As cryptocurrencies are now being adopted by various industries, businesses, and even governments, the importance of blockchain and virtual assets rises. 2021 has been by far the best year so far when it comes to cryptocurrencies. Besides cryptocurrencies, Non-Fungible Tokens (NFTs) have also gained reputation and value due to the need for monetizing digital assets. Few blockchain-based projects excel when it comes to such assets. One that is worthy of mention is ECOMI (OMI).
ECOMI is one of the most promising blockchain-based projects with a primary focus on digital collectibles. Through the use of blockchain, they have created an ecosystem that makes the NFT marketplace much easier to access, as well as allows users to own company-licensed virtual assets.
Throughout this article, we are going to cover the fundamentals of the ECOMI project, the features that make it stand out from the rest of the market, as well as the OMI tokens. Besides this analysis, we are also going to provide you with some of the price predictions regarding OMI so that you have a better idea of whether this project is worthy of investing in or not.
ECOMI (OMI) Fundamental Analysis
ECOMI is based in Singapore, and it provides two main services: the VeVe project and the ECOMI Secure Wallet.
With the main focus on NFTs, ECOMI aims to be the best at providing a marketplace for both crypto users and others that do not necessarily know how cryptocurrencies work.
Before going any deeper into the project, let’s talk about the ECOMI team. The CEO is David Yu. He has been involved in many other gaming-related companies as well as the retail industry. As an entrepreneur, he has been quite successful and has even won various awards for his entrepreneurial abilities.
The other two co-founders are Daniel Crothers and Joseph Janik. Both of them have shown their innovative strategies throughout their careers and have had quite a success in the blockchain industry as well.
Other team members worth mentioning are Mikel Duffy, the CTO of ECOMI, and Alfred Kahn, Head of Licensing of ECOMI. The former has more than a decade of experience in blockchain and AI technologies. Kahn, on the other hand, is one of the most important members of ECOMI. He has secured partnerships with some of the world’s most famous brands for developing the ECOMI marketplace. To sum up his expertise, Khan is one of the people responsible for the creation of Pokemon, Teenage Mutant Ninja Turtles, Yu- Gi- Oh, etc.
It is safe to assume that ECOMI has one of the best teams behind it to achieve what the ECOMI community wants.
Previously, the ECOMI marketplace was known as ECOMI Collect, but it was then rebranded to VeVe. VeVe is a mobile application that provides easy access for users to trade digital assets, NFTs. However, it is not merely a marketplace of NFTs. It is a much bigger platform.
People can display and share their digital collectibles and even use them through augmented reality to put them into their surroundings.
The developers chose blockchain to make the ECOMI concept come true. This has allowed ECOMI to utilize NFTs, have the OMI as a native taken, maintain scarcity, prevent misuse, and allow peer-to-peer transfers between VeVe users.
Many projects that focus on NFTs have chosen Ethereum network to build on because of the latter’s innovative environment. However, ECOMI works on the GoChain network. OMI tokens serve as GO-20 tokens while the NFTs as GO-721 standard.
With Ethereum becoming more crowded every day, the GoChain is around 100 times faster when it comes to transactions. Furthermore, transaction costs on the GoChain are drastically low when compared to Ethereum.
Additionally, GoCahin supports Ethereum smart contracts, allowing ECOMI NFTs to comply with Ethereum and vice versa.
Another distinctive feature of ECOMI and GoChain is the consensus mechanism. The conventional consensus mechanisms are Proof-of-Work (PoW) and Proof-of-Stake (PoS). GoChain, on the other hand, uses Proof-of-Reputation (PoR). The latter has proven to be efficient so far, both energy-wise and speed-wise. The main idea is that the companies that ECOMI has partnered with secure the network by providing unique NFTs and verifying transactions. So when a person buys an NFT on the ECOMI ecosystem, that person actually has backing from large companies that have deployed that collectible.
All the NFTs in VeVe are minted. Every minted NFT has a unique code that identifies it and gives it the value of being authentic. Perhaps one area of concern is the fact that whenever a user mints an NFT, details about the owner are sent to the ECOMI team. While this is done to ensure more security when it comes to ownership, it also means that ECOMI is somewhat centralized.
