The ECOMI Phenomenon: Collectibles Go Digital!
ECOMI’s blockchain ecosystem and the VeVe app offer a novel approach to NFTs and digital trading. This piece dissects the platform’s peculiarities, assessing the security and tokenomics features that distinguish it. Check out this insightful read to track the evolution of blockchain applications.
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ECOMI stands out from the countless blockchain projects due to the outstanding NFT market that continues to win the hearts of crypto enthusiasts. However, an evolved ecosystem is not only an NFT hub but a blockchain capable of offering impressive universal digital platform features, including security and the encompassing economy.
The project's architects aim to publicize the cryptocurrency and deliver maximum convenience for an end user by developing a blockchain-powered NFT ecosystem. ECOMI's primary goal is to assemble the best NFT hub where people can enjoy Distributed Ledger Technology and retain complete control over digital collectibles, including:
- Protect digital property
- Trade collectibles
- Collect and keep premium NFTs
With this end in mind, the platform has developed and enforced two fundamental elements, including the Secure Storage Wallet and the VeVe marketplace.
H2 The VeVe App
Veve App is an advanced decentralized application that was released in December 2020. Ecosystem members can use the app to trade, buy, and sell digital collections of NFTs on the go. In addition, the platform offers innovative functionality where individuals can collect and demonstrate premium digital collectibles in a personal showroom.
Moreover, VeVe offers unique NFT demo formats, like AR (augmented reality) and scenes. The good news is that netizens have also been able to share their collections on social feeds and view other users' collections, which has positively impacted the social marketplace aspect.
H2 ECOMI Wallet
The next equally important component created by ECOMI is the Secure Storage Wallet. The tool has the same functionality as no less top solutions, including Trezor, Opolo, and Ledger. Outwardly, it looks like a credit card and can deliver all the benefits of cold wallets, including security and ease of use.
Secure Wallet does not have a direct connection to the Internet, which is an extra factor in protecting against scammers. A secure wallet can be attached to a mobile app using high-security standards, such as CC EAL5+. The Wallet can store OMIs, countless digital assets, and even NFTs.
H2 OMI Coin
OMI is a central utility token employed on the ECOMI marketplace. The token is driven by ERC-20 standards while maintaining universal compatibility regarding DeFi and DEXs options. Another equally important OMI utility is the capacity to utilize tokens to stake and get low-risk returns.
The ECOMI architects ensured that OMI HODLers could accumulate funds to get exclusive access to the unique Master Collector Program functionality. This involves such features as early access to premium collections of NFTs, bonus OMI coins, and exclusive collectibles.
OMI token key indicators as of May 28, 2023:
- Token name: OMI
- OMI price: $0.0006272
- Technology: ERC-20
- Market cap: $165,663,374
- Volume (24h): $570,940
- Total supply: 310,884,471,276 OMI
- Circulating supply: 264,382,112,394 OMI
- All-time high (Apr 5, 2022): $0.003035
- All-time low (May 8, 2023): $0.0005262
It is worth noting that the OMI token also provides users with an immutable record of NFT ownership. Besides, purchasing exclusive Gems tokens used on the VeVe marketplace requires the mandatory burning of OMI tokens.
H2 ECOMI Origins Revealed
The project is the brainchild of three co-founders, including David Yu, Joseph Janik, and Daniel Crothers. ECOMI, as a marketplace, was released in 2020. The next milestone was the official launch of the VeVe app, catering to both iOS and Android users, marking its debut towards the end of 2020.
At the end of 2021, the platform boasted impressive trading performance involving over half a million digital collectibles.
A similar result has not gone unnoticed by Tier-1 brands, including General Motors, Universal Studios, DC, Warner Brothers, Cartoon Network, etc. Moreover, further collaborations have also played into the hands of ECOMI by increasing its profile and favor among the cryptocommunity.
H2 ECOMI: How Does it Work?
ECOMI is a blockchain protocol powered by Ethereum. In the meantime, the developers have introduced a parallel ecosystem deployment on Binance Smart Chain for a good reason. Today, the platform blends several popular protocols, the high-performance DApp collection system, a hardware wallet, and AR tools.
Project innovators strive to design a one-stop solution allowing users to operate the unique features of AR galleries and even transform exclusive items from the real world by integrating them into the blockchain.
H2 ECOMI Funding
Unlike most digital projects, ECOMI hosted only 1 Venture round on January 1, 2021, backed by Fantail Ventures. Currently, the amount of investment and the terms for raising funds remain classified information.
H2 ECOMI Roadmap
The project management and development teams do not tie the performance of functions to specific dates. Instead, the project plans its development through defined stages, including design, legal approvals, back and front-end engineering, internal testing implementation, etc.
Here are the roadmap stages the company plans to complete in the following updates:
Stage 1. Core Functions and Foundations: Crypto to Gem | Layer 2 Spot Trading Wallet and Infrastructure, | Burn Reward Points Tracker.- Stage 2. Utility Systems: OMI to Gem | OMI to NFT | OUP Tickets – Bronze | Buy OMI in App | OUP Silver, Gold Tickets | OUP Staking
- Stage 3. The Extras and OUP-IPs: OMI to Accessory | Premium Market Listings | Renting of Collectibles
In some cases, achieving the planned goals involves obtaining special licenses and involving third-party companies. The same applies to the timing and the need for additional testing before full integration. For this reason, some of the milestones can be reached relatively quickly. However, others may require longer implementation spans.
H2 ECOMI Tokenomics Details
The peculiarity of the ECOMI marketplace is not only an impressive set of features that allow you to look at the NFT world from a different angle. The tokenomics of the project also has its markers and is completely deflationary.
ECOMI tokenomics skillfully combines Uniswap-type extensive burns and buybacks and merges them with the Gems (VeVE in-app stablecoin). However, anyone looking under the hood will ensure that ECOMI has tied up the execution of essential functions under the native OMI token.
Currently, the company is using not one but two tokenomics to provide enough OMI liquidity for the VeVe app and ensure that OMI remains deflationary. Here is what these two tokenomics look like in detail.
The first approach implies that when a user buys NFT, the system burns the corresponding amount of OMI inside the app, while 10% of the purchase amount is used to buy back the OMI coins listed on the exchanges. In addition, the developers have also ensured that each trade has a transaction fee of 2.5% of GEMS, which will be burned after the deal is finalized.
The second tokenomics approach was created with the goal of timely buybacks. Once a user makes a secondary market transaction, all 100% of the fiat payment used to buy the stablecoin (needed to purchase the NFT) is sent to buy OMI on crypto exchanges. Such a step is necessary to maintain the reserve and liquidity required of the native token. In simple terms, all 100% secondary market purchases are employed exclusively for buybacks.
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