How And Where To Buy OMI: Be Ready for the PUMP!!

At this stage, it is crystal clear that the innately transformative, avant-garde nature of the digital asset ecosystem is ultimately the element fuelling the ideation of such cutting-edge economic models and alternative financial paradigms.

In fact, ever since the inception of Bitcoin and its innovative blockchain infrastructure, the technological frameworks powering crypto assets have only but developed, optimised, and refined their use cases. From smart contract applications to cross-chain bridges, from on-chain gaming to sharding, and from DeFi to NFTs, blockchain-enabled economies have come to fundamentally restructure the way individuals conceptualise financial technology, art, entertainment and, ultimately, monetary value.

One particular segment in the world of cryptocurrency that has taken the markets by storm is the one revolving around NFTs, a new blockchain-induced economic, artistic and cultural movement spearheaded by the proposition of immutable on-chain ownership of assets.

The recent craze-driven sentiment surrounding NFTs is primarily linked to the ability of these non-fungible tokens to preserve authenticity, originality and value on-chain. Furthermore, non-fungible tokens are able to forward intricate value preservation infrastructures and have come to effectively redesign the concept of uniqueness and scarcity in the digital asset framework. For example, CryptoPunks are one expression of NFT art that are unique, incredibly scarce, and an embodiment of the earliest form of NFT culture.

In addition, the ability to store valuables on-chain as non-fungible tokens is proving particularly beneficial for artists and collectors as it creates a new, permissionless, disintermediated environment for them to buy and sell their art pieces. The economic incentive that comes with holding and trading NFTs has led to the sustained development of NFT-centric marketplaces and exchanges, such as Opensea, OKX NFTs, and Binance NFT to name a few.

However, apart from Opensea, Rarible and Binance NFT, a wide array of NFT marketplaces have come onto the scene. One of these marketplaces is the one offered by ECOMI, a technology company based in Singapore that is leading the way in the emerging digital collectibles space.

In this piece, we will be primarily focusing on the process of buying OMI tokens, ECOMI’s native assets, and will analyse some of the best exchanges offering them. Admittedly, there aren’t many exchanges offering the OMI token, thus it seems only constructive to provide a step-by-step guide on how to purchase OMI on both the centralised and decentralised exchanges available. Ultimately, if you’re still trying to wrap your head around what OMI is and how to buy it, we have you covered!

But before we progress onto how and where to buy OMI, let’s just briefly introduce the project, shall we?

About ECOMI

ECOMI offers a one-stop-shop for NFT collectibles through the VeVe App bringing pop culture and entertainment into the 21st century. The VeVe App allows users to experience true ownership of premium digital collectibles and authenticated NFTs (a-NFTs). Through the App’s marketplace, users can obtain common, rare, or one-of-a-kind digital collectibles, share these across the social network service and exchange them with the VeVe community, all from the palm of their hand.

ECOMI views NFTs as the next digital, financial and artistic frontier in not only the crypto space but actually in real-world applications as well. Furthermore, ECOMI seeks to conceptualise digital collectibles as a new asset class that offers intellectual property (IP) owners the opportunity to gain access to new revenue streams in the digital landscape, such as royalties for example. 

Digital streaming, gaming, and in-app purchasing have become a multi-billion dollar market, and the pop culture and NFT collectible industries are most likely poised to be next in line to join this flourishing digital trend.

The ECOMI-powered VeVe NFT marketplace brings the world of collectibles into the digital realm and allows artists, creators and collectors to communicate, exchange, and buy and sell NFT artworks. VeVe users can collect limited edition 3D sculptures of their favourite heroes, characters and icons in premium digital format directly from their smartphones.

As a marketplace, VeVe is the leading mobile-first digital collectibles platform with over 300,000 users and more than 500,000 digital collectibles sold since the App went live at the beginning of 2021, with the App being consistently ranked in the top entertainment applications in the world. In addition, VeVe offers users a new way to participate and interact with their favourite fandoms, with officially licensed, premium 2D and 3D digital models and artworks from some of the world’s biggest brands, including DC, Cartoon Network, General Motors, Givenchy, Warner Brothers, Universal Studios and more.

