The cryptocurrency market began its journey with the launch of Bitcoin on the 3rd of January 2009. The network came into being as Satoshi Nakamoto was mining the first-ever block which had a reward of 50 Bitcoins. With the sole purpose of acting as an alternative payment method, Bitcoin has been achieving a lot lately.
Despite that fact, today we have thousands of different cryptocurrencies and most of them belong to different sectors. There are programmable cryptocurrencies such as Ethereum. Such crypto projects gave us a glimpse of the potential of blockchain technology and the cryptocurrency market.
Through Ethereum, smart contracts came into existence – a mind-blowing innovation. With the introduction of smart contracts, people began to create tokens on other blockchains. Tokens such as Shiba Inu, Samoyedcoin, and Safemoon all operate on other blockchains. However, what really blew the mind of many are Non-Fungible Tokens (NFTs).
Non-Fungible Tokens are tokens that cannot be traded for one another since each one of them is unique in some way. This made them a target for collectors. However, today we have NFT collections such as Bored Ape Yacht Club or Crypto Punks that are attracting influencers and artists such as Snoop Dogg and Lil Baby.
One of the newest NFT marketplaces is VeVe – the first licensed digital collectible marketplace. People have always been skeptical about cryptocurrency’s credibility. The same can be said for NFTs. However, VeVe and ECOMI are trying to change that.
What is ECOMI (OMI)?
So, what exactly is ECOMI? ECOMI is a technology company that focuses on digital collectibles. Through blockchain technology and several partnerships, ECOMI is now managing different projects such as VeVe. The main token of ECOMI is OMI. The OMI token operates on the GoChain. This makes OMI a GO-20 token rather than an ERC-20 or BEP-20 token. When it comes to NFTs, they classify as GO721 tokens.
Buying the OMI token is fairly easy. At the time of writing, you can purchase this token on Gate.io, AscendEX, OKEx, and Bitforex. According to CoinMarketCap, Bitforex accounts for more than 42% of all of OMI’s trading volume. This means that Bitforex provides the most liquidity. However, each of these exchanges works just as well.
The founders of ECOMI, David Yu and Daniel Crothers, claim that the ECOMI ecosystem provides a safer future through the use of cold wallets. They have two products to this day; one of them is VeVe and the other is Secure Wallet. Secure Wallet is a credit card-sized cold wallet that is considered amongst the safest wallets in the market.
One flaw of the ECOMI ecosystem is its level of centralization. Additionally, the team of ECOMI states that they have no intention of decentralization at the time of writing. Considering that ECOMI is selling NFTs of major corporations, this would be a logical assumption.
What is VeVe?
When it comes to VeVe, ECOMI really works tirelessly to improve it. This marketplace is the first of its kind. In VeVe, you can find official NFTs being sold from Disney, the NFL, and even DC Comics. Being the only marketplace to have a license to sell such digital collectibles means that it has no competition as of right now. When you open an account, you can buy NFTs using their native currency. You can buy their native currency using OMI.
Moreover, hundreds of people are flipping NFTs through VeVe. The initial price of each NFT is very low because of OMI’s trading value at the moment. People are simply going to VeVe, purchasing an NFT of a famous character such as Spiderman, and then going to a secondary marketplace such as OpenSea and selling for 10 times the initial price.
ECOMI has plans to join the metaverse through VeVe. Recently, they hinted that they are working on the VeVeVerse. The VeVeVerse will be a place where VeVe NFT hodlers will show, compare, and use their NFTs. These plans look promising and, if the VeVeVerse successfully launches, it could have a huge impact on OMI’s price.
A Glimpse of the VeVeVerse. Source: VeVe
Also Read:
ECOMI Price Prediction 2022 and Beyond – Can OMI Reach $1? ECOMI (OMI) Review – Is ECOMI a Good Investment? How to Buy Ecomi – A Step-by-Step Guide Where to Buy ECOMI – Best Exchanges to Buy OMI
Takeaways
- The main goal of cryptocurrencies was to serve as an alternative to the heavily-flawed global financial system.
- After the launch of Ethereum, the wonders of blockchain technology began unveiling themselves.
- Smart contracts revolutionized the way people view blockchain technology. Additionally, they also gave birth to the idea of Web3.
- Today, Non-Fungible Tokens (NFTs) are trading for millions of dollars. Several influencers and corporations have jumped aboard.
- ECOMI is a technology company that has been focusing on blockchain technology lately. Their native token is a GO-20 token known as OMI.
- VeVe is the first-ever NFT marketplace that holds a license to sell NFTs of Disney, DC Comics, the NFL, and several other famous brand names.