ECOMI (OMI) is best known right now for its non-fungible token NFT marketplace, given that NFTs are so hot currently. However, the ecosystem created by ECOMI is more than that, with the blockchain looking to eventually offer users an all-in-one digital platform encompassing economy and security in the digital space.
ECOMI is a Singapore-based project being supported by ORBIS Blockchain Technologies Ltd. Besides its best known VeVe project the company is also looking to solve issues related to security and data protection through the development of the ECOMI Secure Storage Wallet.
The team is also working to make cryptocurrencies more user-friendly, and is doing this currently through the creation of its digital assets (NFT) ecosystem on the blockchain. With VeVe users get to enjoy the benefits of ownership, control, privacy, and decentralization.
ECOMI’s aim is to create the world’s best platform to purchase, protect and collect premium licensed digital collectibles using Distributed Ledger Technology. ECOMI consists of two elements, the VeVe marketplace (previously called the ECOMI Collect ecosystem) and the ECOMI Secure Storage Wallet.
VeVe (ECOMI Collect) Overview
What was once known as ECOMI (OMI) Collect has evolved into the platform VeVe. Launched in December 2020 VeVe is an app allowing users to buy, sell and trade premium digital collectible and other virtual items. The app has a number of features in addition to being a simple marketplace.
Users are able to show off their collectibles in a personal showroom and are also able to display them in scenes and as augmented reality creations. A social feed lets them share with others, and all the users within the community are able to show their appreciation by commenting on publicly displayed collectibles.
Secure Wallet Overview
The Secure Wallet is a hardware wallet, similar to the Ledger, Trezor, Opolo, and others. It is roughly the size of a credit card, and is an ideal crypto cold storage wallet. The Secure Wallet never connects to the internet, which keeps asset safe from malicious actors online. It connects to a mobile app wirelessly and employs CC EAL5+ security standards to provide the highest level of protection for private keys. The Secure Wallet is not only for storing ECOMI’s OMI token. It can store over one thousand digital assets, and even has support for storing NFTs securely.
Non-Fungible Token (NFT)
The main attraction that draws people into VeVe are the digital collectibles, or non-fungible tokens (NFTs) offered through VeVe. Without the blockchain component it wouldn’t be possible to utilize the NFT standard, which provides verifiable digital scarcity, proven authenticity, and immutable proof of ownership. The NFTs on VeVe also allow for rich metadata to be included with each NFT. The NFTs on VeVe use the GoChain GO-721 standard.
OMI Token
The OMI token underpins the entire ECOMI ecosystem and is needed for the purchase and sale of NFTs within the VeVe ecosystem, and as a way to stake and access additional features and benefits within the app.
The tokenomics of OMI are deflationary, and combine Uniswap-type big buybacks and burns with the in-app stablecoin called Gems to make it seamless for mass market users on IoS/Android. But under the hood, everything runs on the native token, OMI.
There are two basic tokenomics used by ECOMI to ensure that OMI remains deflationary, and that the OMI reserve on VeVe remains highly liquid:
Tokenomics 1 – With each purchase of a new NFT, the equivalent in OMI is burned from the in-app reserve (1.5 billion so far), and 10% of the purchase pays for buybacks from exchanges. So if I buy a $100 NFT, $100 of $OMI is burned and $10 goes to buybacks. In addition, the team has added a 2.5% transaction fee in VeVe and those GEMS will also be sent to be burned. As of April 13, 2021 more than 3.1 billion OMI have been burned. You can see the number of burned tokens in the Out of Circulation Wallet.
Tokenomics 2 – With each secondary market purchase, 100% of the fiat payment the company receives for the stablecoin used to buy the NFT goes to buybacks from exchanges, to keep the OMI reserve liquid. More simply, 100% of secondary market payments go to buybacks.
Scarcity
All the digital collectibles produced by ECOMI (OMI) are released in limited number Series. Within each series there may be divisions among the NFTs into rarity categories such that a Series that has 10,000 NFTs in total might see rarity that ranges from Common (representing 62% of the total) to Secret-Rare (representing 1% or less). This is made possible by using the blockchain and the NFT standard. Scarcity allows for the appreciation of the collectible assets.
Conclusion
With the launch of the VeVe platform, and the current rage for everything NFT, ECOMI (OMI) is off to an excellent start. Much of that might be attributed to the partnerships they’ve formed, which allows them to mint exceedingly popular NFTs. And with Alfred Kahn in charge of licensing we can only imagine that the number of popular partnerships will continue to draw more users to the platform.
Early investors are no doubt pleased with the over 100x gains from the OMI token over the past few months. With so few exchanges currently covering the token that should only get better, particularly if they could get a listing on Binance. And the Secure Wallet, while we weren’t able to actually test it, appears to be a solid competitor to existing hardware, cold wallet solutions.
Overall, we found the entire project to be quite impressive from a developmental standpoint, and perhaps more importantly in terms of the NFTs that will be available given the incredible partnerships that have already been forged.
