Last week, on April 5th, our team conducted a live AMA session on our Discord channel. During the session, we provided a comprehensive overview of our achievements over the past quarter, shared our plans for the future, and addressed questions submitted by our community members via the form we released earlier. We also answered questions that were received during the session. Below you’ll find a summary of the whole AMA session, as well as answers to the key questions.
In case you missed the live session and would like to catch up, we have uploaded the full video of the AMA. Here’s the link to the video.
Q1 Overview and Future Vision
The initial part of the AMA was focused on the presentations by our core team members, who discussed the broader strategy and vision of Lympo. They also provided an overview of our Q1 performance and outlined our plans for the future.
Word of the CEO
Our CEO, Tadas, kicked off the session by sharing his insights on the company's recent performance, including the period following his appointment as CEO.
Tadas highlighted the importance of making tough decisions and reassessing the products in development to achieve a concrete market fit. The company had to take a step back and assess what is needed for the current market. That is why some initiatives were canceled, and some changes were made to the team.
Following Tadas' presentation, Tory Green took the stage and presented the strategic direction. He provided an overview of our Q1 performance and outlined our future goals for the company. While Tory was originally brought on board as our interim Chief of Marketing, his expertise in business development has led to his appointment as our Chief of Business.
Tory's presentation started with an introduction to Lympo's strategic vision, which focuses on tapping into the massive market of sports and sports memorabilia. Currently, there are 67 million sports fans collecting memorabilia around the world, and the market for that is huge - expected to grow up to 200 billion.
The reasons behind this strategy for Lympo are that sports fans are passionate collectors open to using NFTs, even more so than the general public, and that NFTs provide much more value than traditional collectibles.
However, there are challenges to this strategy, including the lack of a bridge between Web 3.0 technology and the broader market. To address this, Lympo will undertake steps to make the NFT experience more accessible and consumer-friendly, such as website rebranding. This will include the change in terminology, avoiding confusing blockchain-specific language.
Another step is the introduction of custodial wallets and fiat payments. This will eliminate the need for technical crypto knowledge and complicated terminology, thus, making the experience easier for the average consumer.
This initiative, called DigiSport, will focus on creating an appealing NFT experience for the general public. It will also include the introduction of "Collect&Earn" mechanics.
Tory also provided an overview of Lympo's accomplishments in Q1. The team focused on closing old deals and fulfilling past promises, such as LYMUS rewards, Lympo App Sunset, Blockchain Hero, and REVV Motorsport pools.
We also made strides towards improving platform accessibility by introducing credit card payments through the SwipeLux integration, integrating Venly for custodial wallets, and making UI/UX improvements to the platform.
In addition, we worked to sign new partnerships with athletes, with 9 contracts signed, 31 partnerships under negotiation, and 216 athletes in the pipeline. The team also implemented fresh marketing initiatives by partnering with Mocaverse, activating the community on Discord, and launching a Prediction game.
The team has outlined several key areas of focus for Q2, including the re-launch of the current platform with marketing activations, athlete-centered marketing campaigns, launching the Rose Namajunas collector's experience, improving the staking experience, restructuring tokenomics, and continuing to build DigiSport.
We’re going to continue growing and improving our current platform, making it more accessible for the public as well as increasing the utility of our NFTs with the Prediction game, trivia, and collector’s quests. We will also resume athlete releases with improved campaigns focused more on the athletes and their promotions and branch our portfolio of athletes out by targeting both larger and smaller sports.
Other improvements will also be implemented, which will include a better staking experience, improved tokenomics to get more value capture, and more transparent communication between the team and community.
Lastly, the team will be testing some higher-level concepts, starting with the Rose Namajunas collector’s experience. The Rose Namajunas collector’s experience will include the new “Collect&Earn” mechanics, allowing users to collect NFTs to earn prizes. This initiative will be part of the DigiSport rebranding, which is part of a bigger vision for the future of Lympo.
Key Questions Answered
The second part of the AMA included the Q&A session with the core members of the team. The questions answered were those previously submitted by the community members as well as those raised during the session.
Games, Projects, and NFTs
Is there a near-use case for the athletes' NFTs on a p&e game or something similar?
The primary utility is always going to be some kind of reward-earning mechanics. If it’s going to be strictly through staking or with an additional gamification aspect is to be determined. But as all of the Athlete pool NFTs are going to be used in every single experience released by the Lympo organization, which will include possible future games.
Will there be in the near future an ability to rent out NFTs, like a lending service?
We are not planning on building any kind of platform ourselves, but there are platforms that are being developed in the market.
Is the focus still just on Anichess? What about any other games? When will we see some gameplay footage from Anichess? Will the Athlete collection NFTs be used in Anichess?
Currently, our focus for game releases is strictly on Anichess. As for game footage, we do not have any releases scheduled at this time. However, we plan to release a Minimum Viable Product (MVP) version of the game later this year, and there will be plenty of footage available to experience and see the first version of the game during this time.
