If you ever collected trading cards, comics or toys as a kid, collectibles from series like Pokémon or Star Wars probably bring back fond memories. These days, an increasing number of people covet digital collectibles, with the virtual goods market expected to grow to $189.76 billion in the next five years.
Recently, NFT project ECOMI has gained popularity for its ability to allow users to acquire digital collectibles and manage them easily with a smartphone or online device. This article takes a close-up look at ECOMI and its native token, OMI.
What Is ECOMI?
A Singapore-based technology company in the digital collectibles space, ECOMI comprises two components: an app-based marketplace called VeVe (formerly known as ECOMI Collect) and the ECOMI Secure Wallet.
VeVe, ECOMI’s blockchain-based digital collectibles marketplace, allows users to share and buy collectibles across the social network service. The VeVe marketplace is accessible via the Collect app, with which users can buy and own premium digital collectibles produced by brands like Warner Bros., DC Comics and Cartoon Network.
Through the app’s marketplace, users can acquire both common collectibles, such as digital artworks, and rare ones, such as limited-edition weaponry. Users can exchange collectibles via their smartphones within the VeVe community.
ECOMI views digital collectibles as a new class of assets, offering intellectual property owners access to new revenue streams within the digital landscape. Gaming, digital streaming and in-app purchases have become multi-billion-dollar markets. In response to rising consumer demand, ECOMI is looking to provide users with an all-in-one digital platform that’s secure and economical.
What Are OMI Tokens?
Native to ECOMI, OMI tokens are used as a medium of exchange in the ECOMI crypto ecosystem. Users can buy, sell and trade their digital collectables on the VeVe platform with OMI tokens. OMI also helps keep track of ownership by recording every transaction.
When a transaction with the OMI token is confirmed on the VeVe app, the immutable data is stored publicly. Maintaining a record of the digital collectables helps eliminate disagreements regarding ownership or illegitimate items. Veve users can also verify their OMI transactions using the GoChain Explorer.
Using OMI Tokens
The OMI token is a utility token that’s the designated medium of exchange on the VeVe marketplace. Users can interact with fandoms of popular franchises like Star Wars or Pokémon by buying licensed 2D and 3D digital models and artwork. Users can also stake their OMI coins to gain access to exclusive premium features like augmented reality (AR).
OMI had an initial coin supply of 750 billion, of which 20% were made available as part of the initial OMI sale to fund the project. The first round of funding involved a hard cap of 1500 BTC worth of OMI coins exchanged on BitForex. At that time, the value of BTC was between $6,000 and $8,000, but is currently over $60,000.
At present, the supply of OMI coins stands at 166.2 billion. The VeVe platform holds 290.7 billion OMI (about 40%) as a reserve for in-app purchases. The VeVe Vault Wallet holds approximately 42.2 billion OMI, in the event of project liquidation.
Apart from the current Circulating supply is the number of cryptocurrencies or tokens that are publicly available and circulating in the crypto..., 20% of the total OMI supply goes to ECOMI business development, and 20% to its board members and advisors. Since the initial launch of the VeVe ecosystem, over 103 billion OMI tokens have been removed from the supply. This token burn reduced the initial token supply of OMI to less than 647 billion units.
How to Buy OMI Tokens
OMI has been listed on various crypto exchanges. However, unlike other mainstream cryptocurrencies such as BTC, users cannot purchase it directly with fiat money. Instead, OMI tokens must be acquired by first buying ETH from a fiat-to-crypto exchange, and then transferring it to an exchange that supports OMI trading.
Here are several ways you can buy the OMI token:
- Register on a fiat-to-crypto exchange: To buy a major cryptocurrency like BTC or ETH, you must first be registered on a fiat-to-crypto exchange. The process of creating an account involves filling in your personal details and going through the KYC process. Each exchange has its own fee policy and set of features to take note of.
- Buy BTC or ETH with fiat money: After completing the KYC process, you’ll need to add a payment method. You can use a bank transfer, debit card or credit card to make payments. Once your payment method has been selected, you can purchase BTC or ETH by choosing the corresponding trading option.
