How to buy OMI and what is VEVE?. VEVE the only official partner for… | by Cawin Chan | Feb, 2022

The Singaporean Investor

Summary of Terms
– ECOMI: Company of VEVE
– OMI: Blockchain cryptocurrency on the Ethernum network (Recently migrated from the GoChain)
– VEVE: Mobile App that allows for the buying and selling of NFTs in Gems
– Gems: VEVE’s in-app currency

Currently as of 2/2/2022:
OMI can be converted Gems
Gems are bought through app store purchasing
Gems CAN NOT be converted to OMI (People speculate that this might tank the prices of OMI)
Gems CAN NOT be converted back to Fiat (Last heard Oct 2021)
Gems CAN be traded at 500 gems a day. I’ve seen people charge 5% (0.95) to convert gems but never tried due to the risk of being scammed.

In short, ECOMI is a Singapore-based technology company that sells digital collectibles from reputable brands such as Marvel, Batman, Adventure Time, Monster Hunter, NFLPA, DC Collectibles, Star Trek, Jurassic Park, Fast and the Furious, Back to the Future, Ultraman, Superman. The company has created VeVe, a blockchain-based, app-based digital collectibles marketplace.

The OMI token is a utility token that is used as a medium of exchange when a user buys, sells or trades their digital collectibles on the VeVe platform. OMI also ensures the immutable record of ownership for the digital collectibles.

— Source

NFT value framework

Value of an NFT = Utility + Ownership History + Future Value + Liquidity Premium

— Source

In layman’s terms, ECOMI is a reputable company that has a working marketplace for NFTs. Owning OMI coins, a useful utility coin, would be a smarter long-term decision for capital gains, as it would more likely survive compared to say DOGE coin. Due to the growing awareness of these sought-after NFTS, this only seeks to boost the OMI prices in the long run.

The only suspicious activity from VEVE is that it currently allows for fiat to be converted to gems (in-app currency) but not for gems to be converted to fiat. Do be careful in investing in these growing companies.

1. Register on Gate.io— link (20% kickback of trading fees, 50% split)
2. Transfer cheap and fast transfer coins (LTC-Very low fees, 5–8 mins)
3. Buy USDT with LTC* (LTC-USDT sell)
4. Buy OMI-USDT

*Replace LTC with your choice of transfer coin

There are only 3 crypto exchanges at the point of writing (25/12/21) that exchange OMI tokens. I recommended Gate.io purely because I have used their exchange before, it may not be the best exchange, feel free to explore. Important: During Signups, Gate.io can be clunky in its processes, it took a day to complete the KYC, deposits also take a while to go through and you need to finish KYC before you can withdraw. (KYC is a Know-Your-Customer sign-up form that many crypto exchanges are required by law to get their customers information, this is similar to stock brokerages such as IBKR, or SAXO or policies from insurance companies)

However, day-to-day trading is smooth. Although a personal pet-peeve of mine is the lack of a market order (Buying at the current market price: guaranteed to buy) as such you only can place limit orders (Buying at a specified price or better: need to wait to buy) which might lead to having to keep placing increasingly higher limiting orders to initiate the order. However, this is understandable as a symptom of lower liquidity coins such as OMI and not the fault of Gate.io.

VEVE uses gems as a way to bridge the gap in knowledge of purchasing cryptocurrencies. It is an in-app token.

To accommodate the range of transactions that take place on VeVe, OMI tokens were initially distributed in the following manner:

When those Gems are used to purchase a new NFT from the VeVe store, 100% of the OMI tokens are pulled from the Vault wallet and permanently removed from the token supply (burnt) whilst the digital collectible simultaneously appears in the user’s account.

Currently, there is no way to sell gems, which leads to the suspicion that they will try to delay this as long as possible this process. They have been postponing it since Oct 2021, which begs the question if they will deliver the promise of a gem to fiat convertor. The fact of the matter is that they have greater liquidity if they keep delaying this process, but it might drive out many new potential customers.

In the hay fever of 2021, VEVE NFTs could still be bought at a mint price. However, with the rise of awareness on VEVE and unpunished boting practices, almost all mints can only be purchased in the secondary market.

I managed to get these early on, I was skeptical but I would say that the results speak for themselves as seen below by the floor prices and bought prices. So rarity chance feels real in VEVE, however today, being able to roll the dice is already rare in itself without boting. The upside potential could be much greater as more people attempt to own a Marvel comic.