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VeVe is a marketplace for unique digital collectibles. Or in short: NFTs. What sets this marketplace apart from others are the many partnerships with well-known brands. The company’s own token ECOMI (OMI) plays a rather subordinate role.
There are now quite a few marketplaces for NFTs. The largest so far is undefeated OpenSea. They are peer-to-peer exchanges for the exchange of digital goods, the so-called non-fungible tokens. VeVe, on the other hand, is still a fairly young platform. Founded in December 2020, it was once called “ECOMI Collect.”
The name ECOMI refers to the blockchain and the cryptocurrency. The blockchain is the basis of the trading marketplace and handles transactions using smart contracts. So, the marketplace is completely decentralized and works on a peer-to-peer basis. Apart from that, everything else you are used to from smart contract platforms is here: dApps, the staking, various token standards. The token standard for NFTs is the GoChain 721, so initially the blockchain runs on the GoChain. However, this is expected to change in the future. A switch to Ethereum’s Layer 2 is planned. The reason for this: the eco-balance.
The project’s ECOMI token serves as a utility token. It can be used to buy and sell NFTs on the platform. The actual distribution of the token took place in May 2019 during an Initial DEX Offering on Bitforex, under the following conditions:
The marketplace is where the various NFTs can be traded. Users have the option to buy directly from VeVe in the “Store”. Or they can trade with other users on the “Secondary Market”. The company behind the platform thus also acts as a trader and seller. It is therefore not a purely decentralized platform like OpenSea. In the store, the prices are fixed, while on the market it is the users who determine the prices. On the Secondary Market there are still additional fees.
On the Marketplace, users continue to receive “Gems” as internal currency. 1 Gem is always equal to 1 US Dollar. This is intended to make it easier for newcomers to the crypto space to use ECOMI’s trading platform. Users buy Gems using the credit card linked to the account via Google Play or the Apple App Store. If someone buys an NFT with the Gems, then they are exchanged for OMI and subsequently burned.
Many NFT markets are decentralized platforms. Basically, anyone can offer their own creations in token form there. We have already published a guide to NFT creation. VeVe is different. The platform works exclusively with well-known companies and brands. Not a place for free artists, but a trading place for licensed brand NFTs. These include NFTs on DC Comics, Cartoon Network, Marvel, Star Trek, Jurassic Park or Back to the Future. Sports are also represented with the NFLPA (National Football League Players Association). If you’ve always wanted to own a unique digital collectible of Batman, Superman, Adventure Time or The Simpsons, you may find what you’re looking for here. Currently, the platform offers digital Marvel comics such as from the Amazing Spider-Man or Thor series.
NFTs are limited to a number of pieces. With several thousand to ten thousand copies, the rarity value is initially limited. However, some NFTs have rarity gradations. Collectibles can be divided into:
For example, there are 10,000 copies of a Thor comic. 6.000 of them are “Common”, but only 250 are “Secret Rare”. Non-fungible tokens differ in terms of covers or other features. Apart from that, there are detailed and animated 3D models and showrooms with augmented reality. In the showrooms, the models can be set up and shared with the world.
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