Will Ecomi’s Licensed NFTs VeVe App, Flip OpenSea?
You’re probably wondering, “Who the hell is Ecomi, I’ve never heard of them?” Yeah exactly! Up until last month, December 2021, I had never heard of them either. Like you and many others in crypto, I spend hours researching alt-coins looking for that one gem in thousands that actually isn’t a sh*t coin. The one that ticks off all the boxes AND mainstream crypto twitter hasn’t got a clue about yet…
You know what I’m talking about, the “Holy Grail token” that company we can get into before the masses and make bank! So elusive and rare they only come out on a full moon on the 5th Wednesday of the month, every fourth year rare…
One day I was listening to a guy on Youtube, I don’t remember who it was but I listen to YouTube crypto channels while working at my desk and I hear him say something like “keep an eye on ecomi and their licensed NFT app VeVe”… OK, when I heard that my ears perked up like a hunting dog in full rigid form, tail stretched out, nose pointing and ready to pounce!
I immediately stopped what I was doing because I had never heard the term “Licensed NFTs” so that got my brain spinning and my heart already started beating a little bit faster. Like what??? Someone is selling not just pictures of Apes but actually selling licensed intellectual property in NFT format… Holy Mackerel Batman that’s gotta be a goldmine!
I started researching Ecomi and I’m gonna lay out what I found and YOU tell me if this isn’t the “Holy Grail token” we seek!
Ecomi is the company behind an app called VeVe that sells licensed NFT’s from i.p.’s like Disney, Marvel, DC, Coca-Cola, USPS, Cartoon Network, Star Trek and many more. The founder is a guy named David Yu and in 2018 he was at the Las Vegas Licensing Show and presented the idea of licensed NFTs to the God-Father of licensing Alfred Kahn.
Mr. Kahn is the guy who brought Pokemon to the world not to mention he worked with Teenage Mutant Ninja Turtles, Yo-Gi-Oh!, James Bond and the list goes on in licensing. That tells you everything you need to know about the connections of Alfred Kahn. Shortly after VeVe was born.
David Yu is a highly experienced in launching brands all over the world and when you read the white paper you can see that the entire team is really top notch. Daniel Crothers Co-Founder, Mikel Duffy and Joseph Janik Co-Founder make up the rest of the key team and all three of these guys are highly experienced in business and crypto, read the white paper! https://drive.google.com/file/d/1UNE-EvjuMIaWJUfvF3qQiTe0OKLFAJXV/view
So we have a great team that is experienced, that checks off the first box! The second box I look for is, does the company have a working product? You and I both know, most crypto companies that are small cap don’t have a working product. You’re literally investing in a hope and prayer with these companies.
I don’t like to invest in hopes and prayers, I prefer companies that have an actual working product. Guess what, VeVe can be downloaded right now on your phone. I suggest you do it now and start collecting some licensed NFTs because there is nothing cooler than having a digital Spider Man in your phone recorded on the blockchain! I should know, I got one! :)
In 2021 VeVe did over $100 million+ in revenue and its CEO David Yu, said that they are on track for over $1 billion in revenue for 2022. As I’m sure you already know NFTs are growing so fast you can’t keep up with all the new projects that come out every single day. Apparently people are crazy for licensed NFTs that are the Super Hero’s we grew up watching on TV or reading about in our comic books.
VeVe bounces around between the 5th to 7th ranked NFT marketplace according to DappRadar’s Marketplace rankings. Depending on the 24 hour volume they are always in that area. Since January 4th , 2022 they have sold between $1 million and $4 million per day on their app. You can see the daily numbers from this Google doc that was created by a VeVe fanatic on Twitter @PuddinCheeks who put this together along with the token burn: http://tinyurl.com/omiburnsheet
The cool thing is DappRadar doesn’t track VeVe because it’s on an app and not on a website, therefore main stream crypto isn’t clued in on it yet.
So that is the 2nd box which is fantastic because we have a company that has a fantastic product in licensed NFTs and an app that is taking over the space. VeVe is growing at an insane rate. In all of January 2021 the total sales were $25,540 and now they are doing over $2 million per day in 12 months time frame. That’s crazy when you think about it, from $25k in the whole month of January 2021 to over $2 million per day in January 2022. Let that sink in…
VeVe currently has over 1.4 million active users on its app and as of January 18th, 2022, is ranked #5 in Apple App Store as 5th Top Grossing app in the United States. https://www.similarweb.com/apps/top/apple/store-rank/us/entertainment/top-grossing/iphone/
Ok lets talk about the 3rd box we need checked off on and that is the Tokenomics of the project. It’s a bit complicated but I will try to explain it and I think it’s genius as well. So the company is Ecomi, based in Singapore, their licensed NFT platform is their app called VeVe and the token for the app is $OMI. OMI is the backbone of the app.
