What is ECOMI?
ECOMI is a technology company based in Singapore that specializes in digital collectibles or NFTs. The company aims to be a one-stop-center for the purchase, protection and collection of premium licensed digital collectibles using a blockchain system.
ECOMI had two main elements that make up the company. This is the ECOMI Collect Ecosystem and the ECOMI secure storage wallet.
The ECOMI Collect Ecosystem is now known as the Veve Project.
ECOMI sells licensed NFTs unlike other NFT marketplaces that allow users to mint their own artwork.
ECOMI utilizes the GoChain Network which is a fork of the Ethereum protocol
NFTs Enabled The Use Of Digital Collectibles
Digital collectibles have some association with the boom of the Non-Fungible Tokens (NFT) market in 2021. They tend to be limited edition virtual items such as a Gif, photo or digital art.
An NFT on the other hand is a smart contract that is unique and cannot exist like another.
Think concert tickets which have a specific date, seat number, serial number and time.
Digital collectibles use NFT to ensure the ownership of the digital collectible. This would mean the collectibles cannot be copied and the ownership can be transferred from one person to another. This transfer will be recorded in the blockchain.
This allows the digital collectible to remain “exclusive” as there can only be one owner.
ECOMI and the Metcalfe's Law
ECOMI believes that their ecosystem will benefit from Metcalfe's law. This law states that a network will become more valuable every time a new user joins. When the user base grows, the network and data will become more valuable as an asset.
According to them, increasing the user base will also increase:
Scarcity of ECOMI digital collectibles
Liquidity of the OMI token
Number of stakes OMI token
Social activity in the Veve app
Demand of new digital collectible releases
What's ECOMI Collect AKA the Veve App?
The Veve app was launched in December 2020 and was the rebrand of ECOMI Collect. You can now find Veve for both iOS and Android.
The app allows users to buy, trade and sell digital collectibles available on their platform. This can also be done on their secondary market.
Most of these collectibles are licensed and usually pertaining to famous brands like Cartoon Network, Warner Brothers or Universal Studios.
The app uses a blockchain system, GoChain, to maintain the exclusiveness of collectibles by enabling scarcity, transfer of ownership and authenticity.
The GoChain blockchain can perform 1300 TPS while the Ethereum network can perform only 13TPS.
Through Veve, users can display their collectibles in a personal showroom and even use the social feed for feedback. In addition, Veve has brought in an augmented reality feature that allows users to animate the collectibles in the real-world.
The Veve team is planning to bring a gameplay experience that allows the collectibles to interact with each other.
All transactions are performed using OMI tokens, the native token of ECOMI.
Let’s look at Veve’s features!
Veve uses the GoChain network instead of the Ethereum network to allow for faster transaction speeds and avoid congestion issues. The GoChain network is actually a fork of the Ethereum network with some minor alterations.
The GoChain network is said to be 100 times faster than the Ethereum network and its transaction fees are also around $0.00001. This is relatively cheaper when compared to Ethereum’s fees.
The GoChain network is still compatible with Ethereum’s smart contracts. This means their NFTs are compatible with the ERC-721 token standard.
Proof of Reputation (PoR)
The consensus mechanism used by GoChain is Proof of Reputation (PoR) which is fast and energy efficient.
The GoChain network secures the network by ensuring that large corporations promise that the NFTs offered are authentic. The corporations also secure the information on the databases.
Blocks are added based on the information from the provider.
This consensus model is suitable for a platform trading NFTs as the art is backed by the reputation of a company or creator. This creates a digital chain of ownership and a certificate of authenticity.
Minting and Generation
The NFT is generated by minting it into the blockchain contract. Each NFT is provided with a unique URL which contains data like the series, brand, licensor, collectible name and other information associated with the collectible.
ECOMI will then have the ownership information of these NFTs for security and management purposes on behalf of the owner.
One thing to note is that ECOMI works under a centralized model and has hybrid ownership of the records of the NFTs.
The Veve marketplace allows users to browse through and buy any NFTs, new or “second-hand”.
The NFTs are divided into different brands and have filters to allow users to search efficiently for the type of collectible they are looking for.
There is also a classification system for the NFTS that ranges from Common to Secret-Rare. This determines the scarcity and value of the NFT.
A user looking to purchase on the marketplace will have to create their store profile which narrows down the user's preferences. This allows curated selections to be shown to the user.
To make a purchase, GEMS are used which can be obtained using OMI tokens or fiat money.
In the secondary marketplace, users who already have purchased an NFT can set up a 7-day auction or put up their NFT for sale. Buyers can use the watchlist function to save NFTs and view collectibles that were set to the public.
Master Collector Program
The program is established to allow OMI tokens to be staked to secure the status of “Master Collector”. This exclusive title allows users to gain early access to NFT releases, limited edition collectibles and bonuses with OMI tokens.
With augmented reality, the key features allow users to project their collectibles into the real world. The collectibles have become interactive and will even be implemented in the ECOMI games.
Each user has a showroom which allows them to display their collectibles. They can set these to be private or public depending on preference. These showrooms also allow the public to comment or leave likes.
The scene creator allows users to create scenes and incorporate augmented reality into it. These scenes will look 3D and the items can be angled, moved or scaled accordingly. Once satisfied with the scene, the user can post it up on their feed or social media.
