Oh Me, Oh My! There’s a New Crypto Spelled O-M-I

If you’ve loaded up on your Doge, already bought a bunch of ADA, and your DOT and LTE levels look good, then you just might be in the market for yet another crypto currency investment. We’re not ones to disappoint, so here we have the very latest in crypto alt coins, OMI.

Pronounced, Oh-me, OMI is yet another blockchain for your wallet. What makes it unique is that it was devised specifically for the sale of collectible Non Fungible Tokens, or NFTs.

Since, NFTs are still relatively new, we’ll continue to define them for you as intangible objects created and sold in the digital space, such as videos, gifs, memes and jpegs, but are in limited release. Fun fact, NFT technology was originally created for supply chains to validate authenticity of items, each of which would come with a code you could use to check against the blockchain.

Taking the NFT craze a step further, OMI was devised for major cultural brands such as the DC and Marvel universes to have entire digital collections for sale utilizing their platform. Unlike other cryptocurrencies, OMI comes complete with it’s own jargon. To understand it, you’ll also need to know about: Ecomi, Veve and Gems.

Ecomi is the tech company from Singapore who created OMI. They have two products: a crypto wallet called SecureWallet and the Veve sales platform. Pronounced Vee-Vee, Veve is a mobile app where you can go and buy collectible NFTs in categories such as common, uncommon and one of a kind. Their goal is to become the Netflix of the NFT space. One of their most recent NFT drops was a 3-D rendering of the Back to the Future Delorean. In order to get all the licensing they needed to create these unique NFTs, they hired the former founder of the 4Kids! Channel, Alfred Kahn, as their head of licensing. He’s credited with bringing a version of what we now know as Pokemon to the U.S., and is a whiz at licensing.

As soon as you download the app, you’ll get two different wallets. One is for OMI tokens, which may be too volatile to use for buying NFTs, which is why they created a second wallet. Within the second wallet, you have Gems, which will always equal the value of one US dollar. Gems are meant to alleviate any confusion regarding the cost of your purchase, as well as to provide a more stable currency, but more on that later.

OMI is one of the cryptocurrencies you can use on the Veve platform. It’s a deflationary currency with a finite supply of 750 billion tokens. This sounds like a lot of tokens, but 450 billion of them are reserved for buybacks, which means at any time someone buys a collectible, that OMI is removed from the network. A percentage is held back, however, so that it is later reinvested to create more OMI as it becomes depleted. The built-in restoration feature is so far unique to this currency, the effectiveness of which will be worth watching over time. A simple formula for how it’s implemented is as follows: (Gem Sale – 30% Fee) – (NFT Sale – 30% Fee) + ((NFT Sale – 30% Fee) + *10%).

Some Downsides to Trading OMI

Investors should be wary of some genuine pitfalls on the path to ownership. OMI has a lot of “whales,” or investors who own millions of tokens. If any of them attempt a pump and dump, several smaller investors will be left holding the bag. If you want to buy OMI independently, you have to use Uniswap, which is tedious to say the least. If you’re thinking, “That’s fine, I’ll just use their Veve app,” well, that’s not a bad idea, but there are pitfalls there as well. The Veve app is technically in beta phase and is often taken down because it can’t handle the amount of OMI growth. So, expect random shutdowns as part of your buying experience there. Even if the Veve app usage is a seamless process for you, you should also be aware that once you buy Gems to make purchases, you can’t convert them back to OMI or dollars. So, you’re trapped into spending with them whether you want to or not, though we’re told they’re working on making it so you can at least convert back to OMI. Lastly, there’s always the threat that someone else could come along and make their own app, create their own cryptocurrency and make their own NFTs to sell. While this might seem cost-prohibitive to most, it wouldn’t necessarily be for say, Disney, who owns several of the most collectible brands in the world. 

What Can Drive Up the Price of OMI?

Let’s say these pitfalls don’t deter you. How can OMI potentially “go to the moon” for you as an investor? First and foremost, getting OMI listed on a decent exchange would greatly improve the fortunes of early stakeholders. Let’s face it, put simply, Uniswap blows. Investors with a great degree of patience buying on this particular platform are sure to see it pay off once OMI is traded on a better platform like Binance, Kraken, Gemini, Coinbase or Crypto.com—any of which would be huge. Additionally, the more brands and the bigger the brands Ecomi can license, the better for customers and investors alike. With major brands such as DC, Ghostbusters, Jurassic Park, Star Trek, Power Puff Girls and Back to the Future, the future of OMI and NFTs is truly looking bright.