When it comes to the direct utility of the athletes' collection for the Anichess game, the game will be strictly skill-based. This means that the collection could only provide cosmetic enhancements. However, it is yet to be decided.
When is the release of Anichess? Is it still in 2023?
The Anichess project is a high priority for us, and we want to ensure that it is developed properly. Our current plan is to release the MVP version this year, followed by closed alpha and closed beta versions. We will gradually launch the product to the mass market after thorough testing and refinement.
Currently, how many games are in development besides Anichess?
At the moment, no games apart from Anichess are being developed. Most of the products were held back because the market fit was not clear. Although there are some blueprints, the team wants to choose their battles carefully. Anichess is the game we are focusing on right now.
What is the plan with the Kahosa DAO? Do you prefer that the community start the DAO?
We were in the initial stages of developing Kahosa. The first pages of the download book were drafted, but we always encourage the community to take the lead and initiate the procedures. Once the community takes the first steps, our team will be able to support them.
Why are real-life perks of GOAT auctions from August 2021 still not distributed?
The team is actively working on distributing the real-life perks of the GOAT auctions from August 2021 as soon as possible. It is currently on our agenda, and we hope to distribute them in the near future.
Will there be a Sandbox experience? Is it still actively developed?
The virtual land and experiences in the Sandbox are ready to go, but we cannot provide a specific launch date as it depends on the Sandbox giving us the green light. Rest assured that we are eagerly awaiting the opportunity to share this with the community once we receive clearance.
What is the purpose of the LYM token when SPORT can now be bought with a payment gateway? Tell us more about the tokenomics of the project.
We understand that the current purpose of the LYM token is not clear. Our team is working closely with the Animoca Brands Tokenomics team to address issues related to liquidity and create additional utilities for SPORT, our main token.
The plan is to restructure the tokenomics of both the SPORT and LYM tokens and establish a link between them. The SPORT token will serve as a utility token and will be used as currency in most of the experiences developed by Lympo. There have been initial discussions about using the LYM token as a governance token, but this is still in the early stages, and no promises can yet be made.
What are the goals and plans to incentivize SPORT in the future, excluding current incentives like NFT staking?
Our goal is to build various "Do&Earn" experiences for our users. The current model involving acquiring an NFT, staking it, and receiving SPORT tokens, is a bit too complicated for the average population. To simplify the process, we plan to shift the focus toward “Collect&Earn” experiences. Users will be able to collect digital cards of specific athletes and earn prizes in physical or digital currencies, including SPORT tokens.
When will the STAR token platform be released?
The STAR token platform is planned to be released in the first version of the proof of concept. The current plan is to launch the STAR token at the end of the third quarter or the beginning of the fourth quarter of this year. The team is following the strategy of releasing one initiative at a time.
What NFT staking pool is next in line?
Before releasing any new pool, we conduct a thorough analysis and address any market changes or legal requests. We understand that the market is turbulent right now, and we need to check and realign our model accordingly. We are currently carefully checking some legal aspects of the next pool due to the SEC commission fine with the last pool. Therefore, we need final legal confirmation before releasing the new pool. The next pool might be similar to what we have right now, or we might introduce some changes that could impact the timelines. However, we don't expect many changes, and most likely, it will be similar to what we have right now.
Marketing & Communication
What are the plans to improve communication and increase community engagement?
We're aware of our communication problems and acknowledge that we've kept the community in the dark for too long. To fix this, we've come up with a new communication loop. We'll collect questions from the community and prepare answers every three weeks, sharing them with you and holding post-feedback sessions where our team members will follow up and engage with you for an hour. This plan will give you more information and include you in our processes.
We will also have more team members active on Discord and Telegram, but we'll have dedicated time slots so that everyone knows when they can expect an answer from the team. This will ensure that we're able to provide quick responses and support to the community
We have not seen any Mocaverse interaction. How does Lympo plan to partner with Mocaverse?
We’re currently in talks with Mocaverse and drafting some partnership agreements. We don't have anything confirmed yet, but it's definitely in our pipeline, and we plan to work further with Mocaverse. We'll update the community once we have more information.
Will we see a roadmap anytime soon?
We understand that the community has been waiting for a roadmap, and we want to let you know that we are working on it. We hope to release it in the upcoming months. The reason why we haven't released it yet is that we've been doing a lot of research, re-planning, and discussing ideas. We wanted to make sure that we’re only including the best ones and are not overpromising anything to the community.
When does the Lympo marketing budget kick in, and what marketing activities are planned?
The budget for marketing has already started to kick in, as seen in recent activities such as the Discord activations and the Prediction game. With the upcoming relaunch of the platform, marketing activities with our athletes will include AMA sessions, giveaways, and social media promotions. In addition, we will work with influencers to promote our project, as well as launch PR and partnership campaigns with both Animoca Brands and external projects. The main focus of our marketing strategy will be campaign-based, and you can expect to see more of these in the future.
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