Start Your Lympo Staking Journey - Step-by-Step NFT Staking Guide

2023-01-04 Announcements

NFT staking is a great way to bring more utility to your digital collectables. By staking your NFTs, you turn these idle collectibles into diligent investment pieces used to reap the rewards. Lympo NFT Staking platform brings utility to Lympo NFTs and allows you to earn benefits. All you need to start earning rewards is Lympo NFTs and some $SPORT tokens.

Lympo NFT Staking

The Lympo NFT Staking platform allows all holders of Lympo NFTs to stake their collectibles and $SPORT or partner tokens to earn additional $SPORT or partner tokens. On the platform, you'll find various staking pools offering tremendous benefits in $SPORT or partner tokens. The number of $SPORT tokens earned on the Lympo NFT platform depends on the rarity of NFT cards staked — the rarer the cards you stake with more tokens, the more rewards you earn.

Athletes NFT Collection

Intellectual property rights-backed NFTs from the Lympo Athletes pool are among the most popular of our NFTs. These digital cards can also be used on our staking platform.

Every Lympo Athlete NFT has a different rarity and a different score associated with it. The score of the NFTs staked influences the amount of $SPORT that can be staked with it and rewards earned - the rarest cards bring the most benefits. The Athlete pool also includes GOAT (Greatest of All Time) NFTs - unique one-of-a-kind singular collectibles issued with each new collection and sold via the special auction event. GOAT NFTs have a bonus staking reward depending on the price for which that NFT was sold

Lympo Staking Pools

Lympo NFT Staking platform offers various staking pools that differ based on the NFTs allowed to stake, the type of token paired and the reward mechanics - the type and amount of tokens earned. 

Each staking pool is unique - some utilize and reward $SPORT tokens only, and others use a mix of $SPORT and partner tokens. Some pools require a certain kind of collection or card rarity to enter.

We are continuously introducing new staking pools into our platform. The pool currently open on our staking platform is the Champion I pool. Champion I allows users to stake up to 15 Lympo Athlete NFTs of different rarities. The size of the pool is 1,759,766 $SPORT. 

You can learn more about the pool and reward mechanics here.

Step-by-step Guide

Starting your staking journey is simple. Here are all the steps you need to take:

  1. Head to the NFT Staking on the Lympo website.
  2. Connect to your digital wallet to be able to see the pools available and start staking.
  3. Choose the staking pool. You’ll find various staking pools, each with a unique ruleset and rewards for staking. You can always review the pool rules and rewards by clicking on the “Information” button.
  4. Enter the pool by clicking on “Enable Access to Collection” and confirming the transaction on your Metamask wallet.
  5. Once that’s finished, click “Enable Access to $SPORT” and confirm the transaction.
  6. Click the “Manage Stake” button, then “Stake”, and choose the NFTs you wish to stake.
  7. The higher the rarity of your NFTs is — the more SPORT tokens you’re allowed to stake. The minimum amount of $SPORT required to stake depends on the pool - for Champion I it is 1000 tokens.
  8. Finally, click on “Confirm”, “Stake”, and “Confirm” once more. You’ll have to confirm one last Metamask transaction, and that’s it! 

Congrats! You have officially started staking on Lympo and reaping the rewards every day!

To collect your earnings, visit the Lympo NFT staking page and click on “Collect Earnings”. Rewards can be collected at any given time while staking or when unstaking.

You can unstake your NFTs any time you want. However, bear in mind that most pools will require NFTs to be staked for a certain amount of time. For example, the Champion I Pool requires you to stake the NFTs for at least 72 hours. If NFTs are unstaked before that time, a fee of 1% will be applied.

You can stake up to 15 cards per pool. 5 of these can be Epic, Legendary, or GOAT rarity, and 10 can be common, uncommon, or rare. This is to ensure a fair staking process for all Lympo NFT owners. You are allowed to stake duplicate cards as well.

What are you waiting for? Start your staking journey now! Head to our platform.

Have any questions?

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