OMI coin is one of the many blockchain assets addressing NFT trading. As a digital asset class, non-fungible tokens (NFTs) have the potential to replace auction houses, art galleries, and digital collectibles. ECOMI, with its OMI token, is one such blockchain platform. If you are considering either buying NFTs for your collection or minting them for sale, this guide sets out whether ECOMI crypto is worth your time.
KEY TAKEAWAYS
► OMI powers VeVe’s marketplace which facilitates transactions for licensed digital collectibles within the platform.
► Blockchain migrations improved OMI’s scalability, moving from GoChain to Ethereum, and later integrating with Base for enhanced performance.
► The token supply was reduced significantly after a major burn, cutting the circulating supply from 750 billion to around 310.8 billion tokens.
► OMI’s future depends on NFTs’ resurgence, as its success is tied to the popularity of digital collectibles and VeVe’s ecosystem.
What is OMI?
First, let’s clarify a few terms before you learn more about OMI coin. ECOMI is the blockchain project itself, which was developed in Singapore.
It is also the name of the company in charge of its development, headed by its CEO, David Yu, with two other co-founders, Daniel Crothers and Joseph Janik. Here is a brief recap of their accomplishments prior to the ECOMI project:
- David Yu started Games R Us Ltd firm when he was just 17. After this, he started multiple companies over the next 24 years, earning him the title Finalist in the Ernst & Young Entrepreneur of the Year award two times.
- Daniel Crothers also founded multiple companies. Of note, his media company gained millions of social media followers before he decided to enter the blockchain space in 2016.
- Joseph Janik was previously the CEO of Canadian Movement Food and Earnest Solutions.
In collaboration with ORBIS Blockchain Technologies Ltd., ECOMI created the VeVe platform, an all-in-one digital collectibles app covering gaming, digital streaming, in-app purchases, and more.
Therefore, VeVe is on top of the ECOMI blockchain, which is also the company’s name. To add further context, ECOMI Collect was the previous name of the VeVe marketplace/app.
Having launched at the end of 2020, the VeVe app, available for both Android and iOS, has facilitated the trading of over half a million digital collectibles since its launch at the beginning of 2021.
It attracted some of the most established brands in popular culture, including Universal Studios, Warner Brothers, Cartoon Network, DC, and General Motors.
ECOMI launched its Initial Coin Offering (ICO) on May 12, 2019. It ended the following day. During that year, ECOMI secured 15 licenses, added its secure crypto wallet and NFT support, and OMI token support.
What is OMI coin used for?
The economic driver behind the VeVe platform is the OMI token, which is the medium of exchange. Whether you want to mint a new digital collectible or buy one, you will use the ECOMI crypto. Therefore, the OMI coin falls into the category of utility tokens, designed specifically to be traded within the VeVe ecosystem.
Correspondingly, it did not start out as an ERC-20 token. Instead, it launched on the GoChain blockchain, which made it a GO-20 token. However, it is now an ERC-20 token on Ethereum and Base.
Unlike Ethereum’s proof-of-stake (PoS) consensus, GoChain uses proof-of-reputation (PoR), an evolution from proof-of-authority (PoA). Each blockchain node provider builds its reputation based on the level of participation, transactions, and assets staked.
OMI tokenomics
OMI’s initial total coin supply was $750 billion, of which 20% went to the initial OMI sale to fund the project. The first funding had a hard cap of 1,500 BTC worth of OMI coins exchanged on the Bitforex exchange. This was at a time when BTC was within the $6,000–$7,000 range.
The self-reported OMI coins supply currently holds at about 270 billion OMI, while the total supply is 310.8 billion OMI. Additionally, 20% of the total supply of OMI coins went to ECOMI business development and 20% to board members and advisors.
After the VeVe ecosystem launched, just over 340 billion OMI was burned, i.e., removed from the supply. This reduced the initial 750 billion token supply to under 310.8 billion.
OMI Coin roadmap and developments
In 2021, ECOMI began migrating from the GoChain blockchain to Ethereum’s layer-2 solution, Immutable X. However, after launching on Immutable X, the team halted activity there for undisclosed reasons. In January 2022, OMI migrated from GoChain to the Ethereum blockchain to become an ERC-20 token.
Regarding OMI’s inflation-deflation mechanism, ECOMI founders and advisors voluntarily released all available tokens into circulation by 2022.
The reserve wallet initially held around 40% of the total OMI supply for in-app use within the VeVe platform. However, to encourage further decentralization and expand utility, these tokens were eventually released into circulation as well.
In 2024, OMI joined the Base blockchain, another Ethereum layer-2. This integration aims to:
- Improve scalability
- Reduce transaction costs
- Faster transaction speeds
- Tap into Base’s growing user base
Is OMI coin a good investment?
On March 19, 2021, the OMI coin reached its all-time-high (ATH) price of $0.013. Predictably, this corresponds with the height of NFT sales activity, as discussed in the beginning.
As you can see from the charts, the OMI token exhibits a strong correlation between the overall NFT/digital collectibles market interest. As it increased in July 2021, so did OMI’s price.
Aiming to become a true replacement for physical art vaults and galleries, VeVe offers virtual showrooms that are customizable, as if you were in a video game. Moreover, the Augmented Reality feature makes use of your mobile device to bring the visual manipulation of digital collectibles to the next level.
One can import NFTs with other assets, scale them, rotate them, and create unique imagery of your collection by taking a photo. Then, they can be traded with other collectors, with each party gaining granular access to what they are buying.
In other words, if one were to envision a digital collectibles market that has what it takes to appeal to the widest audience possible, it would be VeVe.
These factors lead one to conclude that the OMI token will become more widely used over time. After all, it caters to a young audience that is both tech-savvy and friendly to crypto assets and emerging technologies. However, this does not necessarily make it a wise buy.
Disclaimer: This article is for informational purposes only and should not be considered investment advice.
Does the ECOMI ecosystem have potential?
If you are into NFT marketplaces, the VeVe platform is at the top of the game with its advanced features and the most popular comic/hero brands. Likewise, the OMI token should be aligned with the rise of VeVe’s popularity.
With this in mind, it is important to point out that NFTs have not received the same amount of excitement that they did in the early days of crypto. Non-fungible assets have been beaten out by more popular narratives, such as AI and meme coins. Considering that the success of the ECOMI ecosystem has been strongly correlated with the NFT market, OMI will likely have to wait until there is renewed interest in this novel asset class.
Frequently asked questions
What is the Omi Coin?
What is ECOMI?
Is ECOMI on Ethereum?
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