These are prop items that can be used to enhance the scenes created with the scene creator. These are available for free or for purchase but they are not collectibles.
ECOMI will be providing in-app games which use the AR capabilities already present in the app. The access to the games depends on the type of collectible the user has. This brings an element of exclusivity and purpose for the NFTs.
Show ‘n’ Tell
The show ‘n’ tell is Veve’s in-app social media platform. It allows users to share NFTs, scenes and virtual items. Users can react to the scenes by commenting, liking or even “tipping” OMI tokens.
Veve is able to come out with licensed NFTs because they have partnered with huge brands such as Warner Bros, Adventure Time and General Motors.
ECOMI Secure Wallet: The Cold Wallet
Ecomi as a company is more than just the Veve app. In fact, they have also launched a hardware wallet that serves the purpose of holding your cryptocurrencies and digital collectibles safely.
This wallet is said to be the most advanced way to store your valuable digital assets. The wallet comes in the form of a credit card-like size and has an app to make transactions online.
To approve transactions into the wallet, users must physically approve the transaction on the hard wallet. However, if it is lost, users can still recover their assets using seed numbers generated during the setup process.
The wallet does not connect to the internet which makes it a secure solution and less likely to be hacked.
The wallet uses CC EAL5+ security standards which are used by banks.
What Can You Do With OMI Tokens?
The OMI token is the native coin of the ECOMI ecosystem. You can use the token to convert into gems when making a purchase on the Veve platform. In addition, OMI tokens can be staked to unlock the “Master collector” status which allows users certain benefits on the Veve platform.
For each transaction made, the same amount of OMI is removed from circulation. This makes the token deflationary.
Ten percent of the company’s revenues also goes into purchasing OMI tokens to ensure the token’s liquidity.
You can buy OMI tokens on several exchanges such as :
Veve vs OpenSea
If you’re an NFT junkie, you must be wondering what is the difference between Veve and any other NFT platform like OpenSea. Seems like they both do the same things, right?
Both these platforms are NFT marketplaces. But, they are quite different.
1. User Experience
OpenSea is the largest NFT marketplace currently available. They have too many NFTs to count and it’s a great place to scroll endlessly for NFTs to purchase. However, OpenSea is slightly less user friendly as compared to Veve as they don’t have a mobile version and it requires just a teensy bit more effort to get it up and running.
The Veve app is ready to use and functions perfectly for an absolute beginner.
2. Type of Non Fungible Tokens (NFTs)
OpenSea is a collection of NFTs that may either be valuable or not, since these are created by independent artists. It’s up to the buyer to decide if the NFT they are looking to purchase will have value over time or just be another “digital art”. It’s like thrifting. You might find gems or junk. May luck be on your side!
Veve hosts only NFTs that are licensed by famous brands such as Disney and Cartoon Network. Think of this like the Gucci of NFTs because they are all “branded”. Their characters are well-known like Mickey Mouse, Spiderman and Princess Belle. Thus, these NFTs have massive appeal because everyone can identify the art and if they love the character, they can purchase it.
OpenSea is extremely decentralized, which is why anyone can mint and sell their NFTs. They can also move it around to other NFT marketplaces and have them sold there. Any information regarding the NFT is held by the owner of the NFT instead of OpenSea.
In Veve, the platform is more decentralized. Although you may be the owner of the NFT, Veve still has access to the information on the NFTs on the platform. In addition, you also cannot sell the NFTs in other marketplaces. However, this may change with the introduction of Veve on the Ethereum blockchain.
The Man Behind ECOMI, David Yu
With more than 20 years of experience at collectibles, gaming, retail, and distribution, David used his vast experience to create what ECOMI is today.
David started as a collector and was an entrepreneur at fourteen. He opened his first collectibles store at 17 called “Games R Us Ltd”.
David must’ve been a fan of Star Wars as he collected quite a bit of Star Wars memorabilias.
Now, David has 17 companies under him. 20 years in the industry of working with intellectual property had gained him valuable relationships with international brands. With this, he built ECOMI.
His passion for collectibles never faded but they only changed mediums. From figurines to blockchain.
Final Thoughts On Ecomi (ECOMI)
Ecomi is a blockchain-based platform that aims to provide a secure and decentralized ecosystem for digital collectibles, or NFTs (Non-Fungible Tokens).
The platform's primary focus is on providing a marketplace for licensed digital collectibles, such as comic book characters, sports memorabilia, and other popular IP (Intellectual Property) assets.
One of the key features of Ecomi is its digital wallet, the OMI Vault, which allows users to securely store and manage their NFTs. The platform also offers a mobile app, VeVe, which provides users with a way to buy, sell, and trade digital collectibles on the go.
Ecomi has partnerships with several major brands, including DC Comics, Warner Bros, and Capcom, which provides it with a significant advantage in the digital collectibles market.
Additionally, the platform's OMI token is used to facilitate transactions within the ecosystem, which provides holders with the potential for value appreciation.
Overall, Ecomi is an interesting platform that leverages blockchain technology to create a secure and decentralized marketplace for digital collectibles. However, like any emerging technology, there are risks involved, and investors should do their due diligence before investing in OMI or using the platform.