Lympo NFT staking platform allows the holders of Lympo NFTs and SPORT tokens to stake them receive extra token rewards in Lympo ecosystem tokens SPORT, LMT, LYM and other partner tokens.
The amount of SPORT tokens that have to be staked together with Lympo NFTs to earn token rewards depends on the rarity of the NFTs staked. Each Lympo NFT digital collectible has a score associated with it based on its rarity. Users can stake up to 15 NFTs + $SPORT per wallet in a staking pool.
Here is an example scenario to explain the NFT staking mechanism.
$SPORT Rewards Chart
In this example, if a user stakes 10,000 SPORT tokens together with the NFTs, she would earn a 5% reward of the staked amount every 30 days. That means after 30 days, a user would get 500 SPORT as a reward for participating in the Lympo NFT Staking ecosystem, and would end up with 10,500 $SPORT total.
The amount of SPORT tokens a user can stake is determined by the rarity of staked NFTs. Higher rarity NFTs allow users to stake more $SPORT.
This current system is the first iteration of the NFT staking system applied to its first pool. In the future, the reward percentages might be subject to change for different kinds of NFT staking pools.