OMI crypto is one of many blockchain assets that surged during the NFT trading frenzy of March 2021. As a growing class of digital assets, non-fungible tokens (NFTs) have the potential to replace auction houses, art galleries, and digital collectibles. Each artwork is stored on a smart contract-compatible blockchain, ensuring traceability and unfalsifiable ownership.
ECOMI, with its OMI token, is one such blockchain platform. If you're considering buying NFTs for your collection or minting them for sale, you might want to learn more about OMI crypto.
Origins of OMI
First, let’s clarify some terms before diving into OMI crypto. ECOMI is a Singapore-based blockchain project, also the name of the company behind its development, led by CEO David Yu and co-founders Daniel Crothers and Joseph Janik.
Here’s a brief overview of their accomplishments before launching ECOMI:
- David Yu founded Games R Us Ltd at 17 and later multiple ventures, earning him Ernst & Young’s Entrepreneur of the Year finalist twice.
- Daniel Crothers built media companies with millions of social media followers before entering blockchain in 2016.
- Joseph Janik is the former CEO of Canadian Movement Food and Earnest Solutions.
In collaboration with ORBIS Blockchain Technologies Ltd, ECOMI created VeVe, an all-in-one digital collectibles app spanning gaming, streaming, and in-app purchases. VeVe sits atop the ECOMI blockchain, formerly known as ECOMI Collect.
Launched in late 2020 for Android and iOS, VeVe has facilitated over 500,000 digital collectible trades, attracting major brands like Universal Studios, Warner Brothers, DC Comics, and General Motors.
ECOMI held its initial coin offering (ICO) on May 12, 2019, securing 15 licenses, a secure crypto wallet, NFT support, and OMI token integration by year-end.
Functions and Purpose of OMI Crypto
👉 Explore VeVe’s digital collectibles shop
The VeVe platform’s economic engine is the OMI token, serving as its medium of exchange. Whether minting or buying collectibles, you’ll use OMI. It’s a utility token, designed exclusively for VeVe’s ecosystem.
Unlike ERC-20 tokens common in DeFi, OMI is a GO20 token on GoChain, a blockchain founded in 2017 that’s Ethereum-compatible with full smart contract support.
Unlike Ethereum’s proof-of-stake (PoS), GoChain uses proof-of-reputation (PoR), an evolution of proof-of-authority (PoA), where node providers build reputations based on participation and staked assets.
OMI Tokenomics
OMI’s ICO offered 750 billion tokens, with 20% initially sold to fund the project. The first funding was capped at 1,500 BTC in OMI, traded on Bitforex when BTC ranged between $6,000–$7,000.
Current OMI supply is 166.2 billion. VeVe holds 40% (290.7 billion OMI) as reserves for in-app purchases, while its secure wallet holds 42.2 billion for liquidity.
Beyond circulation, 20% of OMI supply is earmarked for VeVe’s commercial development, and 20% for board members/advisors. Over 103 billion OMI tokens have been burned, reducing initial supply from 750 billion to under 647 billion.
OMI’s inflation/deflation mechanism expects founders to release all tokens by Q1 2022, peaking supply before transitioning to permanent deflation as no new coins will be minted.
OMI Price Analysis
On March 19, 2021, OMI hit its all-time high (ATH) of $0.013**, aligning with the NFT sales peak. After volatile swings, **OMI now trades at $0.0069, down ~35% from April’s peak. Its market cap is $1.15 billion, with a daily trading volume of ~$6.8 million.
Is OMI a Good Investment?
OMI shows strong correlation with NFT/digital collectibles market trends. Its price has risen since August 2021, tracking renewed NFT growth. VeVe not only offers mainstream IPs but also cutting-edge NFT accessibility, including:
- Customizable virtual galleries (replacing physical vaults).
- Augmented reality features for interactive digital collectibles.
👉 Discover how VeVe revolutionizes digital collectibles
These factors suggest OMI usage will grow over time, especially among tech-savvy, crypto-friendly younger demographics.
Where to Buy OMI Crypto?
OMI is available on exchanges like Binance, BitForex, Gate.io, Coinbase, and AscendEX (formerly BitMax). It’s also tradable on Uniswap via this guide.
Should You Buy OMI Now or Wait?
If you’re exploring NFT marketplaces, VeVe stands out with advanced features and top-tier pop culture brands. OMI’s price will likely rise with VeVe’s popularity.
However, avoid buying assets at peak prices. If NFT activity surges by year-end, OMI’s price may follow previous trends. Currently, OMI trades at a low range, showing early signs of recovery.
FAQ Section
Q: What makes OMI different from other NFT tokens?
A: OMI is tailored for VeVe’s ecosystem, offering utility within a platform backed by major brands and AR technology.
Q: How does VeVe’s AR feature work?
A: It lets users visualize and interact with NFTs in real-world settings via mobile devices, enhancing collectibility.
Q: Is OMI’s token burn mechanism effective?
A: Yes, burning reduces supply, potentially increasing scarcity and value over time.
Q: Can OMI tokens be staked?
A: Currently, OMI doesn’t support staking but serves as VeVe’s primary transactional currency.
Q: What’s the long-term outlook for OMI?
A: Growth hinges on VeVe’s adoption, NFT market trends, and broader crypto acceptance.
Q: Which wallets support OMI?
A: OMI is compatible with Ethereum wallets (via GoChain) and VeVe’s secure wallet.
Disclaimer: This content is for educational purposes only. Always conduct independent research before investing.