The VeVe store, as the name suggests, is the place to buy new NFTs that are launched on a daily basis. Companies launch their NFTs and based on the personalized profile of a user, that content is displayed. To buy NFTs, users need to acquire GEMS, which is the stablecoin used in the VeVe store. GEMS can be purchased with fiat currencies or with OMI tokens.
There is also a secondary marketplace. In the secondary marketplace, users are allowed to trade the collectibles they own with one another. NFTs in the secondary marketplace can be sold at a fixed price or through auctions. Understandably, the rarer the collectible, the higher its price.
ECOMI also has the Master Collector Program. This feature allows ECOMI users to stake their OMI tokens and earn rewards as a result. Moreover, people that are considered Master Collectors have access to some NFT releases earlier than other users.
The higher the Master Collector level, the more rewards the user has. To receive a higher level. Users can either pay directly or simply by earning OMI tokens through trading and then staking their OMI tokens.
As suggested, the NFTs purchased in ECOMI can be used for augmented reality. People can take pictures by including their NFTs in the camera, which makes it look like the NFT is in the real world. The AR gesture is quite impressive as the NFTs adapt to the scenery of the surrounding.
There is also a showroom for users’ collectibles. Each user can display their collection and interact with other people’s collections by liking and commenting.
One area where ECOMI and VeVe excel is partnerships. ECOMI has managed to collaborate with some of the world’s most famous companies such as Warner Bros., the NFL, DC Comics, Marvel, and many other companies in the entertainment industry.
The other product that ECOMI promotes is the ECOMI Secure Storage Wallet. It is a cold wallet, meaning that it does not require the internet to work. This makes The Secure Wallet invulnerable from online hackers. This wallet allows users to store more than 1,000 cryptocurrencies and also NFTs, both GO-721 and ERC-721 standards.
It is also water-proof, eco-friendly, and its battery lasts for a lifetime as it uses a rechargeable lithium battery.
ECOMI Tokenomics
OMI is a deflationary token, meaning that OMI tokens are continually being burned. There are two tokenomics properties for ECOMI.
The first feature is that with each NFT purchase through the use of GEMS, that amount is of OMI is burned and another 10% of that amount is designated to buybacks. To illustrate, if you use $10 to buy a collectible, $10 worth of OMI is burned and another $1 is designated to buybacks. Furthermore, with every transaction in the VeVe marketplace, 2.5% of the OMI equivalent to the GEMS value is burned.
The other feature of the OMI token is on secondary market trades. In the secondary market, the payment conducted through fiat currencies is fully allocated to buybacks and used to provide liquidity for the OMI token.
It may sound confusing at first as to why ECOMI uses both OMI and GEMS. The main reason for this is that not everyone is aware of how cryptocurrencies work, but they may still want to collect digital assets. Therefore, VeVe has made it possible for users that do not have a clue about cryptocurrencies to buy GEMS with fiat and trade collectibles, while at the same time they are actually using OMI tokens.
ECOMI has a total supply of 750 billion OMI. The circulating supply of ECOMI is around 166.3 billion ECOMI (22%). Due to the burning mechanism that ECOMI uses, the supply of OMI tokens gets scarcer every day.
ECOMI (OMI) Price Analysis
According to CoinMarketCap, ECOMI had a price of $0.00068 when it was first listed on CMC. The price increased in the coming weeks, reaching an all-time high at around $0.013. After reaching that height, the price of OMI started declining. It reached as low as $0.014 in June of this year.
After that, the price of OMI has been continually rebound upward. Currently, the price of OMI is at around $0.006, almost half of its all-time high.
Rank: 333
With this price and a circulating supply of 166.3 billion, the market capitalization of ECOMI is around $1.1 billion. The fully diluted market cap is around $5.05 billion.
ECOMI (OMI) Market Price Prediction
Many of the world’s leading experts when it comes to cryptocurrency prices predict that ECOMI has the potential to surge upwards in the future. Here is what some of them think about the future price of OMI:
Digital Coin Price forecasts that the price of ECOMI can reach $0.01 once again this year. It may even reach a new all-time high in the early months of 2022.
Coin Data Flow also predicts that the price of ECOMI can increase, depending on how much its price is affected by Bitcoin’s price growth. If ECOMI follows 100% of Bitcoin’s average growth per year, then OMI can reach as high as $1 by 2025. On a realistic note, if only 50% of Bitcoin’s growth is experienced by ECOMI, then OMI can reach close to $0.20 by 2025.
