TL;DR- Ecomi’s OMI token is the native token on its NFT network, VeVe. Ecomi has an an incredible NFT marketplace with strong brands. This includes Marvel, Star Trek, James Bond, and Universal Studios movies. You can buy the token on Gate.io, OKex, or wrapped OMI (wOMI) on Uniswap.
What is Ecomi?
Ecomi is the Singapore-based founding business of the OMI token and VeVe NFT network marketplace. In its white paper, Ecomi says its goal is to “create the world’s best platform to purchase, protect and collect premium licensed digital collectibles using Distributed Ledger Technology.” That is, the blockchain. Ecomi manages VeVe, where users can buy and sell collectibles with the OMI token underpinning transactions. VeVe ensures NFT scarcity, counterfeit protection, and peer-to-peer transfer. Another cool aspect of NFTs bought on VeVe is that they can be stored on a user’s hardware wallet.
What’s the OMI token?
The OMI token is the Ecomi VeVe network’s native token that is used to buy and sell NFTs. At Initial Coin Offering (ICO) the OMI token had an initial supply of 750 billion, with an initial price of one satoshi. OMI’s price has increased at least 50 times since the ICO, but may still be oversold due to a massive price correction in May 2021. If the music keeps playing on the 2021 bull market, the token still has plenty of upside well beyond its all-time high in early 2021 .
The OMI token has surged in popularity, and will likely only grow more popular. As of this writing, OMI is the fourth largest NFT crypto coin after big projects like Axie Infinity and Theta. Its market cap would still have to quadruple to catch up to Theta or Axie Infinity.
The OMI token now has wrapped OMI (wOMI), with is an ERC-20 token that can be traded on the Ethereum network. This has only heightened demand for the OMI token, since it’s now available in more places.
Where can I buy OMI Token?
If you don’t want to go through with KYC, your best bet to get the token is buying wOMI on Uniswap with your MetaMask or Trust Wallet. Another exchange that sells OMI is Gate.io. Gate.io does have full know-your-customer (KYC), so you won’t be able to use it if you’re living in New York or Washington state. A drawback of using Uniswap are the high Ethereum gas fees- it’s best to keep the number of transactions to a minimum. Here’s a quick video showing you how to use MetaMask with Uniswap.
OMI tokens can also be bought on OKex, but OKex also has KYC. KYC obviously isn’t the end of the world, but as you can tell it irks the s*** out of me. I don’t like giving my official documents aways to companies headquartered in countries 8,000 miles away. I’m probably just being paranoid, but that doesn’t stop the process from feeling intrusive.
At the beginning of 2021, the VeVe marketplace only had a few thousand users. Now it’s set to pass one million users by the end of 2021. I super recommend downloading VeVe on your iPhone or Android device, just to check out their NFT collections. They also have free NFT drops frequently. Free NFT drops that were once easy to take advantage of are now hard and only going to get worse.
An annoying thing with the VeVe marketplace is that a lot of NFTs sell out within seconds. I’m a big James Bond fan, and would have happily bought a No Time to Die digital collectible. But there are scores of huge James Bond fans that watch the countdowns until release, snatching up any of the NFTs immediately. Ditto for Star Trek (if not worse), and most of the other franchises. In economics, things selling out in seconds is a signal that prices need to rise. But VeVe is aiming to keep collectibles affordable. The price for this affordability is that you’ll have to be timely with your purchases on the NFT drops.
VeVe has great brands
Here’s a nonexhaustive list of some of the collectibles currently on VeVe:
- Marvel- including Superman, Batman, etc.
- DC Comics
- Star Trek
- Universal Studios- including Back to the Future (and possible other huge US franchises like Harry Potter)
- James Bond
I only see the momentum continuing and VeVe getting other popular franchises onto its marketplace. This is great news for the OMI token.
The Digital Collectibles Space
Everyone from Tiger Woods to Eminem to most top NFL, NBA, MLB, and NHL stars are getting in on the digital collectibles space. The more NFTs grow, the brighter the prospects for OMI coin are. VeVe isn’t the only NFT marketplace though, obviously. Large crypto exchanges might be able to compete with OMI/VeVe if they threw a lot of capital down into partnerships. Some big players that have NFT exchanges are Opensea.io, Binance, and Coinbase’s new NFT marketplace.
ECOMI has a damn impressive portfolio of intellectual property. If the VeVe network continues to get wins, we could see some behemoth brands coming on to the marketplace, including Pokemon. Many of these franchises are worth billions, and come with die-hard fans willing to buy anything associated with that brand.
Additionally, OMI’s tokenomics are really nice. On the downside only 160B (21%) of the total 750B OMI supply is in circulation. So we have yet to see a lot of supply be released. New tokens being issued could slow price growth. On the plus side, all NFT sales burn some OMI tokens. The OMI token value of 2.5% of secondary market sales and 7% of primary market sales are burned. The NFT space might experience its own corrections independent of the crypto space in general- but it will also experience surges in demand. As long as people love and value these items, there will be a market, and possibly profit to be made.