ECOMI (OMI) is best known right now for its non-fungible token NFT marketplace, given that NFTs are so hot currently. However, the ecosystem created by ECOMI is more than that, with the blockchain looking to eventually offer users an all-in-one digital platform encompassing economy and security in the digital space.
ECOMI is a Singapore-based project being supported by ORBIS Blockchain Technologies Ltd. Besides its best known VeVe project the company is also looking to solve issues related to security and data protection through the development of the ECOMI Secure Storage Wallet.
The team is also working to make cryptocurrencies more user-friendly, and is doing this currently through the creation of its digital assets (NFT) ecosystem on the blockchain. With VeVe users get to enjoy the benefits of ownership, control, privacy, and decentralization.
ECOMI’s aim is to create the world’s best platform to purchase, protect and collect premium licensed digital collectibles using Distributed Ledger Technology. ECOMI consists of two elements, the VeVe marketplace (previously called the ECOMI Collect ecosystem) and the ECOMI Secure Storage Wallet.
VeVe (ECOMI Collect) Overview
What was once known as ECOMI (OMI) Collect has evolved into the platform VeVe. Launched in December 2020 VeVe is an app allowing users to buy, sell and trade premium digital collectible and other virtual items. The app has a number of features in addition to being a simple marketplace.
Users are able to show off their collectibles in a personal showroom and are also able to display them in scenes and as augmented reality creations. A social feed lets them share with others, and all the users within the community are able to show their appreciation by commenting on publicly displayed collectibles.
Secure Wallet Overview
The Secure Wallet is a hardware wallet, similar to the Ledger, Trezor, Opolo, and others. It is roughly the size of a credit card, and is an ideal crypto cold storage wallet. The Secure Wallet never connects to the internet, which keeps asset safe from malicious actors online. It connects to a mobile app wirelessly and employs CC EAL5+ security standards to provide the highest level of protection for private keys. The Secure Wallet is not only for storing ECOMI’s OMI token. It can store over one thousand digital assets, and even has support for storing NFTs securely.
Non-Fungible Token (NFT)
The main attraction that draws people into VeVe are the digital collectibles, or non-fungible tokens (NFTs) offered through VeVe. Without the blockchain component it wouldn’t be possible to utilize the NFT standard, which provides verifiable digital scarcity, proven authenticity, and immutable proof of ownership. The NFTs on VeVe also allow for rich metadata to be included with each NFT. The NFTs on VeVe use the GoChain GO-721 standard.
OMI Token
The OMI token underpins the entire ECOMI ecosystem and is needed for the purchase and sale of NFTs within the VeVe ecosystem, and as a way to stake and access additional features and benefits within the app.
The tokenomics of OMI are deflationary, and combine Uniswap-type big buybacks and burns with the in-app stablecoin called Gems to make it seamless for mass market users on IoS/Android. But under the hood, everything runs on the native token, OMI.
There are two basic tokenomics used by ECOMI to ensure that OMI remains deflationary, and that the OMI reserve on VeVe remains highly liquid:
Tokenomics 1 – With each purchase of a new NFT, the equivalent in OMI is burned from the in-app reserve (1.5 billion so far), and 10% of the purchase pays for buybacks from exchanges. So if I buy a $100 NFT, $100 of $OMI is burned and $10 goes to buybacks. In addition, the team has added a 2.5% transaction fee in VeVe and those GEMS will also be sent to be burned. As of April 13, 2021 more than 3.1 billion OMI have been burned. You can see the number of burned tokens in the Out of Circulation Wallet.
Tokenomics 2 – With each secondary market purchase, 100% of the fiat payment the company receives for the stablecoin used to buy the NFT goes to buybacks from exchanges, to keep the OMI reserve liquid. More simply, 100% of secondary market payments go to buybacks.
Scarcity
All the digital collectibles produced by ECOMI (OMI) are released in limited number Series. Within each series there may be divisions among the NFTs into rarity categories such that a Series that has 10,000 NFTs in total might see rarity that ranges from Common (representing 62% of the total) to Secret-Rare (representing 1% or less). This is made possible by using the blockchain and the NFT standard. Scarcity allows for the appreciation of the collectible assets.
Conclusion
With the launch of the VeVe platform, and the current rage for everything NFT, ECOMI (OMI) is off to an excellent start. Much of that might be attributed to the partnerships they’ve formed, which allows them to mint exceedingly popular NFTs. And with Alfred Kahn in charge of licensing we can only imagine that the number of popular partnerships will continue to draw more users to the platform.
Early investors are no doubt pleased with the over 100x gains from the OMI token over the past few months. With so few exchanges currently covering the token that should only get better, particularly if they could get a listing on Binance. And the Secure Wallet, while we weren’t able to actually test it, appears to be a solid competitor to existing hardware, cold wallet solutions.
Overall, we found the entire project to be quite impressive from a developmental standpoint, and perhaps more importantly in terms of the NFTs that will be available given the incredible partnerships that have already been forged.