Since its inception, VeVe has been built to accommodate both crypto-native and mainstream audiences, and its ease of onboarding and low barrier to entry have contributed massively to the platform’s early and continued success. With the increasing adoption and progressive, societal understanding of digital assets and NFTs, ECOMI seeks to introduce its own native utility token OMI into the realm of NFT functionality, as well as incentivise its use in the purchase and sale of digital collectibles within its platform.

About OMI

OMI is a utility token that can be used to buy and sell digital collectible NFTs on the VeVe marketplace. OMI also underpins all financial transactions within the App, however, most of these have been hidden from the user for ease of use and onboarding. The OMI token ecosystem is complemented by an innovative buy-back and burn system based on the sale of NFTs on the VeVe platform, effectively making OMI deflationary and increasing its long-term levels of scarcity.

With future DeFi and staking opportunities, as well as a wide range of additional incentives designed to maximise token utility, OMI will continue offering a dynamic set of functionalities within the ECOMI ecosystem that will also continue to be integral to the App’s development and maximise value for token holders.

Currently, at the time of writing, OMI is trading at approximately $0.003 and has pulled back over 70% from its March 2021 highs. The token generation event took place in May 2019, with a total supply cap of 750 billion tokens. However, thanks to the tokenomic design of VeVe, almost 450 billion of these tokens will never enter circulation. In fact, to accommodate the range of transactions that take place on VeVe, OMI tokens were initially distributed in the following manner:

• VeVe Reserve Wallet: 300 Billion OMI. These tokens never enter circulation.
• VeVe Vault Wallet: 40 Billion OMI added for initial liquidity purposes. This wallet acts as a staging wallet between the in-App reserve and the Burn wallet. These tokens also never enter circulation.
• Business Development Fund: 150 Billion OMI.
• Team, Advisors, Board Members: 150 Billion OMI.
• Private Sale and Public Initial Exchange Offering (IEO): 110 Billion OMI.

Since the launch of the platform, 103 billion OMI tokens have been removed completely from the total token supply. In fact, 97 billion OMI were removed from the Business Development Fund and locked indefinitely in smart contracts by the team, and an additional 6 billion OMI have now been burnt from the purchase and sale of NFTs on the VeVe platform. Essentially, this means that of the 750 billion tokens originally minted, there are now less than 647 billion in the total supply, and less than half of that supply can ever enter active circulation.

In the long run, ECOMI will continue deploying its buy-back and burn architecture to ensure a constant reduction of OMI tokens in circulation and, as these features are based on the sale of NFTs on its platform, it will look to deflate the circulating supply of tokens in perpetuity and regardless of market conditions.

Now, before we progress onto how and where to buy OMI, it is important to note that the OMI token is non-ERC-20 compatible per se, as it utilises the GO-20 standard based on the GoChain blockchain. This, in turn, means that OMI investors will need to connect to exchanges and utilise wallets that support GO-20 assets. However, because GO-20 tokens aren’t as popular nor as widely adopted as the Ethereum ERC-20 standard, VeVe has recently announced its partnership with Layer-2 scaling solution Immutable X that will provide the infrastructure required for the NFT marketplace to scale from its current 300,000+ collector user base and perform seamless, secure and carbon-neutral NFT transactions.

Utilising StarkWare’s leading zero-knowledge-proof technologies, Immutable X is able to provide instantaneous, gas-free transactions while retaining the security of Ethereum, and will eventually allow VeVe to migrate fully from GoChain to the ETH ecosystem.

As previously mentioned, the amount of exchanges offering OMI isn’t too extensive, but the ones that do include:

• Gate.io
• Bitforex
• AscendEX (BitMax)
• OKEx
• Uniswap

Buying OMI On Gate.io

Gate.io is a popular digital asset exchange to trade altcoins and it has a large number of tradable crypto pairs.

