What Is Ecomi (OMI) How It Works & Where To Buy It?

Ecomi is a Singaporean-based technology company that is pioneering the field of digital collectibles. It positions itself as a blockchain gaming ecosystem. Its innovative blockchain-based VeVe app allows users to tap into the world of digital collectibles with ease.

OMI is the project’s native token and is used as the medium of exchange for all interactions on the VeVe app.

Ecomi has quickly grown in popularity, but the project remains relatively unknown to many people in the crypto space. OMI is the 119th largest cryptocurrency by market capitalization.

How Ecomi (OMI) Works

The OMI token is like other digital currencies in the sense that OMI tokens power exchanges in the native system. The VeVe platform facilitates the trading of digital collectibles, and all purchases are made using OMI tokens.

Digital collectibles purchased on the VeVe platform allows users to obtain an immutable record of ownership. Ecomi is one of the fastest-growing companies in the emerging digital collectibles space – digital collectibles are pioneering the digital trend, and Ecomi is trying to capitalize on the new asset class.

The digital landscape is still relatively underdeveloped, but companies like Ecomi are empowering users with a simple and seamless way to purchase and trade collectibles, facilitating these actions through the use of the OMI token.

Ecomi sees digital collectibles as an industry that will continue to see exponential growth in the future, especially through the developments of blockchain functionality in traditional systems.

The digital collectibles market is expected to grow to $628 billion by 2031.

What Is Ecomi (OMI) Used For?

Essentially, the Ecomi ecosystem incorporates NFT marketplaces and digital collectibles and is expected to prioritize digital streaming in the near future.

The Ecomi whitepaper further goes on to explain how users play an integral role in the success of the project. They make specific mention of the Metcalfe Effect, which states that the value of a system is proportionate to its amount of users.

The OMI token plays a key part in the user experience of the platform, as it is the sole means of value exchange on the platform. Users on the VeVe platform can easily sell NFTs, and the unique ownership of the NFTs is transferred to the new owner.

OMI tokens can also be traded on a crypto exchange, like most other cryptocurrencies. Many people choose to trade OMI tokens because they are subject to price fluctuations which makes the token favorable for swing or arbitrage trading.

NFTs and digital collectibles are being shaped by pop culture in many Asian countries, and Ecomi is attempting to capitalize on this trend by allowing users ease of access to the unique collectibles industry.

Where To Buy OMI Tokens

For individuals seeking to purchase OMI tokens, there are several centralized exchanges where OMI tokens are frequently traded.

Before purchasing OMI, users will need to deposit fiat money onto an exchange; following this; OMI tokens will be credited to their OMI digital wallet on the exchange.

The crypto exchanges below are the safest place where you can buy, sell and store OMItokens.

1. Gate.io
2. HTX
3. KuCoin
4. Binance
5. Crypto.com

OMI tokens are required to make any purchases on the VeVe platform, and VeVe users can download a compatible wallet here.

About Ecomi (OMI)

How long has Ecomi (OMI) existed?

Ecomi cryptocurrency, OMI, had its initial coin offering (ICO) on May 12th, 2019. The ICO price for the OMI token was 1 OMI = 0.00000001 BTC.

Ecomi was created by David Yu, and Vijay Mehta is the founder and current Chief Technology Officer (CTO) of VeVe.

What’s controversial about Ecomi (OMI)?

There are an enormous amount of new projects entering the crypto space daily. Every project hopes to bring new solutions to the world. Unfortunately, the crypto market is still very opaque, and many opportunists try to take advantage of retail investors who don’t know enough about the crypto space.

Researching every crypto before investing is fundamental. It’s important to look into the project’s founders, the tokenomics, partnerships, listing, whitepaper, and any other important factors surrounding the project.

Let’s take a look at the top two controversies surrounding Ecomi (OMI):

• NFT Hype Might Die Out – The project is mainly centered around NFTs and digital collectibles. The major issue with this is that the hype surrounding NFTs might die out, and the interest surrounding digital collectibles might start to fade.Many people in the crypto space believe NFTs will soon be a thing of the past, calling it a “bubble” that is currently in price discovery. However, the NFT market is still booming, and recently the Okay Bears NFT Series broke records on OpenSea when more than $18 million NFTs were sold in a day.
• Token Supply – The total supply of tokens is incredibly high. Many people believe that the project won’t be able to sustain its momentum with such a high supply of tokens. There is currently a total supply of 750 billion omi tokens.

