The guide deals with the ECOMI that aims to become the world’s largest NFT marketplace where users have access to a handful of brands on a flexible and secured platform.
Non-fungible tokens (NFTs) have become wildly popular in the mainstream, with several DeFi protocols developing a space for this trend. NFTs are unique digital representations that can be collected or replaced by an identical item of the same value. Notably, you can not swap them for ERC-20 tokens. Instead, they can only represent ownership of unique items. To provide a one-stop shop for digital collectibles, ECOMI (OMI) was created.
ECOMI is a Singapore-based technology company that allows users to buy and sell collectibles through VeVe, its non-fungible token marketplace. The company has received backing from ORBIS Blockchain Technology Ltd. ECOMI aims to become the world’s largest NFT marketplace where users have access to a handful of brands on a flexible and secured platform. With its VeVe platform, it wants to bring pop culture and entertainment into the 21st century.
ECOMI’s CEO is David Yu, an Auckland-based company director. He founded ECOMI together with Joseph Janik and Daniel Crothers back in 2017. Yu is also the director of Binji Card, an application that allows users to fund from up to 24 debit and credit cards. He has 21 years of experience in the retail industry and working with intellectual property, transforming licenses into brands. His business extended into global projects with Retail Management Group Ltd. In particular, Yu was launching brands over several continents, setting up international offices and distribution centers for electronics, skincare, food, and beverage products.
Among ECOMI’s advisors are InnoHub CEO Hongbo Xu, Fantail Ventures founder Jonty Kelt, Big Red Button Entertainment developer Jeff Lander, Digital Gaming Specialist Kam Punia, EverEdge Global CEO Paul Adams, and more.
How Does ECOMI Function?
ECOMI has several functions. You can use the VeVe platform to buy collectibles or interact with them in real-time using the Augmented Reality feature.
ECOMI has its own wireless hardware wallet. Transactions are made using the native token of the ECOMI platform – OMI token, which also allows you to purchase collectibles or stake your tokens. This wallet is secured by never being connected to the internet, thus keeping funds safe from malware and hackers.
The platform relies on the Metcalfe Effect to play a vital role in the growth of its user base. The Metcalfe Effect is a law that states the value of a communications network is proportional to the square of the number of connected users of the system, quantifying this increase in value.
All digital collectibles on the platform are limited in the number of batches called “Series”. Blockchain and the NFT standard are used to generate them. For instance, one series may have 10,000 collectibles, and these have five rarity categories, which can range from “Common”, which represents 62% of the total, to “Secret Rare” which represents 1% only.
Unlike many DeFi protocols, ECOMI does not rely on the Ethereum network, citing scalability and high fees. Instead, ECOMI uses GoChain, a web3 public blockchain founded in 2017. It handles 100x the volume of Ethereum while remaining compatible with it.
Notably, GoChain currently performs as many as 1,300 transactions per second, making it an ideal network for dApp viability. As stated above, GoChain remains fully compatible with Ethereum, which allows ECOMI to leverage existing GO20 and GO721 token standard implementations.
The ECOMI NFT smart contract is compatible with the ERC-721 token standard. As a result, it achieves long-term stability and compatibility.
ECOMI’s digital collectibles are created by minting new NFTs in its blockchain contract. Each NFT has an associated Uniform Resource Identifier (URI), a unique sequence of characters that identifies a logical or physical resource used by web technologies. These URIs link that NFT to a set of metadata that includes the collectible name, its licensor, the brand, series, and all its properties, like clothes, props, and more.
The ownership of each freshly minted NFT is sent to an address assigned to ECOMI for security and management on behalf of the owner. VeVe is a hybrid, centralized platform that showcases the available digital collectibles, while ECOMI maintains ownership of all collectibles within the system.
To access the VeVe and ECOMI, you have to register first. You can use your Gmail to register. Further, all transactions in the ECOMI network require users to sign an authorization from their app or their Collect Wallet.
The VeVe platform allows its users to interact and play with the digital collectibles they own, interacting with them and creating a deeper engagement. In addition, the Augmented Reality feature allows users to play a wide range of single and multiplayer games within the VeVe platform.
VeVe, formerly known as ECOMI Collect, is a blockchain-based marketplace for digital collectibles. It allows users to buy, sell, and collect licensed NFTs using blockchain technology.
It is a cross-platform application that works on mobile, desktop, and web. VeVe offers delivery and storage of digital assets in the form of digital collectibles. Users can browse several brands and categories of digital collectibles as well as become official owners through the VeVe platform.
By joining the platform, you can display your digital collectibles in your personal showroom through the ECOMI Community. There, other users will not only rate and comment on your work but also share theirs.
The platform also offers the VeVe Store. It serves as a second-hand market, an augmented reality showroom, and a social feed at the same time. VeVe has partnered with popular brands, such as the NFL, MLB, Batman, Superman, and others.
ECOMI has its own token OMI. It serves as a medium of exchange and ensures an immutable record of ownership. It is a GO20 token, built on the GoChain blockchain. Sometimes, users may have to add GoChain as the custom network, depending on the wallet they are using.
The OMI tokens drive the entire economy of VeVe, as users can buy, sell, and trade digital collectibles using OMI. These tokens also work to pay the gas fees whenever a transaction occurs.
Once an ECOMI user buys a collectible, the OMI tokens go to an inaccessible smart contract for permanent storage. Anyone can buy OMI tokens using their credit or debit cards through an in-app purchase.
The current circulating supply of OMI is 110 billion. Meanwhile, the VeVe platform holds a large part of the OMI tokens. The distribution of OMI tokens is as follows:
- VeVe Reserve Wallet: 300 billion (40%) tokens.
- VeVe Vault Wallet: 40 billion for initial liquidity.
- Platform development: 150 billion (20%).
- Team, advisors, and board members: 150 billion (20%).
- Circulating supply: 110 billion.
Risks of Using ECOMI
There are certain risks to consider when using ECOMI, as well as other factors that may affect the protocol and the performance of the ecosystem.
In particular, all DeFi protocols are subject to political, economical, and inner changes. Some of these changes may include risks and uncertainties that will affect ECOMI and its overall performance. They may also bring changes in gas prices, fees, and current market conditions.
ECOMI is an attractive opportunity for many NFTs enthusiasts. It offers several features to mint, play, and trade digital collectibles. The platform is now aiming to become the largest DeFi marketplace, with a wide range of brands and categories to view, purchase, and own NFTs.