If you ever collected trading cards, comics, or toys as a kid, series collectibles like Pokémon or Star Wars will likely bring back fond memories. Today, more and more people want digital collectibles, and the virtual goods market is projected to grow to $189.76 billion over the next five years.
Recently, the NFT ECOMI project has gained popularity as it allows users to acquire digital collectibles and easily manage them using a smartphone or network device. This article takes a closer look at ECOMI and its original code, OMI.
What is ECOMI?
ECOMI is a digital collecting technology company from Singapore and consists of two parts: an app-based marketplace called VeVe (formerly ECOMI Collect) and ECOMI Secure Wallet.
VeVe, ECOMI’s blockchain-based marketplace for digital collectibles, allows users to share and purchase collectibles on social networking services. The VeVe Market is accessible through the Collect app, which allows users to purchase and own high-quality digital collectibles from the likes of Warner Bros., DC Comics, and Cartoon Network.
Through the app’s marketplace, users can purchase both common collectibles, such as digital artwork, and rare items, such as limited edition weapons. Users can trade collectibles via their smartphones in the VeVe community.
ECOMI views digital collectables as a new asset class that offers intellectual property owners access to new revenue streams in the digital environment. Gaming, digital streaming, and in-app purchases have grown into a multibillion-dollar market. In response to growing consumer demand, ECOMI aims to provide users with a secure and cost-effective all-in-one digital platform.
What are OMI Tokens?
OMI tokens from ECOMI are used as a medium of exchange in ECOMI’s crypto ecosystem. Users can buy, sell and trade their digital collectibles on the VeVe platform using OMI tokens. OMI also helps track ownership by logging every transaction.
When a transaction with an OMI ID is confirmed in the VeVe application, the unaltered data is publicly stored. Filing digital collectibles helps eliminate disputes over ownership or illegal items. Veve users can also check their OMI transactions with GoChain Explorer.
Using OMI tokens
The OMI Token is a utility token defined as a medium of exchange on the VeVe Market. Users can interact with fans of popular franchises such as Star Wars or Pokémon by purchasing licensed 2D and 3D digital models and artwork. Users can also wager their OMI Coins to access exclusive premium features such as Augmented Reality (AR).
OMI initially had a supply of 750 billion coins, 20% of which was used as part of OMI’s initial sale to fund the project. The first funding round had a strict limit of 1,500 BTC of OMI coins traded on BitForex. At the time, BTC was worth between $6,000 and $8,000, but is currently over $60,000.
Currently, the OMI coin supply stands at 166.2 billion. The VeVe platform has allocated 290.7 billion OMI (about 40%) for in-app purchases. VeVe Vault Wallet will hold approximately 42.2 billion OMIs when the project is finished.
In addition to the current circulating offering, 20% of OMI’s total offering goes to ECOMI’s 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 withdrawn from supply. This token burn reduced OMI’s initial token supply to less than 647 billion units.
How to buy OMI tokens
OMI is listed on several crypto exchanges. However, unlike other mainstream cryptocurrencies like BTC, users cannot buy it directly with fiat money. Instead, OMI tokens must be acquired by first buying ETH on a fiat-to-crypto exchange and then transferring it to an exchange that supports OMI trading.
You can buy an OMI token in several ways:
- Registering for a fiat-to-crypto exchange: To buy a major cryptocurrency like BTC or ETH, you must first register for a fiat-to-crypto currency. Creating an account involves filling in your personal information and going through the KYC process. Each exchange has its own payment policy and features to consider.
- Buy BTC or ETH with fiat money: After completing the KYC process, you need to add a payment method. Once your payment method is selected, you can buy BTC or ETH by selecting the corresponding trading option.
- Transfer BTC or ETH to an altcoin exchange: Since OMI is an altcoin, you should find an exchange that supports OMI trading. Once you have registered with that exchange, you can deposit your BTC or ETH and continue buying OMI.
- Choose a wallet to store your OMI coins: As with any other cryptocurrency, it is paramount to keep your OMI coins safe. You can choose from three types of crypto memory wallets:
- Online wallets
- Software sheep
- Hardware wallets (cold wallets)
Online wallets, also known as hot wallets, can be used via a web browser. Users must trust their platform to manage OMI tokens for them. Online wallets are ideal for storing small amounts of OMI tokens or making regular transactions. It is important to choose a service with a good reputation and strong security and privacy measures.
Software wallets are not the most secure form of storage, but they are easier to use than hardware wallets. Even inexperienced users can easily download the software wallet to their smartphone or computer. Software wallets are ideal for users who need to store fewer OMI coins and use them regularly.
Hardware wallets, also known as cold wallets (e.g. Trezor or Ledger), are ideal for safe offline storage and backup of your cryptocurrencies. However, they tend to be more expensive and less user-friendly than software wallets. Hardware wallet/cold wallet solutions are better for advanced users who need to store large amounts of OMI coins.
ECOMI also has its own cold wallet called ECOMI Secure Storage Wallet, which is waterproof, slightly foldable and shaped like a standard credit card for convenient use. Although the ECOMI wallet does not connect to the Internet, it can be connected wirelessly to your devices. In addition, its robust recovery and disposal function ensures that your digital assets remain safe even if your wallet is broken or lost.
As of this writing, OMI’s 24-hour trading volume is over $5 million, with a single token priced at $0.0063. OMI has a market capitalization of more than a billion dollars, which is ranked 213 in CoinMarketCap’s ranking. It has a circulating supply of about 166 billion and a maximum supply of more than 646 billion.
Is OMI a good investment?
Cointobuy has analyzed OMI’s daily values for the past six months to estimate its potential return on investment (ROI) in 2021. The value of cryptocurrencies usually follows a wave pattern as demand changes due to technological improvements, blockchain collaboration, and governments or companies adopting or rejecting crypto. OMI token reached its all-time low of $0.0000034 in November 2019, but if it follows the same wave pattern as other cryptocurrencies, it is possible that it will soon reach its all-time high of $0.013, which it reached in 2019. May 2021.
According to a recent analysis by Cointobuy, OMI has a safety rating of 4.3 out of 10, ranking it at 177 out of 4,138 assets. The Omi price forecast is +142.1 percent with a return expectation of $0.016.
VeVe aims to replace physical art vaults and galleries with customizable virtual showrooms that resemble a video game. The AR feature can also be used via a mobile device to enhance the visual manipulation of digital collectibles.
The user can import NFTs with other assets, scale them, rotate them and then create unique images in the collection by taking a photo. These images can be traded with other collectors, in which case each party gets exact access to the material they have purchased.