Secure Wallet Update: Digital Collectibles and the OMI Token!
Another huge milestone has been reached. This Secure Wallet and ECOMI app update have created the world’s first cold storage wallet that can store and display your amazing digital collectibles. Not to mention you can now store your OMI tokens securely and offline, and the Secure Wallet has quickly become one of the most robust cold storage hardware devices available.
Understanding Non-Fungible Tokens
If you’ve been around ECOMI for a while chances are you know exactly what a non-fungible token is. For everyone else, though, a little refresher.
- Non-Fungible tokens, or NFT’s, are those that are unique and verifiably different from other tokens. They can be tied to digital assets, such as ECOMI digital collectibles, or backed by physical assets like property.
- When it comes to digital collectibles, each collectible is identified using an individual token (NFT). This token is full of metadata about the collectible itself, including the type, name, characteristics, series, edition, etc…
- Thanks to the blockchain, this information can never be altered, and the ownership of the non-fungible token (and thereby their attached digital collectible) is recorded each time a transaction/trade is made, to verify both the legitimacy of the collectible and the new ownership.
- NFT’s can be used in an ever growing system of applications, namely in gaming and collecting where ECOMI is concerned. However, NFT’s are also being used in real-estate, providing fractional ownership of physical assets, and to create liquidity in generally illiquid markets, as you can now buy/trade/sell assets across the world in a matter of seconds.
- Any platform which supports the same NFT token standards will allow you to use your digital collectibles cross-platform.
To understand more about NFT’s, and token standards, please see:
Wait. What does a token standard even mean? And how does it apply to non-fungibles?medium.com
Introducing ERC721 to the Secure Wallet
The ECOMI Secure Wallet already has the capabilities to store more than 1000 cryptocurrencies. Now, as we make way for ECOMI Collect, we have integrated the ERC721 NFT standard, upon which many digital collectibles and in-game items are built.
ERC721 was popularised in late 2017 with the rapid adoption of CryptoKitties, a game which allowed for the purchase, and subsequent ‘breeding’ of digital cats. These cats were bought and sold as a virtual token, and some have fetched prices over $100, 000! The ERC721 standard was the first non-fungible token standard and has allowed for the creation of hundreds of new games and digital assets.
By incorporating this standard on the Secure Wallet (and ECOMI app) you can now store your digital collectibles securely, offline, in our cold storage wallet. Moreover, using the ECOMI app, you can now display your digital collectibles from within the app itself! No more hassles connecting to each website and going through the arduous process of storing keys/passwords in multiple places just to see your digital assets.
How Do I Keep My Digital Collectibles Safe?
Using the Secure Wallet to store your digital collectibles (NFTs) is incredibly easy and intuitive. In fact, if you’ve been using the Secure Wallet to store your cryptocurrencies, it works in the exact same way as adding a new currency.
I would also like to remind everyone that at the time of release, you will indeed need the Secure Wallet hardware card for this to work. If you haven’t got yours yet and would like to protect your digital assets in the most convenient way possible, visit https://securewallet.shop/ to get started.
I will also take a moment to direct you to our very well thought out support section if you ever get stuck, but for those who are new or just want to see how it works:
1.When the app update is released (and you have updated your Secure Wallet accordingly), open your settings.
2. Choose the wallet you wish to manage in case you have more than one. The image below also shows the ‘hot wallet’ feature, which is coming soon but is not yet active.
3.Hit ‘Manage NFTs’
4. This will open up your current list of NFTs. As you can see in the example image below (left) there are no NFTs currently stored on the Secure Wallet. This is what yours will look like the first time too!
5. Search for your favourite NFTs in the same way you would add a new cryptocurrency. This can be done by scrolling through the available list, or by searching for your digital collectibles using our search bar. Once you have found the NFT you wish to store, simply hit ‘add’ and it will be added to your list and home screen (image below, right). Remember you can always re-order the way your cryptocurrencies or NFT’s appear on your home screen, by using the ‘manage NFT’s’ option.
