NFTs have been trending for the past few months, some are selling for thousands or even millions of dollars, artists and even the biggest brands have gotten into it. No doubt you have heard about this new trend in the world of cryptocurrencies.
Today we present to you one of the most promising projects in the field: ECOMI and its Veve Collectibles application. In this article we will explain everything about this project.
What is ECOMI?
ECOMI is a Singapore-based company that aims to democratize digital collectibles, otherwise known as NFTs. The company has created a cryptocurrency, the OMI, and offers via the VeVe Collectibles (VeVe) application, the distribution and exchange of NFTs based on pop culture and entertainment.
The project is ambitious, very ambitious, as it wants to create the world’s first platform to buy, protect and collect NFTs using blockchain technology.
To know what an NFT is, click here and discover our detailed guide.
ECOMI consists of two elements, on one side the ECOMI ecosystem with the SECUREWALLET wallet and the OMI cryptocurrency, on the other VeVe Collectibles, the NFT platform. Obviously, in the future the two elements aim to be complementary.
Veve : the NFT marketplace
VeVe Collectibles is the NFT marketplace application of the ECOMI ecosystem. The application is segmented into 4 tabs:
- The store : it’s the VeVe store, where you will find all the drops (new as well as old) but also, the different partner brands and the whole NFT collections.
- Your collection with a virtual showroom and all your NFTs. The showroom is like a museum in which you can observe and stage your NFTs. Everything is customizable and in augmented reality as you can create and customize virtual showrooms to display your NFTs. You can then move around in your phone or in augmented reality.
- The feed: this tab allows you to interact with the community by following other VeVe users. It’s like a social feed, where you can interact and share content.
- The market: this is simply the secondary market of the application in which each user can sell or buy NFTs from other users. You can set your own prices, create watch lists, place bids and win auctions.
- Your profile: in this tab you can customize your profile, but more importantly, you can fund your portfolio.
The VeVe app works on a system of licenses, obtained thanks to many prestigious partners and multinationals like Coca Cola, Disney, Marvel, Givenchy, Universal, Dreamworks, etc. These licenses allow the creation of unique NFTs, identified thanks to the blockchain technology and then sold in the form of a very frequent drop, almost daily. The NFTs can then be resold or purchased by users via the market.
At the moment, the app is only available on mobile, but it should be available on PC in the coming months.
Starting in 2022, ECOMI will launch the VeVeVerse, an immersive metaverse in which users of the app will be able to find their various NFTs but not only that.
How to buy NFTs on VeVe ?
VeVe uses an in-app currency: Gems. They allow users who are not familiar with cryptocurrencies to be able to use it. One Gem is equivalent to one US dollar and it is currently not available to convert Gems to fiat currency (US dollars or Euros).
OMI : ECOMI’s crypto
Finally, let’s talk about OMI, which came into existence in June 2018 following an IEO (Initial Exchange Offering) on the Bitforex exchange. As previously explained, it is the cryptocurrency of the ECOMI ecosystem.
Here is the distribution of the OMI token in detail:
- VeVe Reserve Wallet: 40% (300 billion OMI), these tokens have not been released.
- Business development: 20% (150 billion OMI).
- Team, advisors, administrators: 20% (150 billion IMO).
- Private sale, ICO and public IEO: 14.6% (110 billion IMO).
- VeVe Vault Wallet: 5.3% (40 billion IMO), these tokens are locked and reserved.
The tokenization of the OMI crypto can be summarized in four phases, which aim to bring scarcity via a deflationary model.
- The burn: We explained that you can get NFTs on VeVe via the purchase of Gems. When you buy Gems using fiat currency, you will unknowingly buy the equivalent in OMI. At the same time, they are permanently removed from the token pool, which is called burn.
- Buybacks: Since June 2021, and every month, Ecomi uses about 10% of the profits generated by the sale of NFT to buy back OMI on exchange platforms.
These first two points are intended to reduce the number of OMI in circulation and increase its value over time. The other two phases are under development, at the moment this article is published:
- Staking: VeVe users who own OMI will soon be able to stack their token in the application.
- Conversions: OMI should take a central place when buying and selling NFTs since it will be possible to make transactions directly in OMI. In addition, ECOMI should set up a system of conversion between OMI, Gems and fiat currency.