The OMI token emerged as one of many blockchain assets that surged during the peak of NFT trading activity in March 2021. As a rapidly growing class of digital assets, non-fungible tokens (NFTs) hold the potential to reshape digital art, collectibles, and even traditional auction houses. By storing each piece of art on a smart contract-compatible blockchain, NFTs offer traceable ownership and unforgeable authenticity.
ECOMI, with its native OMI token, is one of the key platforms operating in this space. If you're considering buying or minting NFTs, understanding the OMI ecosystem is a valuable starting point.
What Is the OMI Token?
OMI is the utility token powering the VeVe digital collectibles platform, developed by Singapore-based company ECOMI. It functions as the primary medium of exchange within the VeVe ecosystem, enabling users to buy, sell, and trade digital collectibles.
The project was co-founded by David Yu, Daniel Crothers, and Joseph Janik, who brought extensive entrepreneurial experience to the venture. Their vision was to create a seamless, user-friendly platform for digital collectibles, culminating in the launch of the VeVe app.
The Origins and Vision of ECOMI
ECOMI was established with the goal of bringing licensed digital collectibles to a broad audience. In collaboration with ORBIS Blockchain Technologies Ltd, the company developed the VeVe application—an all-in-one platform for digital collecting, featuring elements of gaming, streaming, and in-app purchases.
Key milestones for the project include:
- The initial coin offering (ICO) for OMI was held on May 12, 2019.
- The VeVe app launched in late 2020 and is available on both iOS and Android.
- The platform has facilitated over half a million digital collectible transactions.
- ECOMI has secured licensing agreements with major brands like DC Comics, Warner Bros., and Universal Studios.
VeVe was initially named ECOMI Collect, and it remains the central product of the ECOMI blockchain ecosystem.
How Does the OMI Token Work?
The OMI token is designed as a utility token for use within the VeVe platform. Unlike many DeFi tokens that use Ethereum’s ERC-20 standard, OMI is built on the GoChain blockchain, making it a GO20 token. GoChain is compatible with Ethereum wallets and supports smart contracts, but it uses a Proof-of-Reputation (PoR) consensus mechanism—an evolution of Proof-of-Authority (PoA)—where node providers build reputation based on participation and staking.
Within VeVe, OMI is used to:
- Purchase digital collectibles and NFTs.
- Pay transaction fees.
- Participate in exclusive drops and sales.
The token is integral to the platform's economy, ensuring smooth and secure transactions. 👉 Explore popular digital asset platforms
OMI Tokenomics
The tokenomics of OMI were structured with careful planning:
- The maximum supply was set at 750 billion tokens.
- 20% of the total supply was sold during the ICO to fund development.
- 40% is held in reserve by VeVe for in-app purchases and ecosystem growth.
- 20% is allocated for business development.
- 20% is reserved for team members and advisors.
A significant deflationary mechanism is also in place: over 103 billion OMI tokens have been permanently burned (removed from circulation), reducing the total supply. The founders have announced plans to release all remaining tokens by early 2022, after which no new tokens will be created.
OMI Price Analysis
OMI reached its all-time high (ATH) of $0.013 on March 19, 2021, coinciding with the NFT market boom. Since then, the token has experienced volatility, with its price influenced by broader NFT market trends.
As of recent data:
- The current price is approximately $0.0069.
- Market capitalization is around $1.15 billion.
- Daily trading volume averages $6.8 million.
Price fluctuations often reflect shifts in investor sentiment toward NFTs and digital collectibles.
Is OMI a Good Investment?
OMI’s value is closely tied to the popularity and adoption of the VeVe platform. Several factors make it an intriguing investment:
- VeVe offers licensed content from globally recognized brands.
- The app includes advanced features like augmented reality (AR) and virtual showrooms.
- It appeals to tech-savvy and younger audiences who are comfortable with digital assets.
However, like all cryptocurrencies, OMI carries risks. Its price is volatile and dependent on market trends. Potential investors should consider both the growth potential of the NFT market and the competitive landscape.
Where to Buy OMI Tokens
OMI is listed on several centralized and decentralized exchanges, including:
- Binance
- BitForex
- Gate.io
- AscendEX (formerly BitMax)
It can also be traded on Uniswap, though users must ensure they are using the correct contract address and following updated guidelines.
FAQ: Frequently Asked Questions
What is the OMI token used for?
OMI is the utility token for the VeVe digital collectibles platform. It is used to buy, sell, and trade NFTs, pay fees, and participate in exclusive releases.
How is OMI different from other NFT tokens?
Unlike many NFT-related tokens built on Ethereum, OMI operates on the GoChain blockchain, which uses a Proof-of-Reputation consensus. It also focuses exclusively on licensed digital collectibles from major brands.
Can I store OMI in any Ethereum wallet?
Yes. Due to GoChain’s compatibility with Ethereum, OMI can be stored in any wallet that supports Ethereum-based tokens, such as MetaMask or Trust Wallet.
What is the total supply of OMI?
The original supply was 750 billion tokens, but over 100 billion have been burned. The circulating supply continues to adjust based on token burns and releases.
Is VeVe only for comics and superheroes?
No. While VeVe features content from DC, Marvel, and other comic brands, it also includes collectibles from automotive companies, animation studios, and entertainment franchises.
Should I buy OMI now?
Market timing is challenging. OMI’s price is influenced by NFT market trends. Diversifying investments and conducting personal research is recommended before purchasing. 👉 Learn more about token investments
Conclusion
The OMI token serves a clear and growing niche within the NFT ecosystem. Backed by a professionally developed platform and major licensing agreements, it has established a strong foundation. However, its future performance will depend on broader adoption of digital collectibles and the ongoing development of the VeVe platform.
For those interested in NFTs and branded digital assets, OMI represents a noteworthy opportunity—but as with any investment, caution and research are essential.