So one of the things for mainstream adoption is making usage easy, that goes for anything crypto related or any product in general. The VeVe app sells and mints the NFTs in U.S. dollars. This makes it super easy, uncomplicated and speedy to get set up using the app. So when someone wants to buy/mint an NFT in the app, they first purchase gems. Each gem equals $1. When someone buys an NFT for say $100 then in the background Ecomi swaps the $100 for $100 worth of OMI tokens, then those get burned… So the OMI token is a utility token and deflationary.
This was a brilliant move by the founders because it doesn’t hinder mass adoption from those people who are new to collecting NFTs and would struggle with buying crypto, transferring it via wallet etc… Everything is done in the background with the OMI token.
The total supply cap is 750 billion tokens. Thanks to the tokenomic design of Veve, almost 450 billion of these tokens will never enter circulation. Keep in mind that for every $1 spent on VeVe, the same equivalent amount in OMI is getting burned so the total is always going down! Update: OMI migrated to Ethereum via ImmutableX, and has just implemented KYC and payout.
I won’t go into full blown detail on the tokenomics because that would make this article 10x longer but will give you an overview with a link to Ecomi’s deeper explanation.
In order to facilitate all the transactions that take place on VeVe, the OMI tokens were initially distributed as follows: (from their site)
VeVe Reserve Wallet:~ 300 billion tokens. These tokens never enter circulation.
VeVe Vault Wallet: ~40 billion OMI added for initial liquidity. This wallet acts as a staging wallet between the in-app reserve and the Burn wallet. These tokens never enter circulation.
Business Development (long term initiatives): 20% or 150 billion OMI
Team, Advisors, Board Members: 20% or 150 billion OMI
Private sale and public IEO:~ 110 billion OMI
Note: the tokens held in the Reserve and Vault wallets are imperative for the functioning of the app, and as such those tokens never enter circulation.
Over 100 billion tokens have been burned since the launch of the platform. 97 billion were removed from the founders allotment and the business development fund and locked in smart contracts by the team. In addition, another 6 billion have been burned from the sale of NFT’s on the platform.
So out of a total of 750 billion tokens originally minted, there are now less than 647 billion in total supply and less than half of that supply will ever enter active circulation. You can look at current figures here again: http://tinyurl.com/omiburnsheet currently at time of writing there are 311,292,950,732 tokens that will ever be in circulation.
Remember that tokens are always getting burned every day, in January 2022 between the 1st and 25th, it’s averaging about 114 million per day getting burned!
In the VEVE app you can buy and mint an NFT when it drops and the other way to buy is in the Marketplace, either way the purchase still burns the tokens for the equivalent number of Gems to OMI tokens.
10% of the revenue generated from the sale of NFTs in the app is used to buy back the OMI token from exchanges so that the Reserve wallet in app is always full.
You can also track the token wallets here: https://token.veve.me/
Listen, this was a very brief intro to the tokenomics for Ecomi, for the love of God and all that is Holy, go read the article here for full explanation: https://medium.com/ecomi/veve-token-system-and-omi-utility-80a915b514eb
The fourth box is Growth, no one wants a stagnant company. VeVe has experienced incredible growth and what is even more amazing is that it’s only available on a few exchanges which are Bitforex, AscendEX and BitMart!
Their token $OMI was the 2nd Highest Gainer in 2021 only after $AXS. Let that resonate in your cerebellum because it was only available on those 3 exchanges and it still was the #2 gainer for 2021! After January 27th, 2022 it will be available to be listed on mainstream exchanges like Coinbase, Kucoin, Binance etc…
When $OMI hits the mainstream exchanges I believe it’s going to explode and continue to explode as more and more people download and continue to use the app buying NFTs. The app user base is growing everyday, tokens are getting burned everyday at a rate of about 114 million per day and rising in burn rate. NFT prices are also exploding and yes tokens do get burned when they are purchased in the VEVE Marketplace as well, not just on the drop!~ (I may have already said that)
The last box is Community, I know what you’re thinking already, “nobody gives a s*&t about community.” Well, hold your horses cowboy because how do you think Bitcoin grew from a few computer geeks in 2009 to a trillion dollar market cap? It literally was the community and still is! People who got “orange pilled” early on and told everyone they knew about it like the disciples of Christ on a mission to save the world!
