ECOMI brings a new and inclusive NFT Ecosystem to our attention. They offer a wide variety of options available to users. With VeVe, they also have their own NFT marketplace in place.
Furthermore, what makes them unique are their offerings of renowned brand names. Warner Bros, Cartoon Network, and CBS are just some brands they license. Therefore, in this article, you will discover which tools ECOMI (OMI) is offering that sets them apart.
Get and Trade Rare NFTs in ECOMI (OMI) Marketplace
The ECOMI (OMI) marketplace has the following features:
- ECOMI Secure Wallet.
- VeVe, their NFT marketplace.
- NFTs and blockchain technology.
The in-app migration of OMI is now complete 🚀⭕️
Here's what you need to know! ✅
1. Any OMI in the VeVe app is now on Layer 2.
2. This means you can ONLY send it to other L2 wallets.
Any transaction attempting to send/withdraw to L1 will fail.
[KEEP READING BELOW] 🧵
— ECOMI ⭕️ (@ecomi_) January 28, 2022
What is ECOMI (OMI)?
ECOMI (OMI) has its seat in Singapore. As part of their strategy, they created a new ecosystem. Therefore, they offer various new tools that make it easier to trade digital collectibles. We take a deep dive into how ECOMI works. The ECOMI protocol is Ethereum-based. Nonetheless, they are also active in the BNB chain.
How Does ECOMI Work?
ECOMI works in an effective and easy-to-understand way. With their tools, they make life easy for their users. Let’s see how the VeVe NFT marketplace works.
VeVe NFT Marketplace
VeVe is their NFT marketplace, which is also available as a mobile app on Android and iOS. Also, there is a web version of this wallet. The ECOMI network has an enormous collection of NFTs on offer. Users can create their galleries and show their collections. Moreover, the OMI token powers the VeVe NFT marketplace. Currently, VeVe has already 500K+ downloads. This is a good indicator of its popularity.
Also, the VeVe NFT app offers a variety of app insights. Scarcity of listed items, the amount it last sold for, or who are past owners. This information is helpful for users since it will help them determine which NFT to buy next.
First appearance of Peggy Carter! @Marvel’s Tales of Suspense #77 features VeVe Exclusive Rare & Ultra Rare covers by Todd Nauck and Rachelle Rosenberg. Drops Wed, 2 March at 8 AM PT in blind box format: https://t.co/g1MFT3RW20#MARVELxVeVe
— VeVe | Digital Collectibles (@veve_official) March 1, 2022
On the other hand, in March 2021, the total monthly NFT sales on VeVe reached $7.2 million. However, in November 2021, that number went up to $34.5 million. This coincided with 345K installs of their app during that same month. That is no less than 86% of the total market for mobile NFT marketplaces.
Moreover, having big brand names on their roster explains the popularity of the VeVe app. Also, in November 2021, they partnered with Disney. As a result, installs tripled the same day, up to 39,000 in just one day. On the other hand, the day after this new partnership, VeVe saw a $4.4 million increase in new spending.
Their roster is what makes VeVe unique. Besides Disney, they list some more major, attractive names.
- Warner Brothers
- Marvel Comics
- Cartoon Network
- General Motors
- Universal Studios
It will come as no surprise, that there is a VeVeVerse in the making. With all the current talk about the metaverse, VeVe claims its place there in 2022. They already support AR (Augmented Reality).
On-Ramp and Off-Ramp Options on VeVe NFT Marketplace
One plus point, VeVe has, is for example the super-easy fiat on-ramp. This allows buying the native GEM stablecoin. In turn, users need GEM to buy NFTs. However, there is no exit-ramp for both the GEM and the native OMI tokens. This frustrates their user base, which is understandable. Above all, the ECOMI Reddit user base seems disgruntled.
Nonetheless, it seems that since the end of February 2022 VeVe now started a beta version of an exit ramp. The Payout system requires KYC and connects to BlueSnap. This is a global payment gateway and also a merchant. They are active in 47 countries and 200 regions.
ICYMI: Payout is currently in beta!
Here is everything you need to know about the current MTL/cash out beta program including KYC process, fees, beta rollout and more.https://t.co/tKLmty1A97
— VeVe | Digital Collectibles (@veve_official) February 25, 2022
ECOMI Secure Wallet
This is their hardware wallet for crypto cold storage. It is card-sized and comes with a wireless function. It meets all the high-end security needs, including CC EAL5+ standards.
In addition, the wallet will never connect directly to the internet for safety reasons. Your private keys receive the highest possible protection. A free app allows for sending and receiving of crypto assets.
Source: ECOMI white paper
The Metcalfe Effect
The Metcalfe Law plays an important role in user base growth. To clarify, this means that “the value of a network is proportional to the square of the number of connected users of the system“. Above all, ECOMI uses this law for mass-market adaption. In other words, it means the more phones take part, the more connections the system makes. The picture below makes the idea a bit clearer.
Source: ECOMI white paper
OMI and GEM Tokenomics
The OMI token is a GO20 standard, which meets ERC-20 token standards. On the other hand, the NFTs have the GO721 standard. ECOMI builds on the GoChain blockchain.
Therefore, the ECOMI crypto OMI powers VeVe’s economy. So users need OMI for buying, selling, and trading. Also, gas fees for all transactions require the OMI token.
On the other hand, according to CoinGecko, The price of the OMI token price is currently $0.00435704. The total supply is 750 billion and the circulating supply is 581.9 billion. This makes for a $2.535 billion market cap. In addition, the current ATH reached $0.01343572 on 19th March 2021. By market cap rank, OMI comes in at #52 on CoinGecko. Holding OMI from the beginning gives an ROI of 885.1%.
Whenever users buy GEMs, the system burns the same amount of OMI tokens. This makes the OMI token deflationary. Therefore, the ECOMI price prediction looks positive. Over time, less OMI will be in circulation. This system is nicely set up by the team, so users won’t notice any of this. All the moving around and burning of tokens, happens in the background.
How to Buy the OMI Token?
That is easy, OMI is available on various exchanges. Among others, Gate.io, OKX, BitForex, and AscendEX (Bitmax).
Likewise, GEM is the stablecoin used on VeVe and pegs 1:1 to the USD. Users need to change OMI for Gems to trade, buy or sell. It is, however, only available on the ECOMI platform. It is not listed on any exchanges. The team states that users can exchange Gems on the beta Payout app for OMI or fiat.
To sum up, ECOMI is a driving force behind the NFT revolution. They managed to offer an exclusive roster of big brand names. This secures them a place in the NFT market. Furthermore, ECOMI offers a streamlined process. that makes collecting easy and secure. Their ECOMI Secure Wallet helps with this.
With all this in place, it is also quite possible that the OMI token can reach a new ATH in 2022. As a result, they are knocking on the door to become one of the major NFT marketplace players.
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