Ecomi, virtual Comic-Con?
Hermetic Science: Breaking Down Crypto Projects.
The aim of this study is to demystify cryptocurrency from what appears to be magic internet money into more simply a type of currency that uses distributed ledgers. What those ledgers enable users to do with cryptography (the science of hiding information) is the real magic.
**Disclaimer** This information should not be construed as financial advice, nor should you treat it as a substitute for the services of a certified financial advisor.
I. Crypto Summary
ECOMI is a blockchain project that permits users to trade digital collectibles. These collectibles can be traded via the Veve app that’s available through smartphone using the OMI Token. Through the Veve marketplace, users can collect common, rare, or unique collectibles as well as share them on the social network service with the Veve community.
With Ecomi comes in the token OMI which is based on the Veve blockchain, an immutable record of ownership. OMI is a utility token meaning that it has been designed with the specific purpose of being exchanged for digital collectibles within the Veve platform.
II. Commercial Application
Veve is a blockchain based digital collectible marketplace which allows users to purchase and share their collectibles through a social network service. This translate to a virtual showroom that users can make to display to their friends around the globe.
The economic engine of the Veve platform is the OMI coin, which serves as a means of exchange. Wether you want to issue a new digital collectible or purchase one, you’ll be using OMI. The OMI coin therefore falls under the category of utility tokens, designed specifically to be exchanged within the VeVe ecosystem.
The creators of Ecomi complement the Veve platform with a cold storage product. The secure wallet speaks for itself, using a CC EAL 5+ government-level security to keep your cryptocurrencies and private keys safe. It consists of a credit card design and other details which make it very appealing even to users not interesting in the OMI token.
III. Team
The ECOMI team is led by trio of steeled veterans based in Singapore. Starting off with the CEO David Yu who won the Ernst & Young prize for entrepreneur of the year two times running. David is well known figure, having started several companies over the years, but the most well-known of these is the Games R Us Ltd company, which he started in 1997 when he was just 17 years old.
Over the 20 plus years of entrepreneurship since he has gained quite the expertise of not only the retail industry but also how to successfully launch brands.
A second co-founder of ECOMI, and its COO, is Daniel Crothers. He’s also known for having founded a myriad of companies over the years, including a media company he co-founded that had millions of monthly page views and a large following from social media. He continues to hold interests in a number of businesses, but his recent passion as of late has been in the blockchain space.
The third co-founder of ECOMI is Joseph Janik who’s involved at an advisory level. He previously worked as CEO and founder of Movement Food in Canada, a meal delivery company. His most recent work was at a student loan company called Earnest Solutions. The company gives clients the tools to customize and manage their loan payments by payment, amount, and time.
IV. Potential
With the digital collectibles market valued at close to $5 billion in 2020, the potential upside for NFT trading is huge. Recently NFT’s have made waves not just in terms of price speculation but as a new class of assets. Marketplaces like Openseas and Rarible have seen massive uptick in trading volume. However what sets the Veve marketplace apart is that it consists of the highest number of branded digital collectibles. This means that your favorite movie, tv, comic book and gaming franchise is most likely represented by Ecomi in some shape or form.
V. Risks
One of the main disadvantages of OMI is the difficulty involved with token purchase. COMI token is only available on random exchanges like Bitforex and Gate.io. These are mostly small or medium sized exchanges that most investors would be reluctant to trade on.
It’s also worth keeping in mind that in the first quarter of 2022, its supply will increase and its price will drop. It is therefore a matter of deciding when to enter the market as the widely held trading strategy is to avoid buying into a project or asset when its price is high.
VI. Conclusion
Given the release of the VeVe platform, and the current hype surrounding anything NFT, ECOMI is off to an impressive start. Much of that is due to the partnerships they’ve established, which allows them to mint NFTs from well known franchises.
There’s no doubt that early adopters are pleased with the healthy gains that the OMI token has achieved over the past few months. With so few exchanges currently covering the token should also receive a potential uptick, especially if they can get a listing on one of the major marketplaces like Coinbase or Binance.
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