What is Lympo Market Token (LMT) | What is LMT token
In this article, we’ll discuss information about the Lympo Market Token project and LMT token
What is Lympo?
Lympo is building a sports NFTs ecosystem including NFTs with IP rights of world-famous athletes and clubs. The ecosystem will also include custom sports characters created by various artists and sports influencers.
Mint exclusive sporting NFTsSell & Buy digital collectiblesParticipate in the Lympo ecosystem events
What is LMT?
LMT (Lympo Market Token) is the utility token used throughout The Lympo ecosystem as the basis of transactions, interactions, and NFT minting. It is an ERC-20 utility token built on the Ethereum blockchain.
LMT can only be acquired with the existing LYM token. There is a finite supply of 1,250,000,000 LMT tokens.
Mint sports NFTs
Stake LMT tokens and mint exclusive sporting NFTs of real-life sports stars, world champions, influencers, enthusiasts, custom characters, and more.
Participate in the Media Content
Participate in Media and Content (play-to-earn games, etc.) generated by Lympo, Animoca Brands, and partners.
Lympo NFT minting pools
All LMT holders will be eligible to participate in several different pools to stake their tokens and thus get Lympo NFTs. At the moment, we’re planning three pools to distribute the latter:
Athlete NFT Pool
The Athlete NFT pool contains officially licensed, and IP rights protected collectibles of real-life athletes, teams, clubs, world champions, influencers, enthusiasts, and e-sports stars
O’Lympian NFT Pool
The O’Lympian NFT pool contains collectible cards of custom-made sports characters with their own lore created by Lympo. These characters will transition to the expanded ecosystem assets
Exclusive NFT Pool
The exclusive private pool contains one-of-a-kind NFTs with extra utilities in the whole Lympo ecosystem. These utilities include extra minting speed to mint new NFTs in other pools, increased future airdrops, and other perks yet to be announced.
Lympo NFT Minting Platform
Step 0 — Put some LMT tokens in your ERC-20 wallet.
It would be best to have an Ethereum wallet like MetaMask or Ledger to store your LMT tokens.
This tutorial was made with MetaMask.
Add a “custom token” with the following details:
LMT contract: 0x327673ae6b33bd3d90f0096870059994f30dc8af
Symbol: LMT
Decimals: 18
Step 1 — Connect your wallet to the nft.lympo.io platform.
Upon visiting nft.lympo.io, click “Connect your wallet” at the top of the webpage. Don’t worry; you are not sending any funds during this step. You are simply allowing the Lympo NFT platform to connect to your wallet.
Step 2 — Choose the NFT minting pool you want to join and press “View Pool.”
Select the pool you want to participate in. Each pool has a unique NFT collection ranging from real-life athletes to custom and distinctive Lympo characters. You can join multiple pools.
The Lympo Athlete pool is the first to open on the platform (others will be opened one by one shortly). The content in the Athlete pool will be updated weekly, with more and more athletes joining the family!
Step 3 — Click “Manage Stake.”
Click on “Manage Stake,” and you’ll see a white pop-up box where you can stake and withdraw your LMT tokens.
Step 4 — Click “Approve” the smart contract.
If this is the first time you interacting with a specific pool, you need to submit a transaction. This process allows the LMT smart contract to access the LMT tokens in your wallet.
- Approvals are required because the Lympo NFT Minting platform uses the Ethereum blockchain to settle trades.
- Approvals are needed once per token, per wallet and require a small amount of ETH to cover the transaction fee.
If all goes well, click “Confirm.”
Step 5 — Enter your amount and click “Confirm” to stake LMT tokens.
Once approved, enter the amount of LMT tokens you would like to deposit into this staking pool and press “Confirm” to stake LMT tokens.
The minimum amount to stake (per pool) is 300 LMT; the maximum is 1 million tokens.
Our goal is to create a fair competition system between all holders without excluding any group of participants. To see the full explanation of the credit system, click here.
