- ECOMI has partnered with Marvel to release officially licensed NFT collections, starting with Spider-Man.
- Minting NFTs moved from OmiseGO to the Ethereum Layer 2 Immutable X.
- ECOMI has on-boarded Alfred Kahn as the head of Global Licensing.
- The VeVe app is ECOMI’s digital marketplace and gateway to the NFT universe.
OMI is the native utility token of the Singapore-based technology company which is bringing iconic pop culture franchises to the digital ecosystem. The VeVe app is at the forefront of ECOMI’s products, which facilitates access to the ECOMI universe.
OMI has been the subject of immense speculation in 2021 after rumors circulated in March regarding a possible Pokémon licensing deal. In March, Data from Google Trends also showed heightened search interest for ECOMI. Still, ECOMI has entered the digital collectibles space with licenses for iconic millennial pop culture references such as Batman, Joker, and the Ghost Busters.
ECOMI – Recent Developments
The VeVe app launched as an extension of ECOMI’s vision of bringing digital collectibles closer to the ideal interaction requirement. Users are allowed to interact with their NFTs through the augmented reality function. Moreover, VeVe recreates a showroom that features all platform collectibles, and they aim to make it more customizable in the future.
Earlier in August, ECOMI on-boarded Alfred Kahn as the Head of Global Licensing, in a move that helped spread the Pokémon NFT rumor, since Kahn already had a track record of licensing hallmark pop culture references such as Pokémon and Yu-Gi-Oh.
While no Pokémon NFTs have been up for grabs, ECOMI successfully signed a licensing deal with Marvel, securing exclusive digital rights to some of their IPs. In line with this, a Spider-Man NFT was released following the announcement, with Wolverine NFTs and other Marvel brands scheduled for release in the following months.
While VeVe operates as a centralized application, ECOMI has partnered with Immutable X to create a decentralized ecosystem for NFTs. As a result, VeVe will integrate with Ethereum layer 2 solutions to unlock interoperability features within the growing NFT market.
While unique assets hold value in the current decentralized system, ECOMI is extending the Marvel partnership to include digitized comic books. ‘Marvel Mightys’ will be released as a first-ever blind-box release. ECOMI is also increasing gamification on their platform through the blind-box release, which changes the NFT demand dynamic.
OMI tokens have now started transacting on OKEx, targeting over 20 million users, thus increasing their native token exposure. Their expansion onto a Top 20 exchange has aided the project in gaining additional liquidity and trader awareness.
Price Technical Analysis
Ecomi’s price recently formed an ascending trendline suggesting that buying pressure is overtaking the selling pressure, but don’t pop your dusty champagne bottle yet. For us to consider calling this an uptrend, a firm breakout above key $.005 level is required. Price hike has now been rejected at $.005 twice, and Ecomi needs to confirm if third time is indeed the charm. Given a breakout, the next target could be $.007 – the neckline of the largest and ugliest head and shoulders you’ve ever seen.
If bears take over and the ascending trendline is broken, the next major demand zone must be at $.0015. It previously gave Ecomi a sharp boost and might act as a trampoline once more
Lower timeframe (4H) chart below tells a claustrophobic story in which Ecomi’s is being wedged by buyers and sellers alike. A break above either descending or ascending trendline would mean a small victory for bulls or bears respectively and imply a possible continuation in the same direction. The chart is rather chopy though, housing plenty of local highs and lows to make this ride a bumpy one.
- Ecomi’s price action is hinting at a reversal up, however key breaks are still needed to confirm that.
- A break over $.005 is required for serious price gains.
- The time for lower timeframe price breakout (up or down) is approaching, so get your popcorn ready.
On The Flipside
- OMI’s utility is often criticized because users transact on VeVe using GEM tokens.
- It is impossible to convert platform tokens into FIAT or OMI tokens.
- Users have criticized the development and delay of the platform’s marketplace.
Following the NFT frenzy of March and April, and the circulating rumors surrounding Pokémon Go’s possible NFT release, OMI’s price reached an all-time high of $0.0138, according to data from CoinMarketCap.
At the time of writing, OMI tokens are trading within the $0.0028 and $0.0029 range, with upswings following important platform news such as their Marvel partnership.
Establishing IP partnerships with titans in the entertainment sectors such as Marvel, Activision and Capcom, has led to ECOMI’s NFT projects becoming much anticipated. Despite its centralized nature, the platform services over 300,000 users and has already produced over 500,000 collectibles.
ECOMI is widely appreciated for its community recognition and constant communication. Over 115,000 Twitter followers are interacting with, and have close contact with project leaders, including their senior marketer Alex Gonzales, through community AMAs and interviews with the platform co-founders.
To that end, the projects portray a highly transparent output, which communicates and considers the community’s involvement and expectations.
Why You Should Care?
As NFTs become a trend for the new digital economy, it is essential that investors assess the value of projects beyond the hype and the associated names.
Disclaimer: The article writer owns some OMI tokens, but that has not influenced his objective reporting.
Ecomi Price Technical Analysis was provided by Adomas Baranauskas.