Both DC and now Marvel are set to release their official NFT offerings on the VeVe digital collectibles app available for Android and iOS.
According to the official Ecomi Twitter account as of March 18th the VeVe app had reached 60k users. An impressive early milestone, but I have to believe in a year or two from now we'll see millions of comic book fans across the world collecting and trading the latest NFT offerings from DC, Marvel, and more!
"Marvel Says It’s Finally Releasing Its First Official NFT Collectibles"
The comic book giant will launch digital collectibles, 3D models, and "NFT comic books" later this year. - decrypt.com
Massive News for ECOMI and it's VeVe digital collectibles App
Ecomi already had deals in place with the likes of DC comics, Cartoon network, and the NFL and now its added Marvel to it's growing list of partnerships!
ECOMI is a digital collectibles technology company founded in Singapore with it's flagship offering originally known as Ecomi Collect now rebranded as VeVe. It aims to lower barriers to mass adoption through its simple to use mobile app.
VeVe is an app-based marketplace for premium licensed digital collectibles. With VeVe, users can obtain common, rare, or one-of-a-kind digital collectibles, customise and showcase them in the virtual showrooms, as well as buy, sell or trade collectibles with other VeVe users - all from the palm of their hand.
VeVe offers:
- Social media logins
- one-click NFT purchases
- Wallets for storage of NFT's, in-app Gems, and OMI tokens.
- Deflationary token mechanics
ECOMI and it's native token OMI has seen a meteoric rise this year due it's premium partnerships and the larger NFT space in general taking off. Full disclosure I do own a small bag of OMI.
What is the OMI Token
The OMI token is the native token for the VeVe NFT platform which was originally built on the GoChain blockchain, a relatively fast and reliable web 3 based blockchain protocol.
"VeVe Moves to Ethereum via Immutable X"
It was announced on May 28th 2021 that Immutable X was chosen as VeVe's new technology and blockchain partner. With this transition OMI will become an ERC20 Token.
This change means that VeVe will be transitioning to the Ethereum blockchain, more specifically the 2nd layer solution built by Immutable.
Immutable X will help VeVe to transition from a centralized blockchain to Ethereum and enable NFTs to be minted, traded, earned, shared, and collected gas-free.
The OMI token was launched with a max supply of 750 billion OMI, however a portion of tokens are held in a in-app reserve and never enter circulation.
In order to facilitate easy onboarding the VeVe app uses an in-app currency known as Gems which are purchased directly for Fiat in-app. There is currently no way to purchase NFT's using thier native token OMI, however that will change in the future following the transition to the Ethereum blockchain.
Whilst the user will see Gems credited to their account, in the background the OMI tokens are actually sent through the user’s OMI wallet, generating a transaction ID before landing in a second wallet, the OMI Vault wallet.
When Gems are used to purchase digital collectibles the OMI tokens are pulled from the vault and exchanged for the collectibles, with the OMI tokens then being permanently taken out of circulation and burnt as a deflationary mechanic.
Buy Back and Burn Mechanics
The utility of the OMI token largely centers around buy back and burn mechanics.
10% of the revenue generated from the sale of NFTs in the VeVe Store is used to buy back the OMI token from exchanges, in order to keep the in-app Reserve topped up.
In addition to this the buy back, OMI is burnt when gems are used to purchase NFT's in the store, a 2.5% market fee is used to burn OMI when NFT's are purchased peer to peer using gems, and finally once market transactions can be completed using OMI a 2.5% fee will again be charged and subsequently burned from circulating supply.
When Proper Exchange Listing?
Despite occupying the #5 overall position by market cap for NFT coins, it's only traded on a few exchanges, primarily Bitforex and Bitmax for now.
I would not be surprised if OMI landed on a triple A exchange later this year or next.
I think ECOMI has done a great job lining up partnerships and slowly building its brand. Right now I'm also keeping an eye on the FLOW and WAX blockchains in the NFT space who have also been attracting triple A partnerships.
I think all three have somewhat unique offerings, feature rapid development, significant partnerships, and blossoming ecosystems. It's possible they could all see mainstream success for different reasons. I like ICOMI and its VeVe app for the simple fact they've inked partnerships with Marvel and DC.
The assets that these companies can produce moving forward could very well bring the VeVe app into the spotlight and in front of millions of eyeballs in the very near future.
Ciao for now,
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