Step 6 — Confirm the transaction.
Click on “Confirm” to stake LMT tokens. You will then be asked to confirm the transaction on your wallet. Click on “Confirm.”
Step 7 — Track your transaction on the Ethereum blockchain.
After you have confirmed the transaction from your wallet, you should see a notification pop up in the bottom right corner of your screen, which shows you the transaction status.
Step 8 — Earn credits.
Congratulations, you’re now earning credits! As soon as your transaction is confirmed on the Ethereum network, you start collecting credits that allow you to mint NFTs.
Due to the broad LMT quantities distribution between holders, we came up with a formula that lets you earn 1 to 10 credits per day based on the LMT staked in the pool (the minimum amount to stake is 300 LMT, the maximum is 1 million tokens). Credit income, pricing, and supply of the NFTs were designed to always have a small deficit of the collectibles in the overall market. Based on this plan, the value of NFTs is set to follow market trends.
However, because we are in the super early alpha stage, the formulas used to design the staking mechanism will be adjusted, optimized, and tweaked based on the data and the feedback we will gather during the NFT minting period.
Our goal is to create a fair competition system between all holders without excluding any group of participants. To see the full explanation of the credit system, click below.
Step 9 — Spend your tokens to acquire NFTs.
When you have collected enough credits, you can mint your NFT.
Click “Mint NFT” below the NFT you’d like to obtain, et voila! Sometimes, in addition to the Lympo points you have collected, some NFTs will charge an additional fee in ETH.
Step 10 — One more transaction to be approved
You will be asked to confirm one more transaction in your wallet, but once that’s done, the NFT is all yours!
Please note that there is no auto-minting of NFTs, as you will have to perform this process manually. When you have collected enough credits, you must return to the platform, select your NFT, and submit a claiming transaction.
You can view your NFTs in the “Collection” section of the platform or a secondary market like OpenSea.
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How and Where to Buy Lympo Market Token (LMT)?
LMT token is now live on the Binance mainnet. The token address for LMT is 0x9617857e191354dbea0b714d78bc59e57c411087. Be cautious not to purchase any other token with a smart contract different from this one (as this can be easily faked). We strongly advise to be vigilant and stay safe throughout the launch. Don’t let the excitement get the best of you.
Just be sure you have enough BNB in your wallet to cover the transaction fees.
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…
We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…
Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)
Next step
You need a wallet address to Connect to Pancakeswap Decentralized Exchange, we use Metamask wallet
If you don’t have a Metamask wallet, read this article and follow the steps
☞What is Metamask wallet | How to Create a wallet and Use
Transfer $WBNB to your new Metamask wallet from your existing wallet
Next step
Connect Metamask Wallet to Pancakeswap Decentralized Exchange and Buy, Swap LMT token
Contract: 0x9617857e191354dbea0b714d78bc59e57c411087
Read more: What is Pancakeswap | Beginner’s Guide on How to Use Pancakeswap
The top exchange for trading in LMT token is currently …
There are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once LMT gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!
Top exchanges for token-coin trading. Follow instructions and make unlimited money
☞ https://www.binance.com
☞ https://www.bittrex.com
☞ https://www.poloniex.com
☞ https://www.bitfinex.com
☞ https://www.huobi.com
Find more information LMT
☞ Website ☞ Website 2 ☞ Explorer ☞ Whitepaper ☞ Social Channel ☞ Social Channel 2 ☞ Social Channel 3 ☞ Social Channel 4 ☞ Message Board ☞ Coinmarketcap
🔺DISCLAIMER: The Information in the post isn’t financial advice, is intended FOR GENERAL INFORMATION PURPOSES ONLY. Trading Cryptocurrency is VERY risky. Make sure you understand these risks and that you are responsible for what you do with your money.
🔥 If you’re a beginner. I believe the article below will be useful to you
⭐ ⭐ ⭐ What You Should Know Before Investing in Cryptocurrency - For Beginner ⭐ ⭐ ⭐
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