How many Ecomi (OMI) Tokens tokens are there?

At the time of writing, OMI has a circulating supply of 274,781,016,376 OMI

The total supply of OMI is 310,884,471,276

The max supply of OMI is 310,884,471,276

Can OMI be mined?

OMI is not a mineable cryptocurrency. Ecomi uses a Proof-of-Representation consensus algorithm whereby validators participate on the GoChain network.

In the traditional sense, users aren’t able to mine OMI tokens like other traditional proof-of-work coins.

Some centralized exchanges also offer staking rewards for OMI holders that agree to stake their tokens for a certain duration.

What is the market cap of Ecomi (OMI)?

The market cap of Ecomi (OMI) is:

Ecomi (OMI) market cap = total amount of coins in circulation x current market price of OMI.

Ecomi (OMI) Market Cap = 274,781,016,376 OMI x $0.00150208 = $411 million (119th largest market cap)

OMI is currently one of the top 100 cryptocurrencies by market capitalization, and OMI continues to be a project that attracts more people to the NFT and collectibles sector.

The market cap fluctuates according to circulating supply and market price.

Biggest Competitors Of Ecomi (OMI)

Ecomi has gotten off to a good start, but the project still needs to cement its position in the digital collectibles space. There are an array of projects which are dominating the NFT and digital collectible space.

Ecomi’s biggest competitors are:

• Flow
• Solana
• Ethereum

One of the most notable issues that people have with the Ecomi project is that it is only catered to digital collectibles and NFTs. Many people believe that it is not necessary to only be dedicated to digital collectibles but that projects like FLOW cater more extensively to the masses.

What are the future plans for Ecomi and OMI token?

The Ecomi team has announced its intention to expand the project and keep building and integrating new functionality for the VeVe platform. The latest internet that the project has hinted at is digital streaming – this market could bolster user adoption of the platform and boost the project as a whole.

Holders of the OMI token support project because of the potential they see in it, but there is a definite need for the OMI token to have greater utility. As utility for the token increases, it will likely have a very positive effect on the token price and create more hype around the Ecomi ecosystem.

Pros And Cons Of Ecomi And OMI

Pros:

• Active Users – VeVe platform currently has more than 210,000 active users, and there have been more than 510,000 NFTs sold on the platform. This growth is positive and indicates that the platform has the potential to succeed in the coming months, especially as the NFT industry continues to grow rapidly.
• VeVe Marketplace – Ecomi offers users an easy-to-use platform where they can buy, sell and trade NFTs and other digital collectibles. The platform is beneficial because it simplifies the process of purchasing digital collectibles, making it easier to attract new users that are interested in NFTs.
• NFT Industry Is Expanding – The digital assets and digital collectibles spaces are continuously seeing extensive growth, and Ecmi has positioned itself as a gateway for NFT and digital collectibles enthusiasts. The current digital collectibles market is expected to grow significantly in the next few years.
• Major Partnerships – VeVe has welcomed some major partnerships in recent months, including the likes of Coca-cola and Citroen. As the platform continues to expand its list of partners, it benefits from the networks of the partners. Coca-cola is already one of the most popular brands in the world and is known by billions of people globally – such partnerships can quickly catapult Ecomi into the global spotlight.

Cons:

• Total Supply – The total supply of OMI tokens is incredibly high compared to other cryptocurrencies like Bitcoin. The total supply of OMI tokens is 750 billion. This is especially concerning for many people because one of the main factors that contribute to price appreciation is scarcity – OMI tokens are abundant, and this could be one of the major deterrents for potential investors.
• Limited Use – The project currently focuses on NFTs and collectibles, which may seem positive to many but might also be seen as restrictive and limited to others. The expansion of many projects is dependent on a project’s ability to be versatile and cater to new needs as they arise.