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What is Ecomi (OMI)?

Bitforex Tokai
Jul 13, 2021

Brief Description for Swarm

Brief Description for Ecomi

Ecomi is a marketplace that facilitates the buying, selling, swapping, and storage of non-fungible tokens, better known as NFTs. The authenticity, proof of ownership, and scarcity on the digital collectibles are managed on a Blockchain. The native currency of the Ecomi ecosystem is OMI, a utility token.

The NFT market surged 299% in 2020 as transactions reached $250 million. In the first half of 2021, NFT sales volume skyrocketed to $2.5 billion.

Ecomi is registered as a business in Singapore. The Blockchain project enjoys the support of ORBIS Blockchain Technology Ltd.,a company based in New Zealand with offices in New York, Shanghai, and Taipei.

Ecomi Overview and Objective

Ecomi's Objective is to create the go-to platform for licensing and owning digital collectibles. This is done through the VeVe marketplace (formerly known as the ECOMI Collect Ecosystem), a mobile app that runs on Android and iOS devices.

Through the VeVe app, users do not only browse through digital collectibles to buy, but they can also display their NFTs and props. Users can also share their digital collectibles with the Ecomi Collect Community using a social feed.

The platform plans to allow collectibles to interact with each other through in-app gameplay. There is an Augmented Reality (AR) feature that enables users to have real-world interaction with their digital collectibles.

OMI Token

At this point, it has been made clear that the native utility token is the vehicle that drives the transactions for buying and selling NFTs on VeVe. After being used for purchasing an NFT, the OMI tokens in question expire and are rendered invalid. They are transferred to an inaccessible wallet where they are locked permanently.

OMI also grants token holders access to the app's extra features and benefits.

In May 2019, a token generation event (TGE) took place with a cap of 750 billion OMI tokens. However, more than half of these will never enter into active circulation due to the platform's tokenomic design.

OMI is a GO20 token based on GoChain. OMI's days as a GO20 token are numbered as the platform is migrating to Ethereum and OMI will become an ERC20 token.

Token Distribution and Supply

  • VeVe Reserve Wallet: 40% or 300 billion tokens. These tokens were not released for circulation.
  • VeVe Vault Wallet: 5.3% or 40 billion tokens. These tokens are locked and reserved, just like the VeVe Reserve Wallet tokens.
  • Business development: 20% or 150 billion tokens.
  • Team, advisors, board members: 20% (150 billion OMI).
  • Private sale and public IEO: 14.6% (110 billion OMI).

The tokens held in the Veve Reserve Wallet and VeVe Vault Wallet are crucial for the app's functions, and as such, they have not entered circulation.

The token burn and buybacks depend on the sale of NFTs. The more digital collectibles are sold on the marketplace, the more the token supply will deflate regardless of the market conditions.

After each NFT sale, sellers pay a fee of 2.5%. VeVe will use 10% of the proceeds used from the sale of NFTs to buy back OMI tokens from cryptocurrency exchanges. The buy-back mechanism is designed to reduce the amount of OMI tokens in circulation.

It is worth noting that VeVe uses an in-app currency called GEM. The GEM is more like a stablecoin as its value will always be equal to 1 USD.

Where to Buy OMI Token

OMI is available and listed for trading here on BitForex. The OMI token is listed against the Stablecoin Tether (USDT), making it easy to buy, sell, and store the token.

You can click here to start trading it !

More details:

BitForex / Social Trading / CAPP TownEazySwap

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