NFTs are now one of the hottest commodities you could ever afford to find anywhere in the world. From artwork to games and memorabilia to real-estate, practically everyone's rushing to make or buy their very own NFTs.
The technology itself is no doubt a watershed moment for blockchains, by being able to “mint” what is a wholly digital item and give it certifiable proof of authenticity and ownership, not to mention bring value into the real world. That then leads us to our Ecomi review.
The vast majority of NFTs are built on Ethereum, while other blockchains like WAX are making headway into posing themselves as strong contenders. But surely the burgeoning NFT space is worthy of a third choice, right? This is where Ecomi comes in to bring along its own unique take on how NFTs are made, bought, sold, and enjoyed. But could it earn a place on the non-fungible podium? Well, read along our Ecomi review to find out how they may just have an ace in the hole.
What Is Ecomi?
Ecomi is a Singapore-based technology company whose focus is squarely pinned on digital collectibles. Unlike most other NFT collections or marketplaces that are powered by Ethereum, Ecomi has opted to build their platform on GoChain, which they claim is done in the name of scalability and cost.
Compared to Ethereum's 15 or so TPS (transactions per second) on an average day and volatile gas fees, GoChain's Web3-compatible blockchain could muster around 1,300 TPS.
This will be important for Ecomi's economics, which is reliant on growing their userbase, which inherently helps to expand the uptake of NFTs, their value, marketplace activity, as well as the tokenomics of their native OMI tokens.
Ecomi's digital collectibles company itself is then split into two unique elements – VeVe (formerly known as Ecomi Collect) is the primary marketplace and networking platform for NFTs, while Ecomi Secure Storage Wallet keeps your digital assets safe.
What Is the Ecomi Secure Storage Wallet?
First up in our Ecomi review, let's get the wallet aspect of their platform out of the way first. The Ecomi Wallet is a digital asset wallet built for cryptocurrencies, private keys, and, naturally, non-fungible tokens (NFTs). In total, it can store upwards of 1,000 digital assets.
The wallet itself is a hardware wallet, which is a bonus in terms of security, as all your assets are kept in “cold” storage. The hardware aspect of the wallet itself is quite compact, similar in dimensions to a credit card.
It's completely wireless, and you could connect it to your phone via a mobile app – for both Android and iOS – where you could manage your assets on the go. Even the Bluetooth signal itself (not to mention the actual wallet) is encrypted with top-both CC EAL5+ and AES-256 certifications to ensure maximal security. Just in case you lost your wallet and/or phone, you could be able to use the Ecomi Wallet's handy restore function simply using your special ‘seed number.'
Aside from that, it can store, send, and receive more than 680 different cryptocurrencies, such as Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ripple. The Ecomi Wallet also natively supports ERC-20 and ERC-721 tokens and NFT collectibles.
The only downsides we've found so far are that it could only store a limited number of assets, while some hot software-based wallets could sometimes store an infinite amount, and that the wallet itself costs $199, which is more than some rival offerings.
What Is VeVe?
Finally, we can get to the part of our Ecomi review where we'll discuss more on their main attraction, which is where we're going to focus more on; VeVe. Formerly known as Ecomi Collect, VeVe is a marketplace – both for primary and secondary sales – as well as a pseudo-social networking platform where users can store and show off their NFT collectibles. To attract high-quality NFTs to Ecomi's ecosystem, they've brought major brands and projects on board to bring their limited edition releases to be sold on VeVe.
This includes partnerships with franchises like Batman, Superman, Harley Quinn, Ghostbuster, or sporting-related collectibles from the NFL and MLB. As of writing this Ecomi Review, we've found plenty of other pop culture icons and fabled names making their own branded NFT collectibles to be sold on the VeVe marketplace, including The Powerpuff Girls, Nickelodeon's Adventure Time, Back To The Future, Jurassic Park, Monster Hunter, Star Trek, Fast And Furious, Ultraman, and more.
What Else Does Ecomi's VeVe Offer?
Simply put, there's certainly no shortage of great NFTs that you can find on Ecomi's VeVe from a lot of popular and recognizable brands. You can find digitalized action figures, exclusive artwork, collectible merchandise, playing cards, and more.
Best of all, you can interface all of this through the VeVe mobile app – made for both Android and iOS – in a pretty slick, colorful, and seamless user experience. But there's a whole lot more about VeVe that we'll need to explore for our Ecomi review.
A fun aspect about the VeVe app is that other than being a simple marketplace for NFTs, there's also a social media aspect tied to it, which some other major NFT platforms have yet to explore. From the app, you could browse through your entire NFT collection, whereas then, you could create a “showroom” to show off all your NFTs to other VeVe users. Through the app, there is a museum-like room where you can put your NFTs on display, on pedestals, or on hung up on the wall.
This gives you a great way to explore your NFTs in full 3D, while you could then decorate and reposition or resize all your NFTs within the 3D virtual space as though you're opening an art exhibit. Once it's done, other VeVe users and collectors around the world could explore your showroom and see what special NFTs you have. You can virtually walk across the showrooms filled with NFT collectibles straight from your phone, just as though you're playing a game.
Bring NFTs to Life With Augmented Reality
Another very cool feature with VeVe that we've found for this Ecomi review is being able to see the fully digital, 3D NFTs come to life using augmented reality tech on your phone. All you need to do is scan your environment using a phone with AR-compatible tech and cameras, you can then tap on any one of your Ecomi-powered NFTs from the VeVe app and bring it into the real world. You could then move, rotate, or scale those NFTs, or just leave it on a 1:1 scale.
