There are now quite a few marketplaces for NFTs. The largest so far is undefeated OpenSea. They are peer-to-peer exchanges for the exchange of digital goods, the so-called non-fungible tokens. VeVe, on the other hand, is still a fairly young platform. Founded in December 2020, it was once called “ECOMI Collect.”
The ECOMI blockchain and the ecobalance
The name ECOMI refers to the blockchain and the cryptocurrency. The blockchain is the basis of the trading marketplace and handles transactions using smart contracts. So, the marketplace is completely decentralized and works on a peer-to-peer basis. Apart from that, everything else you are used to from smart contract platforms is here: dApps, the staking, various token standards. The token standard for NFTs is the GoChain 721, so initially the blockchain runs on the GoChain. However, this is expected to change in the future. A switch to Ethereum’s Layer 2 is planned. The reason for this: the eco-balance.
The GoChain relies on Proof-of-Stake, while the classic Ethereum still uses Proof-of-Work. The PoW method repeatedly makes the headlines due to its high power consumption. Mostly, this is about Bitcoin. The creators of ECOMI have deliberately chosen a different solution in order to offer a CO2-neutral service. However, since Ethereum also wants to switch to PoS, the change is now taking place.
The ECOMI token: IDO and price development
The project’s ECOMI token serves as a utility token. It can be used to buy and sell NFTs on the platform. The actual distribution of the token took place in May 2019 during an Initial DEX Offering on Bitforex, under the following conditions:
- At that time, 1 OMI was equal to 1 Satoshi (the smallest unit of a Bitcoin)
- 750,000,000,000 OMI is specified as the maximum supply. More will not be distributed
- 450.000,000,000 of which, according to the developers, will never flow into the market. Instead, they reside in the “VeVe Reserve Wallet.”
- Continuous token burns are supposed to ensure that the total supply of OMI decreases over time
- The token can only be purchased on a few exchanges. Currently, only Gate.io, AscendEX, OKEx, Uniswap and BitForex do so. The cryptocurrency reached its previous all-time high of 0.0338 on March 19, 2021. Meanwhile, the price fluctuates around $0.006 and $0.008.
The Marketplace and the Role of Gems
The marketplace is where the various NFTs can be traded. Users have the option to buy directly from VeVe in the “Store”. Or they can trade with other users on the “Secondary Market”. The company behind the platform thus also acts as a trader and seller. It is therefore not a purely decentralized platform like OpenSea. In the store, the prices are fixed, while on the market it is the users who determine the prices. On the Secondary Market there are still additional fees.
On the Marketplace, users continue to receive “Gems” as internal currency. 1 Gem is always equal to 1 US Dollar. This is intended to make it easier for newcomers to the crypto space to use ECOMI’s trading platform. Users buy Gems using the credit card linked to the account via Google Play or the Apple App Store. If someone buys an NFT with the Gems, then they are exchanged for OMI and subsequently burned.
Vault Wallet, Reverse Wallet and Secure Wallet
When Gems are exchanged for tokens, both Reserve and Vault Wallets play an important role. When users buy Gems, OMI are pulled from the Reserve Wallet in the background. When they are purchased, they then end up in the Vault Wallet and are burned there. What may sound unnecessarily complex, the developers deliberately designed it that way. This is to prevent users from being confused by tokens, wallets, keys and other crypto terms. They should not notice the constant Vault transfers.
Furthermore, ECOMI recommends its own secure wallet. This is a hardware wallet, similar to the sticks from Ledger and Trezor. This secure wallet automatically connects to the VeVe marketplace. Furthermore, it can be used to store NFTs securely. Non-fungible tokens from other platforms should also be able to be stored on the Secure Wallet.
The marketplace: Which NFTs does VeVe offer?
Many NFT markets are decentralized platforms. Basically, anyone can offer their own creations in token form there. We have already published a guide to NFT creation. VeVe is different. The platform works exclusively with well-known companies and brands. Not a place for free artists, but a trading place for licensed brand NFTs. These include NFTs on DC Comics, Cartoon Network, Marvel, Star Trek, Jurassic Park or Back to the Future. Sports are also represented with the NFLPA (National Football League Players Association). If you’ve always wanted to own a unique digital collectible of Batman, Superman, Adventure Time or The Simpsons, you may find what you’re looking for here. Currently, the platform offers digital Marvel comics such as from the Amazing Spider-Man or Thor series.
Collectibles can be subdivided
NFTs are limited to a number of pieces. With several thousand to ten thousand copies, the rarity value is initially limited. However, some NFTs have rarity gradations. Collectibles can be divided into:
- Ultra Rare
- Secret Rare
For example, there are 10,000 copies of a Thor comic. 6.000 of them are “Common”, but only 250 are “Secret Rare”. Non-fungible tokens differ in terms of covers or other features. Apart from that, there are detailed and animated 3D models and showrooms with augmented reality. In the showrooms, the models can be set up and shared with the world.
How to start trading on VeVe?
For this, you need your own app. This is available in the Google Play webstore and the App Store. From there on, it’s not that difficult. You connect the credit card to the app and then buy the Gems. Then you choose the NFTs you want to purchase from the Store or Secundary Market.
What is the company behind VeVe?
David Yu is the CEO of ECOMI. He previously founded the toy company Games R Us. Together with co-founders Daniel Crothers and Joseph Janik, they launched the company in May 2018. Current headquarters are in Auckland, New Zealand. The company’s focus is on NFTs and digital asset protection. The developers primarily operate in the Asian region.
“Collectibles have a special social aspect that brings people together because of a common interest,” David Yu said in an interview. “ECOMI Collect exclusively enables digital collectibles to come to life through AR. We expect this to become a defining element of the collectibles community.”
What is an IDO?An "Initial DEX Offering" is a special type of ICO (Initial Coin Offering). The distribution takes place via a decentralized exchange, or DEX. Here, the blockchain developers offer their cryptocurrency for sale for the first time. Since the trading platform is completely decentralized, they do not have to cooperate with other companies. Smart contracts carry out the process fairly and transparently. At the same time, costs can be saved in this way. For investors, however, there is no entity that controls the ICO.
FAQ – Frequently Asked Questions
Basically, all you need is the app and a credit card to trade on Veve. Then you transfer the money, which is subsequently converted into Gems. No special knowledge of cryptocurrencies is necessary.
Prices are more in the double digits. The developers set the price, which is valid for the time of the “drop”. On the secondary market, on the other hand, the sellers decide, and here the prices can fluctuate a lot.
It is perfectly possible to invest in an NFT through Ecomi and speculate that it will increase in value. Then it can be sold for a profit on the secondary market. However, there is no guarantee that it will work out. You can also invest in the ECOMI token.