In recent months, Non-fungible tokens (NFTs) have become wildly popular, generating interest from crypto enthusiast around the world.
For readers who are unfamiliar with NFTs, NFTs are unique digital “products” which you can collect and it represents an ownership of a unique item. With NFTs, artwork can be “tokenised” to create a digital certificate of ownership that can be bought and sold.
Riding on the rise of NFTs, ECOMI, also known as OMI, is created to provide a one-stop shop for digital collectibles. This is done through its NFT marketplace VeVe.
ECOMI aims to become the world’s largest NFT marketplace, bringing pop culture and entertainment into the 21st century. Other than operating VeVe, ECOMI also has another product called Secure Wallet which is a digital cryptoasset wallet.
VeVe – The NFT Marketplace by ECOMI
Once known as ECOMI Collect has been rebranded into VeVe, which allows anyone to easily buy, sell and trade premium digital collectible and other virtual items in the digital marketplace, similar to an e-bay of digital collectible.
Here’s what VeVe looks like:
The digital marketplace is operated using ECOMI’s native token which is the OMI coin, allowing users to transact, stake the token as well as accessing premium features.
On top of the purchases, users of VeVe are also able to showcase their collectibles or displaying them as augmented reality creations. They also has a personal showroom feature on the VeVe app.
All the digital collectibles produced by ECOMI are released in limited number Series. With the limited quantity production, this helps allow for the appreciation of the digital collectible.
Users can also perform peer to peer transfer of their digital collectible with one another should they choose to.
Why is ECOMI worth looking at
According to a news report, in the first quarter of 2021, the user base of VeVe grew 11,225% and currently stands at 86,000 total users. These are highly niche user base who are early adopters of the NFT movement.
There are no public data on the revenue of the ECOMI protocol but here’s a look at the token flow:
Ecomi also creates the product that they think is the best for the collectible market and potentially one of the first that’s going to the mass market.
Beyond riding on the tailwind of the NFT wave, ECOMI has recently announced massive partnerships with some of the top entertainment brands in the world, most notably with Marvel Entertainment.
Existing partnerships include Warner Bros, Capcom, Adventure Time, the NFL, General Motors, and DC Comics.
“Through VeVe’s platform, we hope to expand the limits of what Marvel fandom can be, starting with personal and interactive digital collectibles that, through NFTs, fans can truly collect, share, and enjoy in a way that they have not been able to do before.”— Daniel Fink, Vice President of Business Development and Strategy, Marvel Entertainment.
For believers of OMI, the thesis is that digital collectibles will be a huge industry in the future, and NFT will be a widely adopted phenomenon.
Currently, the collectibles industry generates over $200 billion per annum, with toys and collectibles taking the most part of it. OMI believers believe that this global market is about to enter the digital realm, with ownership of digital collectibles recorded on the blockchain, and that OMI will be the dominant market leader in this space.
The partnership with Marvel also further strengthen’s OMI’s dominant position in the NFT space and the team teases partnerships with bigger global brands.
It was also reported that in the first half of 2021, NFT sales volume surges to $2.5 billion, up from just $13.7 million in the first half of 2020.
Data seems to support that NFTs and collectibles are here to stay, and ECOMI is probably the dominant player in this space to keep an eye on.