- Transfer BTC or ETH to an altcoin exchange: Since OMI is an altcoin, you’ll want to find an exchange that supports OMI trading. After registering for an account on that exchange, you can deposit your BTC or ETH and proceed to buy OMI.
- Select a wallet in which to store your OMI coins: Like any other cryptocurrency, it’s paramount to securely store your OMI coins. You can choose from three types of crypto storage wallets:
- Online wallets
- Software wallets
- Hardware wallets (cold wallets)
Online wallets, also known as hot wallets, can be accessed via a web browser. Users must trust the platform to manage their OMI tokens for them. Online wallets are ideal for storing small amounts of OMI tokens or executing regular trades. It’s important to pick a service that has a good reputation and strong security and data protection measures in place.
Software wallets are not the most secure storage method, but they are easier to use than hardware wallets. Even inexperienced users will be able to easily download a software wallet onto their smartphone or computer. Software wallets are ideal for users who need to store fewer OMI coins and access them more regularly.
Hardware wallets, also known as cold wallets (e.g., Trezor or Ledger), are ideal for safe offline storage and backup of your crypto coins. However, they’re usually more expensive and less user-friendly than software wallets. Hardware wallet/cold wallet solutions are better for experienced users who need to store large amounts of OMI coins.
ECOMI also has its own cold wallet called the ECOMI Secure Storage Wallet, which is waterproof, slightly foldable, and comes in the shape of a regular credit card for convenient access. Though it doesn’t connect to the internet, the ECOMI wallet can be wirelessly connected to your devices. Moreover, its robust “restore and loss” function ensures that your digital assets remain safe even if your wallet breaks or gets lost.
At the time of this writing, OMI has a 24-hour trading volume of over $5 million, with the price of one token at $0.0063. OMI has a The market capitalization (or market cap) of a cryptocurrency is a measurement of its market value. In other words, it... of over $1 billion, putting it at #213 on CoinMarketCap’s rankings. It has a circulating supply of about 166 billion and a maximum supply of over 646 billion.
Is OMI a Good Investment?
Cointobuy has been analyzing the daily values of OMI for the last six months to evaluate its potential return on investment (ROI) in 2021. The value of cryptocurrencies usually follows a wave pattern, as the demand changes based on technological improvements, blockchain collaborations, and acceptance or rejection of crypto by governments or corporations. The OMI token hit its all-time low value of $0.0000034 in November 2019, but if it follows the same wave pattern as other cryptocurrencies, there is a possibility that it may soon reattain its all-time high value of $0.013, which it achieved in May 2021.
According to Cointobuy’s recent analysis, OMI has a safety rank of 4.3 out of 10, placing it at #177 on a list of 4,138 assets. With an expected return of +142.1%, the Omi price prediction stands at $0.016. The dominant factor in determining OMI ranking is user votes.
VeVe aims to replace physical art vaults and galleries with customizable virtual showrooms similar to a video game. The AR feature can also be used via your mobile device to enhance visual manipulation of digital collectibles.
A user can import NFTs with other assets, scale them, rotate them and then create unique imagery for a collection by capturing a photo. This imagery can be traded with other collectors, whereby each party gains granular access to what they buy.
VeVe’s simplicity and ease of use ensure that it reaches a wide audience: anyone can use it, not just the young and tech-savvy. Given its many selling points, OMI’s value is likely to increase with time.
The NFT/digital collectible space is growing quickly with a correspondingly steady increase in demand. ECOMI has a powerful ecosystem and boasts large ownership of NFTs. Due to partnerships with major brands, ECOMI is able to mint NFTs that are widely sought-after, for collectors to collect all the digital collectibles they want. The platform’s secure wallet has also become a strong competitor to existing software and hardware wallet solutions.
However, ECOMI does grapple with a few issues. For example, OMI tokens can be traded for gems (a marketplace currency), but not vice versa — which locks any money you put into the app. The token also lacks utility, as at the moment it can only be used to purchase NFTs. If ECOMI’s development team can resolve these problems, it could solidify its place as one of the best projects in the crypto market.