This is an awesome feature that brings users much closer to what are essentially fully digitalized assets and makes them lifelike. In the virtual showrooms, we mentioned earlier in our Ecomi review, instead of using your on-screen controls, you could also get up and physically walk around in real-time as you move about and see those NFTs in the flesh using your phone. It creates new opportunities for capturing moments, such as taking a photo next to your favorite action figure.
Chat With Other VeVe Users Through Feeds
Still focusing on the social network aspect of VeVe, the app also has a bog-standard social media feed. You can connect with other users by sharing your NFTs, like a mini-Instagram for digital collectibles, share comments in a show-and-tell while being able to explore other VeVe users' NFTs. This, once again, is a great feature to bring more socialization into the art of buying and collecting digital assets, which can be a lonesome experience.
Get Your Hands On Exclusive Drops.
As of this Ecomi review, VeVe hosts a ‘drop day' every Thursday at 8am PST, where brand new NFTs and collections are dropped onto the VeVe marketplace. The latest one that we found is a 3D model of the DeLorean from Back To The Future. Getting onto drops early is a great way to get exclusive collectibles on the primary market before others, which you can then trade with other VeVe users through the in-app marketplace.
This is the other key aspect of the VeVe experience, which they refer to as the ‘eBay of digital collectibles'. Through this part of the app, you can buy or sell NFTs with other users in a peer-to-peer exchange, just in case you've missed out on the drop days or if you need a particular NFT to complete your collection. Although their marketplace here isn't as diverse or plentiful as some of the more popular exchanges, there's still a handful of great choices to find.
What Are Ecomi's OMI Tokens?
In this part of our Ecomi review, we'll spend some time looking over their native cryptocurrencies, the OMI tokens. Through VeVe, any time you buy or sell NFTs, you'll be using OMI tokens to facilitate the transaction. As Ecomi is built on the GoChain blockchain, OMI tokens are GO20 standard utility tokens.
There are a total of 750-billion OMI tokens in its total supply. OMI is designed to follow deflationary economics, as Ecomi has a buy-back program to remove up to 40% of the total supply over time.
Ecomi has held token sales in the past to raise funds in helping to build the Ecomi ecosystem and VeVe. The first sale was a private pre-sale funding round and later to the public through an initial exchange offering (IEO) on BitForex.
It sold 150-billion OMI tokens – with a hard cap of 1,500 BTC, at one OMI per satoshi – which represented 20% of the total supply cap. In the public sale on May 2019, 50 BTC worth of OMI tokens were sold out within just 12 hours.
As of this Ecomi review, the price of a single OMI token is around $0.007783, where we've seen a lot of strong bullish gains since the start of 2021, which no doubt coincided with the growing popularity of NFTs. Relative to their all-time lows in late-2019, OMI tokens have risen an eye-watering 230,000% to their current value. Ecomi's OMI tokens are valued with a market capitalization of $1,294,207,885, which makes those OMI tokens the 210th-most valuable cryptocurrency on the market.
What Does Ecomi's Future Look Like?
While writing this Ecomi review, we've not been able to find a fixed roadmap or plan for their future. For the most part, however, Ecomi's been talking about increasing the number of collectibles, especially highly sought-after limited editions and other special NFT collections onto the VeVe marketplace. There's also a lot of spotlight on the immense licensing abilities and experiences of the VeVe and Ecomi team, which could help to bring a lot more brands on board as partners.
This focus on branding might also see custom branded showrooms enter the VeVe app, where franchises can create tailored digital experiences for viewing their NFT collections. Another recent development is VeVe being the first digital collectibles platform with a serious commitment to carbon neutrality. This is a pressing concern nowadays, as Ethereum-powered NFTs consume a large amount of energy but wouldn't be a problem with GoChain's 99+% more energy-efficient blockchain.
Ecomi Review – Conclusion
In finishing off our Ecomi review, we can clearly see that there are no doubt a few shortcomings with Ecomi's ecosystem. Primarily, there currently aren't many ways in which individuals and smaller projects could create their own Ecomi-powered NFTs, aside from A-list celebrities and well-known brands.
Then, there's also the lack of diversity when it comes to the choices that you get with those NFTs, compared to the millions upon millions of NFTs sold on competing platforms.
However, despite these drawbacks, there's a lot more that we liked in our Ecomi review, where we've highlighted certain features that are truly unique amongst its rivals, such as being able to create your own digital showroom, share and talk about your NFTs through VeVe's built-in social media functionality, and view your NFTs in a completely new augmented reality universe. As such, Ecomi is definitely one you should keep your eye on, especially amidst the NFT madness.
- Ease of Use
- Project Values
- Tokenomics Model
- Long Term Sustainability
- A diverse array of NFTs from a large and growing list of popular and well-known brands and franchises.
- Social network features are natively built into the app to attract and encourage more interaction between users.
- You can enjoy NFTs in augmented reality, bringing a whole new way of interacting and appreciating digital assets.
- Choice of GoChain blockchain ensures that Ecomi and VeVe can run seamlessly without network bottlenecking or high gas fees.
- The app itself is well laid out and designed, while also offering a lot of features and functionality within reach.
- Regular users can't create, mint, and sell their own NFTs, while smaller or individual projects might find it hard to break into the market.