OMI Project Arrives to Uniswap Wednesday
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A brand-new project is making the rounds with expectations to make it big soon. Ecomi (OMI) offers a new collection of 3D digital items, bound up with non-fungible tokens. As of March 22, OMI is still among low-cap coins with a significant upside potential based on social media mentions.
The OMI token gained attention for growing 500% in a few days, and breaking the $0.01 cent mark. The chief attraction of this token is that it is potentially still in the early adoption stage, and may continue to grow in popularity.
Where to Find OMI
OMI is currently only available on two exchanges with relatively thin trading volumes. Bitmax and BitForex both offer OMI trading pairs against the Tether (USDT) stablecoin. The pairs are so far low on liquidity based on the Coinmarketcap index, suggesting the price may be highly volatile and slip with little selling.
But OMI is also in a period of heightened social media hype and mentions, possibly going for a short-term spike. Raw enthusiasm was rooting for OMI over the weekend.
OMI on Uniswap
The chief attraction of OMI is that its Uniswap trading pair will be available from Wednesday onward. A listing on Uniswap will mean OMI enters immediate price discovery, adding on the gains achieved so far.
OMI, however, is not based on the Ethereum protocol, though it will still make use of automated trading on Uniswap. The team will be available for comments and details on the new trading pairs.
For now, the launch is going smoothly, though the Ecomi team is solving issues with slow updates on their secure wallet. In the future, Binance is also envisioned as a possibility for OMI, giving it potentially highly liquid trading pairs.
Solving NFT Problems
One of the problems OMI solves is the high fees for ETH-based non-fungible tokens. The token is based on the GoChain network. Currently, above 34,000 users hold the newly issued tokens.
The total supply will be 750 billion tokens, with regular burns happening to boost price. The OMI tokens are used to purchase unique 3D images on the VeVe marketplace. The utility of OMI will thus double, both as a tradable asset and as a tool to acquire desirable collectibles.
The other problem that OMI solves is to create a low carbon NFT marketplace. Because NFTs reached the wider public, immediately the mining of Ethereum caused concerns about wasting energy and a bad ecological profile. The GoChain is both compatible with Ethereum, and relies on staking instead of mining, diminishing its energy demands.
Additionally, the VeVe marketplace will buy carbon offsets and donate OMI to diminish its environmental impact. For the end user, this will mean minting NFTs without the hefty gas fees.
Where Do the NFTs Live?
The images behind non-fungible tokens have one chief issue that may discourage investors. Right now, the storage of rare collectibles is cloud-based, and usually hinges on the goodwill of the artist or platform to keep supplying the images. One Twitter user commented on how exactly the images are created and stored.
One artist even decided to show that no one actually owns their rare pictures, as the NFT hash does not contain any information about the image. It is possible that the images will one day cease to exist, despite the tokens still being in circulation.
For now, the VeVe marketplace will issue and host a unique URI for each 3D image, containing metadata and verifying the authenticity of the image. The 3D collectibles of VeVe are also usable as augmented reality and shareable on social media.
OMI Price Independent of NFT Valuations
As of 2021, it is unknown how long-lasting each NFT project will be. But in the short term, the OMI token has the chance of entering price discovery.
To avoid wild fluctuations of the crypto collectibles, the VeVe marketplace made them independent of the OMI price. The OMI token serves only to make the initial purchase, but the collectibles themselves are priced in dollars for a more intuitive and predictable price. On the secondary market, the collectibles and gamified items can then be traded for higher prices. VeVe collectibles are just picking up, expecting to become more valuable with time.
The OMI used for an NFT purchase is burned, thus making OMI more valuable as more collectibles become activated. This will keep diminishing the OMI supply, creating an incentive to hold onto the tokens. At the same time, OMI is also available for purchase through a debit card, similar to other in-game tokens, though with full crypto asset functionalities and wallet access.
OMI started the new week with a price just above $0.01, and growing trading volumes. The coming sessions will show the potential of OMI for growth, both due to trading and NFT issuance.
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