Why Does OMI Power VeVe Digital Collectibles?

TL;DR

OMI supports VeVe, an app where users can buy, sell, and trade licensed digital collectibles using Gems valued at $1 each. The investment case centers on major entertainment licenses, accessible purchasing, and a deflationary token model, but the speaker stresses that OMI remains volatile, imperfect, and risky despite investing $150,000 for 16 million tokens.

Transcript

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Key Insights

• OMI is a cryptocurrency connected to ECOMI and its VeVe digital collectibles platform. The speaker invested $150,000 and acquired 16 million OMI tokens, while explicitly acknowledging that the project has flaws, imperfections, and risks.
• ECOMI is a Singapore technology company with two working products. One is a hardware wallet, and the other is VeVe, a mobile application that lets users buy, sell, and trade licensed non-fungible tokens presented as digital collectibles.
• VeVe is built around licensed entertainment properties such as Superman, Batman, Jurassic Park, Street Fighter, Back to the Future, Ghostbusters, and the Powerpuff Girls. Its stated ambition is to become a Netflix-like platform for the NFT market.
• NFT value is attributed to perceived desirability, scarcity, and verifiable ownership rather than the inability to copy an image. The speaker compares downloadable digital images with printed reproductions of the Mona Lisa, arguing that copies do not possess the rarity of authenticated originals.
• Alfred Kahn is presented as an important reason ECOMI secured major licenses. His licensing background includes bringing Pocket Monsters from Japan before its American rebranding as Pokemon, along with deals involving James Bond, Donkey Kong, Super Mario Bros., Zelda, and Cabbage Patch.
• Gems are the stable purchasing unit used within VeVe, with one Gem always representing $1. This structure prevents collectible prices from constantly changing with OMI's market value, while users also receive a separate wallet for holding their OMI tokens.
• OMI is described as a deflationary currency with a maximum finite supply of 750 billion tokens. About 450 billion are said to be reserved for buybacks and therefore never intended to enter ordinary circulation directly.
• VeVe purchases remove and burn OMI from the network, while part of the reserve supports buybacks that replenish the system. In the speaker's $1,000 example, after the stated calculations and 30% network fees, 385 units are added back after the original purchase is removed.

Questions & Answers

Q: What are ECOMI, VeVe, and OMI?

ECOMI is the Singapore technology company behind the project, VeVe is its mobile marketplace for licensed digital collectibles, and OMI is the cryptocurrency connected to that platform. ECOMI also has a hardware wallet, although the discussion focuses on VeVe. Within VeVe, users can buy, sell, trade, and display collectible NFTs tied to recognizable entertainment properties.

Q: Why did the speaker invest $150,000 in OMI?

The speaker invested $150,000 and acquired 16 million OMI tokens because he believes in NFTs, the digitization of collectibles, VeVe's licensed entertainment brands, and the platform's potential accessibility to mainstream users. He also sees possible value in ECOMI obtaining additional licenses as it grows, but emphasizes that the project is imperfect and carries risks.

Q: How does the VeVe digital collectibles app work?

VeVe lets users download a mobile app, fund it with ordinary money or transfer OMI, convert value into Gems, and purchase licensed digital collectibles. Items range from common and uncommon editions to rare or one-of-a-kind pieces. Users can also sell and trade collectibles with friends and display them through augmented reality or virtual reality experiences.

Q: Why do NFTs and digital collectibles have value?

The speaker argues that NFTs derive value from rarity, authenticity, and people's belief that the collectibles are desirable. A digital image can be copied, but the copy does not gain the authenticated ownership or scarcity of the original token. He compares this with printing the Mona Lisa, which does not make the reproduction rare or equivalent to the original artwork.

Q: Why does VeVe use Gems instead of pricing everything in OMI?

VeVe uses Gems because OMI fluctuates in value, making it inconvenient as the visible unit for everyday purchases. One Gem always equals $1, so a collectible priced at 500 Gems has a stable $500 reference price. Users still have a separate OMI wallet, but Gems keep marketplace prices understandable when OMI rises or falls.

Q: What licensed brands are available through ECOMI and VeVe?

The transcript identifies licenses connected to Superman, Batman, Jurassic Park, Street Fighter, Back to the Future, Ghostbusters, and the Powerpuff Girls. It also highlights a recently released, fully rendered 3D DeLorean collectible. The speaker does not claim ECOMI already holds Pokemon, James Bond, Donkey Kong, Super Mario Bros., Zelda, or Cabbage Patch licenses.

Q: How does OMI's token burning and buyback model work?

OMI is described as having a maximum finite supply of 750 billion tokens, with about 450 billion reserved for buybacks. When someone buys a collectible, the associated OMI is removed from the network and burned. A calculated portion is then used for buybacks and reinjected, preventing the system from being depleted solely through continued token destruction.

Q: What are the risks of investing in OMI?

The speaker identifies several broad cautions without completing a detailed risk list in the provided transcript. OMI's price can fluctuate sharply, the project is described as imperfect, and future licenses are theoretical rather than guaranteed. He also says he is not an expert in tokenomics and may have misunderstood parts of the complicated burn and buyback formula.

Summary & Key Takeaways

• ECOMI is a Singapore technology company with two working products: a hardware wallet and VeVe, a mobile platform for digital collectibles. VeVe offers licensed items connected to brands such as Superman, Batman, Jurassic Park, Street Fighter, Back to the Future, Ghostbusters, and the Powerpuff Girls in varying levels of rarity.

• VeVe is designed to make digital collectibles accessible without requiring users to understand Bitcoin or Ethereum. Customers can deposit ordinary money, obtain Gems valued at $1 each, and purchase collectibles. The platform also supports buying, selling, trading, and displaying items through augmented or virtual reality experiences.

• OMI is the volatile cryptocurrency connected to VeVe, while Gems provide stable pricing inside the app. The token has a stated maximum supply of 750 billion, with about 450 billion reserved for buybacks. Collectible purchases burn OMI, while a calculated portion is bought back and returned to the system.