APN News

  • Thursday, March, 2021| Today's Market | Current Time: 09:13:46
  • Lympo LMT token offering generates over US$36m value

    Published on March 25, 2021

    Tallinn, Estonia — Lympo, a subsidiary of Animoca Brands, announced today that it has successfully launched LMT and concluded the LMT token offering (announced 18 March 2021). LMT is a new utility token to power Lympo’s ecosystem of sports-related non-fungible tokens (NFTs), including collectibles based on world-famous athletes.

    The LMT token offering lasted 72 hours, from 6 pm on 19 March to 6 pm on 22 March 2021 (UTC). Existing Lympo LYM token holders exchanged their LYM for LMT at a 1 LMT to 8 LYM ratio, resulting in the issuance of 50,982,694 LMT. In total, 407,861,552 LYM tokens were exchanged to LMT during this time window, which represents more than 40% of the maximum total LYM token supply. The value of LYM tokens exchanged during the offering period was equal to $36,225,477  based on the LYM price at the time of the offering’s closing.

    Concurrently, Lympo announced that multiple leading athletes are joining Lympo’s sports NFT ecosystem: Eddie Hall, the official deadlift world record holder; Rose Namajunas, #1 in the UFC Women’s Strawweight Ranking; and Aleksandra Trusova, the 16-year old Russian figure skater, junior world champion, and holder of the world record in free skating as well as four Guinness World Records. Over the coming months, Lympo will continue to enrich its ecosystem by signing on additional globally recognized athletes.

    Ada Jonuse, CEO of Lympo, said: “The LMT offering has highlighted the strong support for our Lympo NFT ecosystem, and we were overwhelmed by the interest and excitement for this new chapter for our company. This type of offering was a novel way to launch a new token but, thanks to our experienced team, the token offering was successful and went smoothly.”

    Yat Siu, chairman and co-founder of Animoca Brands, commented: “The ecosystem that Lympo is building presents exciting new opportunities for sports fans to engage with athletes via NFTs. The interest we saw in the LMT token offering demonstrated the enthusiasm of NFT and sports fans around the world. Animoca Brands is thrilled to have Lympo as a part of its growing and influential family of blockchain-related initiatives.”