There are more laser eyes on Twitter than grains of sand on the beach. Ok I’m exaggerating about the grains of sand obviously, but if you’re in crypto then you know what I’m talking about!
I can confidently tell you that with the exception of the Bitcoin Laser Eye Army, there is no bigger and more fanatic group of fans than with Ecomi and their VEVE app and token. If you look on Twitter just search for “$OMI” or “Ecomi” and you are going to see a sea of red circles in the handles.
Are there other crypto companies that have people putting a “logo” in their Twitter handle? Search for $SAND or $MATIC or any other coin and it’s a big fat no… I already gave you one example above with @Puddin Cheeks who created the token buy and burn sheet earlier. There is also @ecomiwhale who post the whale movement in the token, @ecomiburn who post the daily burns of $OMI, and @ecomidata post the weekly $OMI progress data every Sunday. @OMI_the_clown created the ecomiwiki - https://ecomiwiki.com/ that produces the NFT stats for the VEVE app.
On YouTube you have channels dedicated just to $OMI and the VEVE app. These are not “alt coin” channels reviewing dozens of coins, these are channels that solely focus on VEVE and the OMI token. There is Taps Trades https://www.youtube.com/c/TapsTrades who does excellent info on OMI token and where the company is heading, another one of my favorites is Cavell Anderson https://www.youtube.com/c/CavellAnderson2021 and Foster Hilt https://www.youtube.com/c/FosterHilt . I of course gotta add The Real Randy Chavez as well, he is one of the OG’s in VEVE YouTube! https://www.youtube.com/user/TheRealRandyChavez
These are just some of the people who have created content around the Ecomi ecosystem. There are many more, the “OMI Homie Army” is growing everyday. But here’s the thing, how did $OMI grow so fast without even being listed on a single mainstream exchange? I believe the answer is I.P. Intellectual Property is the key, there are millions of NFTs for sale but only a select few that are actually licensed I.P. NFTs…
It’s extremely hard to figure out which NFT to invest in when it’s non licensed. Do I buy an ape, a monkey, a fish, a fantasy character, an alien, a monster… the list is endless, how do you know if it will go up in value?
Do you think a Disney NFT is going to go up in value when the entire world literally knows who Mickey Mouse is? It’s a no brainer right? How about Batman, Superman or Spider-Man. The Disney Partner Statue dropped on VEVE November 12, 2021 for $333.00 The floor price 9 weeks later is now $41,800.
What makes NFTs valuable is the community. Bored Ape Yacht Club has a community and once celebrities jumped on board it was game over for investors, the prices skyrocketed to their delight. BAYC has done a fantastic job with their collection. However, trying to predict the next BAYC NFT collection is beyond my super powers. But, when it comes to licensed NFT’s, it’s not that hard to predict the winners.
People crave what they grew up experiencing, that is why licensed NFTs will just continue to grow and grow. This company hasn’t even been talked about in mainstream crypto. Imagine what happens when word gets out. NFTs are going mainstream and talked about all the time now on TV now.
The masses are getting curious and heading into the water. If the soccer mom from Port Angeles, WA. does some research on NFTs because she read an article about them in People magazine, which direction will she go? A licensed Wonder Woman NFT that she grew up reading about and watching the TV series or some random cartoon picture NFT of (fill in the blank) monkey, fish, alien, frog, etc…
My guess is she will buy the licensed Wonder Woman NFT she grew up with and is familiar with, not the frog, fish, or monkey…
Will VEVE eventually flip OpenSea? It could happen especially as licensed NFTs become more well known. But that’s not the question you should be asking. The real question you should be asking yourself is “can I make a life changing fortune investing in $OMI now, before mainstream crypto finds out about it?”
Read the whitepaper linked above, read the tokenomics report linked above and do your research, then ask yourself, “is this the holy grail alt-coin I’ve been looking for?”
If you like this article (it’s my first one) please Tweet, Share and tell others, and if you really want to be in the cool club, follow me on Twitter cuz I’m lame and don’t have that many followers! 😹😹😹 @HumDog64
*Not financial advice, not a financial advisor, do your own research, blah, blah, blah…
