What Is the ECOMI NFT Marketplace?

ECOMI is a blockchain technology company that runs the VeVe Non-fungible token (NFT) marketplace app VeVe and its native token OMI. While NFTs have had their ups and downs over the years, ECOMI was created during the height of the market’s bull run of 2021 and 2022. VeVe likely had a significant role in the popularization of the technology with its massive partnerships with media giants like Disney.

NFTs are unique digital representations that are non-fungible, which simply means that they can’t be replaced by an identical item of the same value. They can be used in many different ways, including representing ownership of unique items or online ticketing. ECOMI rode the NFT wave by building a new marketplace that allowed users to buy and sell NFTs with a simple, user-friendly interface. The native token OMI is the platform’s main medium of exchange.

What Is ECOMI?

ECOMI isn’t just the company that owns the VeVe NFT marketplace. It is a wider ecosystem of NFT-related tools and products.

At the core of ECOMI is the GoChain blockchain network. Both the VeVe app and the OMI token are built on GoChain, which was built with a focus on scalability to keep transactions extremely fast and cheap. In fact, the network’s documentation claims that it can reach up to 1,300 transactions per second.

What Is the VeVe NFT Marketplace?

VeVe, formerly known as ECOMI Collect, is a blockchain-based marketplace for digital collectibles. It allows users to buy, sell, and collect licensed NFTs with a user-friendly interface.

The main draw of the platform is its partnerships with some of the most famous brands in the world including Star Wars, 20th Century Fox, Marvel, Adventure Time, Coca-Cola, and Lamborghini.

Most of the NFTs on VeVe are either virtual comic books, artwork, or digital collectibles, based on popular characters and media. VeVe uses the NFT giant Immutable X’s tech as the foundation of the platform, allowing for fast and free NFT transactions. Users can check Immutable X’s blockchain explorer to look up these details for every NFT:

• Collectible image
• Name
• Description
• Rarity
• Edition #
• Total Editions
• Edition Type
• Licensor
• Brand
• Series
• Drop date

The marketplace also has some elements of social media apps, including a personal showroom, which allows users to show off their NFTs. Other users can view your showrooms and interact with each other with comments and ratings.

One of the platform’s most unique features is its Augmented Reality tool, which allows users to bring their collectibles into the real world with their mobile phones. The feature overlays your collectibles, like a Spider-Man comic or a one-of-a-kind statue, over photos or videos of the real world.

ECOMI’s goal was to create the largest secure NFT marketplace in the world, though it has never been able to surpass competitors like OpenSea, Rarible, and Blur.

How Does the OMI Token Work?

ECOMI’s flagship token, OMI, serves as the main medium of exchange of the ecosystem, ensuring an immutable record of ownership. It was initially created with the GO-20 token standard, which is similar to Ethereum’s ERC-20 standard. However, OMI was migrated to Ethereum in 2022, so it is now an ERC-20 token.

The OMI tokens drive the entire economy of VeVe, allowing users to buy, sell, and trade digital collectibles. Every transaction within the VeVe app is conducted with OMI tokens, making it a vital part of the wider ecosystem.

Anyone can buy OMI tokens using their credit or debit cards through an in-app purchase. OMI is also available on multiple major crypto exchanges like Binance or Bittrex. ECOMI users can store their OMI in a software wallet or hardware wallet.

Some users may have to import the OMI token address to their crypto wallets for it to show up in their wallet dashboards. Luckily, this is usually a fast and simple process, and most wallets provide guides that explain how to do it step-by-step.

The current circulating supply of OMI is 110 billion. It’s important to note that the VeVe platform holds a large portion of the OMI token supply. The distribution of OMI tokens is as follows:

• VeVe Reserve Wallet: 300 billion (40%) tokens.
• VeVe Vault Wallet: 40 billion for initial liquidity.
• Platform development: 150 billion (20%).
• Team, advisors, and board members: 150 billion (20%).
• Circulating supply: 110 billion.

What Is the ECOMI Secure Wallet?

ECOMI also sells a hardware crypto wallet, a device that is never connected directly to the internet. Because the wallet’s private keys are always offline, it drastically reduces the risks of phishing and similar cyberattacks. This doesn’t mean that they are perfectly secure, however.

The website WalletScrutiny, a respected crypto wallet reviewer with a focus on security, mostly gave it positive marks in its review. However, it noted that the product is rarely updated, and it may not be as secure as other top options like Ledger or Trezor.

Who Are ECOMI’s Founders?

ECOMI was founded by David Yu, Joseph Janik, and Daniel Crothers in 2017. David Yu, the current CEO of the company, was also the company director of Binji Card, a unique firm that enabled users to consolidate up to 24 different credit or debit cards into one.

Yu’s decades of experience in retail seemed to be instrumental in the early success of ECOMI and VeVe. His connections helped the firm secure the massive licensing deals that helped VeVe become a major force in the NFT industry.

Among ECOMI’s advisors are InnoHub CEO Hongbo Xu, Fantail Ventures founder Jonty Kelt, Big Red Button Entertainment developer Jeff Lander, Digital Gaming Specialist Kam Punia, EverEdge Global CEO Paul Adams, and more.

What Are the Risks of Using ECOMI?

Using essentially any crypto app or marketplace comes with certain risks, especially if there is money involved. ECOMI is no different. The standard risks apply, such as data breaches and wallet hacks. If you want to use VeVe to invest in NFTs, you could suffer from the risks that come with volatile investments.

ECOMI and the OMI token in particular could also face regulatory risks. If the laws in your region are changed to outlaw or restrict tokens like OMI, the token’s price may crash. Until clearer and more permanent regulations are put in place, this will likely remain a significant risk.

What Is the Future of ECOMI?

ECOMI’s NFT marketplace VeVe is a unique platform with a handful of legitimately innovative features, namely its Augmented Reality tool. Its extensive licensing partnerships with world-renowned brands make it attractive for fans of Disney properties like Marvel as well.

However, like most NFT apps and marketplaces, the ECOMI ecosystem has mostly fallen by the wayside as investors have moved on from NFTs. It struggles to attract new users, and the price of OMI has fallen steadily for years now.

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José Oramas

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I'm a finance journalist and copywriter with a keen interest in the fintech field. I have keen on blockchain technology and cryptocurrency and I believe it can reshape the way we see money and financial freedom.