The NFT (non-fungible token) craze has taken over the world. A handful of pixels goes for millions of dollars but there isn’t much the owner can do with it other than hold and hopefully sell it off. ECOMI remedies that by offering usable digital art, such as readable, unique comics.
In this article, you will discover:
According to the official website description, ECOMI is a Singapore-based company dealing in digital collectibles on the marketplace called VeVe. ECOMI or OMI is also the name of the cryptocurrency used on VeVe for buying tradeable digital art, such as Marvel comics.
Collectors can display their collectibles in digital showrooms. Collection owners and other VeVe users can go through showrooms in first-person view when using the app. According to the whitepaper, users can comment and "show appreciation" for each other’s collections, presumably through likes.
Coming up in 2022, the VeVe website promises "an immersive metaverse" for collectors to collaborate in. Based on the wording and how Facebook (Meta) presented the concept using the same term, it is likely going to be a virtual reality environment where users can combine collections.
The official VeVe website states the VeVe app can display the augmented reality overlay on top of the real-world camera input. After scanning the surroundings with the device’s camera, tap to drop the collectible in the frame.
You can then rotate, scale, and move the collectible to the desired position. The camera will then let you take photos as if the collectible is actually there. The Scene Creator feature is a 3D editor that lets you drop in props, adjust the lighting, and the camera angle.
Props can be bought through the Virtual Goods section. There are two types of props: generic (usable in any scene) and branded (usable only with certain brands). The props will also have rarities.
The ECOMI whitepaper is a 33-page PDF document published in November 2018. It describes the ECOMI ecosystem as made out of two components:
ECOMI Collect is presumably VeVe, seeing how the two align in all details. The Secure Storage Wallet is described as a physical card similar to a debit card.
It serves as a crypto cold storage wallet employing CC EAL5+ security standards that are allegedly used by the majority of conventional banks. The card functions through a companion app that can send and receive transactions. The two are linked through an encrypted Bluetooth connection.
The whitepaper states the Secure Wallet supports:
For each crypto, the owner can make up to 5 accounts.
The ownership of all collectibles is recorded on the blockchain, ensuring protection from theft. The whitepaper also states each collectible will have a unique and public set of metadata accessible through the JSON API hosted by ECOMI.
OMI tokens can be bought using a credit/debit card or through the app. On the initial issuance date, the whitepaper states one OMI token was worth 1 Satoshi; a US$9 collectible was worth 138,831 OMI. Once OMI tokens are exchanged for a collectible, they are marked as expired and sent to an inaccessible smart contract.
Staking the OMI token in the section of the app called "The PowerChest" makes the staking user a Master Collector. Based on community activity, collectibles purchased, and other variables, the user will gain Master Collector levels. These unlock early access to new collectibles, bonus OMI, and so on.
The whitepaper notes there is only ever going to be 750 million OMI minted. The token aligns with the GO20 standard while the collectibles are made in accordance with the GO721 standard. Those two standards belong to the GoChain blockchain network, a fork of the Ethereum network chosen due to the Ethereum network suffering from congestion.
ECOMI plans to make in-app video games that promote the collection and retention of OMI and digital collectibles. The whitepaper states these games will be made through licensed partnerships or as generic video games. Players will be rewarded with experience points that count towards the Master Collector levels, OMI tokens, and other rewards.
This feature is meant to mimic the feed feature of popular social media, such as Facebook and Instagram. The owner of the Social Wall is able to customize it according to his or her preferences and showcase the collectibles owned. Visitors can give tips in OMI tokens.
As of April 2022, the official ECOMI website lists these buying places of OMI:
None of the above cryptoexchanges are licensed to operate in the US, meaning US-based traders can’t access them directly. However, an OMI buying guide from July 2021 suggests the following method:
You can look for local cryptocurrency sellers until you find where to buy OMI token.
The official ECOMI website states the digital collectibles come in three rarities:
The collectibles are "dropped", meaning distributed by the VeVe developers, in regular intervals. The drops are announced a few days in advance using the official VeVe Medium account. In April 2022, that account announced the drops for "Fallen Son: The Death of Captain America" #1–5, fully readable digital comics produced in 30,000 copies per issue.
For all five issues, the comics came in five rarities that differ by cover art:
The rarity was not revealed immediately after the drop but up to 120 minutes after.
If you miss a drop, you can buy collectibles on the secondary VeVe market. As noted by that Medium article, the fees are as follows:
The licensed partnerships hint at ambitious plans that could make the token and the collectibles bought with it valuable. If that sounds good, start looking where to buy ECOMI.
This section is neither an endorsement nor a condemnation of ECOMI. Rather, it’s an attempt to depict the volatility of the crypto market and ECOMI’s position in it. Any financial decisions you make are your own responsibility.
In any case, over the course of the last year, the ECOMI price showed small changes. It is likely the price will remain under $0.01 until there’s a major licensed partnership announced.
In a world where access to even a fraction of a Bitcoin is a pipe dream for most investors, NFTs are a novel, exciting solution. They serve as an entry-level digital asset for newbies and a diversification instrument for veterans. In the case of ECOMI, the NFTs are also practically usable digital items with verifiable ownership and uniqueness.
ECOMI’s plan of adopting the currently trending Marvel superhero universe and turning it into NFTs seems like a foolproof plan. The ECOMI fundamentals are solid but there could be a problem with the lack of engagement. It is clear ECOMI is trying to shoehorn social media features, which might not be enough for the users to stick around and find out the benefits of the ecosystem.
Still, ECOMI is worth our attention and is sure to provide us with enough novelty for years to come.
OMI coin is the same as OMI token, so the same procedure applies.
You can do research on Google Trends for the trendiest collectibles and buy those.
Yes, as long as you don’t reveal personal information.