Taps Trades, an analyst on YouTube, gives a careful explanation of how OMI can go up to $1. With the upcoming projects that ECOMI has, new partnerships, supply burning, and many other features, the price of OMI can hit $1 by 2025.
YouTuber Crypto Diary also gives his analysis on ECOMI. He forecasts that the price of OMI could reach $2 before 2025. As suggested in the analysis, it is hard not to be bullish on ECOMI as its price is still quite low, and has gotten partnerships that not many projects have done so.
Crypto Academy ECOMI Price Prediction
Due to the exemplary fundamentals and the promising future that ECOMI has, we at Crypto Academy forecast that the price of OMI can boom in the long run. ECOMI is currently developing the VeveVerse, a metaverse that allows collectors to use their NFTs in virtual reality. Furthermore, more partnerships could be reached with VeVe, and more aggressive marketing is up and coming.
ECOMI (OMI) Price Prediction 2022
If the bull cycle continues in the coming weeks as well, we could see OMI reach a new all-time high by the end of this year. As for 2022, we could see OMI reach a price of $0.02 in the early months of the year.
ECOMI (OMI) Price Prediction 2023
In 2023, the price of OMI could keep increasing. A price of $0.04 is attainable as the project gets more exposure. Keep in mind that ECOMI is yet to be promoted from its partners at a larger scale. Promotions from the likes of Disney, Marvel, and other major companies can easily boost the price of OMI upward.
ECOMI (OMI) Price Prediction 2024
In 2024, the price of OMI may dip at times, but it may also be relatively stable throughout the year. Due to the BTC halving that is planned in 2024, we could see another bull run initiated by the end of the year. OMI could reach close to $0.10.
ECOMI (OMI) Price Prediction 2025
In 2025, OMI could have its biggest increase yet. The price could reach immense heights. A feasible price could be at around $0.70 as more tokens are burned and NFTs are largely adopted throughout the world.
ECOMI (OMI) Price Prediction 2026
Lastly, we could see the price of OMI reach a high of $1.50 by 2026. This comes due to the full utilization of the metaverse concept in the world of the internet, and with VeveVerse being developed, that is achievable. Furthermore, OMI tokens might be burned at larger amounts as the trading activity on VeVe increases.
How to Buy ECOMI (OMI)?
Here’s how to buy ECOMI in three easy steps;
Step 1: Create an Exchange Account
To buy OMI, you need to create a cryptocurrency exchange account that supports ECOMI. Some of them are Gate.io, OKEx, BitForex, etc. After that, you need to verify your account.
Step 2: Fund Your Account
Once you verify your account, you need to fund it. You can do so by transferring funds from other wallets, or by simply using a debit or credit card to buy USDT directly.
Step 3: Buy OMI
After you fund your account, you can begin trading. Select ECOMI and type the number of tokens you want to buy. All you have to do then is simply press “BUY.”
Frequently Asked Questions (FAQ)
Can ECOMI hit $1?
Due to such promising upcoming projects that ECOMI has and also its burning mechanism, the price of ECOMI can even surpass $1 in the long run.
Will the price of OMI increase?
The price of OMI can increase in the future due to the token’s deflationary properties and the fundamentals of the project.
Where can I buy ECOMI?
To buy ECOMI, you need to use a cryptocurrency exchange that supports OMI tokens such as Gate.io OKEx, etc.
Also read: Saitama Token Price Prediction 2022 and Beyond – Will SAITAMA Eventually Reach $1?
Takeaways
- ECOMI (OMI) is a blockchain-based cryptocurrency project that aims to provide the best marketplace for digital collectibles, NFTs.
- ECOMI has the VeVe store, which is a platform for both crypto users and non-crypto users to trade digital assets.
- As a consensus mechanism, ECOMI uses Proof-of-Reputation (PoR).
- OMI is the native token of ECOMI, and it is a deflationary token.
- The circulating supply of ECOMI is 166.3 billion, and the total supply is 750 billion OMI.
- The all-time high of OMI is around $0.013.
- Many experts predict that the price of ECOMI can increase in the long run.
- To buy OMI, you need to use a centralized exchange such as Gate.io or OKEx.
- Overall, ECOMI is quite a promising project.