Lympo, Subsidiary of Animoca Brands Corporation Ltd, Replaces LMT Token with ERC-20 SPORT Token Following Security Incident

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Animoca Brands Corporation Ltd subsidiary Lympo has decided to overhaul its GameFi ecosystem with the switch to ERC-20 protocol and the launch of the SPORT token, a replacement for the old Lympo LMT token, following an incident security earlier this year.

The new SPORT token will be incorporated into upcoming basketball management and spell-hunting games in cooperation with world champion Magnus Carlsen and his team.

The company claims that the SPORT token will also enable participation in Lympo’s cash management, governed by the principles of a Decentralized Autonomous Organization (DAO).

Lympo’s first game – a basketball management game – is set to launch later this year, with the inclusion of a dedicated NFT art collection of fantasy and real-life basketball players and the ability to use other Lympo NFTs to “enhance gameplay”.

Lympo is also developing a blockchain-based, chess-inspired game in collaboration with Play Group Champion Chess Tour Magnus (OTCQX:PMGMF) – the SPORT token is expected to act as a gateway for both games.

“Revolutionize the casual chess experience”

“We are beyond excited to co-develop a new chess game with Lympo and Animoca Brands,” said Sebastian J. Kuhnert, Director of Business Development for Play Magnus Group (OTCQX:PMGMF).

“The future concept will revolutionize the experience of casual chess enthusiasts by adding new elements to the strategy game and establishing true ownership. This experimental mode will truly merge the foundations of chess games and blockchain play-to- earn.

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 by the principles of a DAO.

The company also indicates that participation in the governance of the SPORT system – including submission, discussion and voting on proposals – will be enabled for all SPORT token holders who hold an NFT from a future special NFT collection that will be announced later this year.

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