their notable athlete partnerships include the legendary strongman Zydrunas Savickas, Ice-Skater Aleksandra Trusova, Poker Star Antanas Guoga, and strongman-turned-YouTuber Eddie Hall.
The list goes on and includes other notable names as well, and more athletes appear to be joining on a monthly basis. Only recently, Lympo signed the 6-time Mr. Olympia champion Dorian Yates.
Lympo’s mission is to gather sport and eSport athletes from all over the world and help them monetize their digital exposure. Every Lympo athlete receives their royalties from sales, and those royalties are lifetime.