In order to buy OMI on Gate.io, investors should:

• Navigate to Gate.io.
• Click ‘Sign Up’ to create an account and get started.
• Depending on the policies of the exchange, users might be required to undergo a Know Your Customer (KYC) procedure in order for their account to be verified. It should be noted that the KYC process could take as little as 30 minutes or as long as multiple days.
• Once approved, users will need to either deposit USDT into their trading account on Gate.io or purchase Tether with a credit card.

• Once funds have been deposited and Tether has been purchased, investors can then progress onto trading OMI against USDT.

• To start trading OMI/USDT, users should navigate to the left hand side of the dashboard and search ‘OMI_USDT’, as shown in the image below.

• Click ‘OMI_USDT’.
• Click ‘Buy OMI’.

• Et Voilà! That’s it! You’ve just bought yourself some nice OMI tokens.

Buying OMI On Bitforex

Bitforex is another relatively well-established crypto exchange allowing users to buy and sell OMI against Tether (USDT).

To buy OMI on Bitforex, users will need to:

• Navigate to Bitforex.com.
• Register for an account.
• Buy USDT on a reputable exchange such as Binance.
• Transfer USDT from Binance to your Bitforex account wallet.
• Users can also purchase USDT with a debit or credit card directly on the Bitforex trading platform, for ease of use.
• For simplicity, the Bitforex Team provides users with a series of video tutorials on how to get started with using the platform. This video describes a step-by-step process on how to deposit USDT from, say, Binance to your Bitforex account and use it to start trading against other pairs like OMI.
• Once USDT has been deposited successfully into the user’s account wallet, investors will need to type ‘OMI’ in the search bar.

• Click ‘OMI/USDT’.

• Click ‘Buy OMI’ to initiate the trade.

Buying OMI On AscendEX

AscendEX is a very reputable cryptocurrency exchange offering a wide selection of tokens and different asset pairs. AscendEX listed OMI on March 2nd 2021 and, at the time of writing, the exchange manages over $1.1 million in OMI trading volume.

To purchase OMI on AscendEX, users will need to:

• Navigate to AscendEX.com.
• Sign-Up for an account.
• Activate their trading account by depositing digital assets such as BTC or ETH into their wallets.
• Trade ETH or BTC for USDT.
• Click ‘Market’.

• In the search bar, type ‘OMI’ and select ‘OMI/USDT’.

• Select the amount of USDT to trade from OMI, adjust any eventual stop losses, and click ‘BUY’.
• And You’re All Set!

Buying OMI On OKEx

OKEx is one of the top cryptocurrency exchanges and trading platforms, hosting over 20 million traders in more than 200 countries and offering 400+ crypto asset pairs.

OKEx currently manages over $500k in daily trading volume for OMI, however, these metrics will most likely increase as the token starts gaining more traction over the long-run.

Purchasing OMI on OKEx is a rather straightforward process and in order to do so, investors will need to:

• Navigate to OKEx.com.
• Click ‘Sign Up’ to get started with an account.
• Click ‘Markets’.

• Type ‘OMI’ in the search bar.

• Click on ‘Trade’ on the right hand side of the dashboard.

• Select either ‘Limit’, ‘Market’, or ‘Stop’ order.
• Select the amount of USDT to trade for OMI tokens.
• Adjust any eventual stop losses.
• Click ‘Trade’.
• View all your open positions at the bottom of the trading dashboard.

Buying OMI On Uniswap

Uniswap is a leading crypto asset exchange that runs on the Ethereum blockchain and completely differs from traditional exchanges in that it proposes a fully disintermediated, decentralised ecosystem in which no single entity is allowed to own, control or operate its network.

Furthermore, Uniswap leverages a fairly new kind of trading model called an automated liquidity protocol, which obviates the need for trusted intermediaries and prioritises decentralisation as well as security. However, OMI cannot be naturally traded on the Ethereum blockchain due to the fact that it isn’t a native ERC-20 token. Luckily, there’s a solution for this. Token Wrapping!