6. Return to your home screen, and select one of the NFT’s. We’ll stick with Cryptokitties for the sake of this example.
7. As you can see in the image below (left), you can rename your wallet (up to 5 can be created per NFT standard), select the ‘more’ option to learn more about the collectibles/games themselves, and send/receive your NFT’s the same way you would a normal cryptocurrency like Bitcoin or Ether.
To receive, and store, your favourite digital collectibles, simply hit ‘Receive’ to generate your wallet address. You can then copy and paste this (or scan the QR code) to where ever you are sending the NFT from.
8. Once you have sent your NFT to the Secure Wallet, it will appear in your wallet, along with any information attached to the collectible. As you can see in the images below (center and right), your digital collectibles are now secure, and you can tap each one to learn more about them or send them to another address.
Can I Only Store ERC721 Collectibles?
The short answer is yes. With this app update, only Ethereum based ERC721 NFT’s can be stored on the Secure Wallet. It is the first, and most widely used digital collectible standard, giving you the most options for storing your digital collectibles.
Future updates will add other NFT standards, as we strive to be the go-to cold storage wallet for digital collectibles. This Secure Wallet update is also imperative to the roll-out of ECOMI Collect, offering our very own premium, licensed digital collectibles as GO721 NFTs. Soon you’ll be able to use the ECOMI app hot wallet feature to store your collectibles without needing a Secure Wallet, however cold storage will always be the most secure solution.
It is also worth noting that in order to send your NFT’s from the Secure Wallet, you will also need to be holding some ETH to use as ‘gas’ for the transaction. More info here.
Want hot AND cold storage on the fly? Soon the ECOMI app will give you exactly that!medium.com
Get Ready for the OMI Token!
In addition to rolling out NFT storage, this Secure Wallet update will also add the ability to store our very own OMI token securely and offline.
As you may be aware, the ECOMI private raise and public sale (IEO) were both successful, allowing us to reach our fundraising goals and continue to develop ECOMI Collect. We have also recently ticked off other milestones, including the token generation event, and distribution of tokens to token sale participants.
Now those precious OMI tokens can be stored safely and securely with the Secure Wallet, and before you know it you’ll be able to use them to purchase your favourite premium digital collectibles on ECOMI Collect! For more information on how to send/receive tokens on the Secure Wallet, please see ‘Sending and Receiving with the Secure Wallet.’
Thanks to the latest update, the ECOMI Secure Wallet can now store:
- Bitcoin, Litecoin, Ethereum, XRP, and Bitcoin Cash
- Our very own OMI token
- More than 600 ERC20 tokens
- GoChain’s GO token
- ERC721 non-fungible tokens (your digital collectibles)
Not to mention being able to convert your crypto from within the ECOMI app itself! The integration with Changelly not only keeps your digital assets as safe as possible, but it also allows you to exchange between more than 100 currencies without leaving the ECOMI app. More info:
Who said you need an exchange? Swap your crypto IN-APP with our Changelly integration!medium.com
The next ECOMI app update will also activate our newest ‘hot wallet’ feature, allowing you to use all of the amazing storage options of the Secure Wallet while only using the ECOMI app!
ECOMI is a technology company based in Singapore and is leading the way in the emerging digital collectibles space. ECOMI offers a one-stop-shop for digital collectibles through the ECOMI Collect app bringing pop culture and entertainment into the 21st century.
The Collect app allows users to experience true ownership of premium digital collectibles. Through the app marketplace, users can obtain common, rare, or one-of-a-kind digital collectibles, share these across the social network service, and exchange them with the Collect community, all from the palm of their hand.
ECOMI sees digital collectibles as a new asset class which offers intellectual property owners the opportunity for new revenue streams in the digital landscape. Digital streaming, gaming, and in-app purchasing have become a multibillion-dollar market and the next to join this digital trend is the pop culture and collectibles industry.