For anyone new to tokens and chain swaps, it is important to make it clear that you do not need to swap your tokens. In fact, wrapping your OMI tokens is simply a process that enables you to use them on the Ethereum blockchain. If, however, you do not intend on using your tokens on Uniswap or similar DEXes, you can leave your tokens as they are.

In order to wrap native GO-20 OMI tokens as ERC-20 OMI tokens (wOMI), ECOMI has designed a chain swap site to make the whole process a lot easier. But, before we progress any further, it is important to note that as all of these interactions happen through smart contracts, holders will need to fund the gas in both directions. That essentially means having both GO tokens and ETH for the contracts to execute and distribute wrapped OMI (wOMI).

To wrap OMI tokens, users will need to:

• Download Metamask.
• Add GoChain To Metamask. To do this, log into your Metamask wallet, change your pre-set network from ‘Main Ethereum Network’ to ‘Custom RPC’, as displayed in the image below.

• Fill in the following details:

• Once the GoChain network has been added, under the ‘assets’ tab, select ‘add token’.
• Select ‘custom token’ and enter the OMI contract address: 0x5347FDeA6AA4d7770B31734408Da6d34a8a07BdF
• The details for the token should automatically pre-fill with the name (OMI) and decimals (18). If not, enter them manually.
• Select ‘add tokens’ to confirm.
• You should now see the OMI token available to send and receive. When you use MetaMask at any point in the future, just make sure you remember to switch the network to GoChain, or you won’t be able to find your tokens.
• Then, send OMI from your preferred exchange to your Metamask wallet.
• In order to receive and view your wOMI on the ‘Main Ethereum Network’ on Metamask, you will need to add this new contract address: 0x04969cD041C0cafB6AC462Bd65B536A5bDB3A670
• It may pre-populate the ticker and decimals, however, if it doesn’t, use Token symbol: wOMI with Decimals: 18
• Confirm and add the new token. You should now be able to see wOMI in your wallet.

Once you have set up MetaMask, are holding the tokens you wish to swap, and have both GO and ETH tokens in your account for gas, you can continue with the token swap process.

• Navigate to Chainswap.ECOMI.com.
• Click ‘Connect to Metamask’. If your Metamask is set to the GoChain network, you will see the swap direction is OMI > wOMI. If it is set to the Ethereum network, you will be presented with the opposite swap direction wOMI > OMI.

• Once your wallet is connected, enter the amount of OMI you wish to swap and click ‘Swap OMI’.
• Confirm and Approve Transaction on Metamask.
• Once that transaction is approved and processed you will need to open your Metamask and switch to the Ethereum Mainnet in order to approve the distribution of your wOMI tokens.
• Return to the swap site and select ‘Pay Fee’ to fund the wOMI token distribution transaction.
• Once the transaction is fully confirmed, your wOMI tokens will be distributed to your Metamask address and you will be able to trade them on the Uniswap DEX.
• Happy Trading!

Conclusion

One particular segment in the world of cryptocurrency that has taken the markets by storm is the one revolving around NFTs, a new blockchain-induced economic, artistic and cultural movement spearheaded by the proposition of immutable on-chain ownership of assets.

Furthermore, the ability to store valuables on-chain as non-fungible tokens is proving particularly beneficial for artists and collectors as it creates a new, permissionless, disintermediated environment for them to buy and sell their art pieces. With the growing economic incentives that come with holding and trading non-fungible tokens, several NFT-centric marketplaces have come to life on the scene.

Apart from Binance NFT, Solanart, CNFT and Opensea, to name a few, one of the most obvious, consistently growing NFT marketplaces in the space is ECOMI with its VeVe platform. ECOMI is powered by its own native asset OMI, but this token isn’t as readily available as many other tokens in crypto, primarily due to the fact that it operates as a GO-20 token on the GoChain blockchain.

Thus, it was only natural for us to provide you with a step-by-step guide on how to get your hands on the OMI token in order to participate in its growing NFT ecosystem and, perhaps, even buy your first non-fungible token on the VeVe marketplace. Enjoy your OMI, folks!