First Look: OMI Utility Program (OUP) v0.1
This post was initially printed on Ecomi
The OMI Utility Program (OUP) is a system designed to offer OMI token holders added utility and advantages inside the VeVe app, and we’re extremely excited to share the preliminary define with you!
If that is the primary time you’re listening to about OMI, please check out VeVe Token System and OMI Utility to get began. In case you’re already an OMI Homie, you understand this define has been long-awaited and we sincerely thanks once more to your help, persistence, and stage 9000 HODL!
With that mentioned, that is the first iteration of the OUP and, to cite Agent Smith, it’s inevitable the mannequin will evolve. As always- we stay up for your continued suggestions!
PLEASE NOTE:
It is a work-in-progress plan. The knowledge beneath is an preliminary define of the varied components within the OMI Utility program.
Particulars are topic to vary based mostly on improvement and suggestions, and if in case you have questions and/or options about any of the beneath you may submit your suggestions.
OMI x VeVe
VeVe is a mobile-first app providing a digital collectibles expertise with merchandise from lots of the world’s largest manufacturers.
OMI is a utility token that underpins transactions inside VeVe, and due to the OUP, token holders can quickly use their tokens inside VeVe to assist develop their digital collections.
In case you’re new to the Fam, OMI was envisioned 3 years in the past and minted in Might 2019. Since then, the crypto and NFT industries have quickly developed, enabling new makes use of, designs, and capabilities for tokens and their underlying financial fashions.
Whereas the underlying token mannequin hasn’t modified, we have now been extremely lucky to assemble suggestions from our group (#EcomiFam, #VeVeFam ❤) because the launch of VeVe, alongside person information from the in-app expertise.
With that info in hand, we have now formed a variety of utilities for the OMI token and the VeVe digital collectibles expertise, that will help you to construct your digital collections, and have extra enjoyable!
Grasp Collector Program (MCP)
The Grasp Collector Program (MCP) is a loyalty program designed to reward energetic VeVe Collectors. Will probably be accessible to all customers, and thru the MCP, Collectors can stage up by being an energetic VeVe Collector, finishing goals, all whereas gaining advantages and rewards in a quest to achieve the best stage — Grasp Collector.
The OUP is separate from the MCP, nonetheless, the OUP runs as a parallel program that’s geared in direction of OMI-related options inside VeVe. The explanation for this choice is to make sure the MCP rewards Collectors for gathering, and as such MCP ranges should be earned reasonably than paid.
Nonetheless, each the MCP and OUP provide Collectors and token holders the chance to each improve their MCP stage by the use of in-app interactivity, in addition to extra benefits provided through the OUP, detailed beneath.
OMI Utility Overview
The OMI token provides prolonged options inside the VeVe app, introducing new audiences to the token itself (and probably crypto generally). As such, OMI will likely be built-in into key areas of the VeVe expertise:
- Staking program
- Secondary Market Buying and selling with OMI
- OMI Drop Raffle
- Premium Market listings
- Accent Purchases
OMI Staking Program
In case you’re new to crypto, you’ve most likely heard the time period ‘staking’ thrown round, however might not absolutely perceive it. Staking is just a method to earn rewards for ‘holding’ a sure cryptocurrency or token, AKA staking offers you an opportunity to place your tokens to work!
The OMI staking program provides VeVe-related advantages to OMI holders, whereas actively eradicating OMI from the circulating provide, benefiting the general tokenomics. Staking is on the market in three tiers, with every tier providing extra and thrilling advantages inside VeVe!
Staking Tiers
Starting at tier 1, staking will turn into instantly accessible to all Collectors, after OMI-related options are enabled. To advance to the following tier, the holder should stake the required quantity of OMI for a predetermined time frame earlier than attaining the following tier, or they will select to Quick Observe.
Quick Observe
In case you don’t need to anticipate the required staking interval to run out to maneuver to the following tier, you may quick monitor your method there by burning a specified quantity of OMI.
Staking Tiers
Withdraw / Breakage Charge
The OMI staking program is designed to learn Collectors inside the app, whereas token holders additionally profit from diminished circulating provide. To be able to earn these advantages, you could stake (lock) your tokens for a predetermined quantity of time.
Nonetheless, we perceive that circumstances change, and through that point you might want entry to your tokens. As such, it is possible for you to to withdraw your stake earlier than the staking interval has elapsed for those who select to take action, nonetheless it is going to be topic to a ten% payment, which will likely be burned.
If you do not want to withdraw your tokens early, they may turn into accessible once more to withdraw at no cost as soon as the staking interval has elapsed. Nonetheless, you will need to notice you’ll lose your staking tier and advantages upon withdrawing your stake, no matter #wen.
Secondary Market Buying and selling
Collectors who’re enrolled within the OUP through the staking program could have the choice to purchase and promote their VeVe digital collectibles within the VeVe Secondary Market with OMI. So as to take action, the Collector should have their OMI pockets enabled, from which OMI transactions are made.
When a secondary Market OMI buy takes place, OMI will likely be transferred from the client’s VeVe OMI pockets to the vendor’s VeVe OMI pockets, and on success, the NFT possession is transferred to the purchaser.
Regulation and Compliance
As world rules of the NFT and Cryptocurrency industries proceed, so too does the need to implement KYC/AML procedures. In consequence, Collectors wishing to transact with OMI within the Secondary Market might want to cross KYC to take part.
Market Charges
With every Market transaction, the platform payment of two.5%-8.5% will proceed to use for OMI-based Market transactions. One essential level to notice is the Market charges should be paid in Gems as these charges cowl the exterior prices VeVe incurs, reminiscent of licensor charges. The choice to pay Market charges in Gems has been carried out so VeVe is just not required to promote down OMI to cowl these prices and forestall promote strain on the token, given the excessive Market exercise.
OMI Market Transaction payment
While the vendor is required to pay the Market Charges in Gems, the client can even be required to contribute a small portion of the OMI transaction to the burn pockets, to scale back the circulating provide of the token, thus contributing to token shortage and the general tokenomics.
Instance Gem transaction:
An NFT is offered within the Marketplace for 100 Gems and is topic to an 8.5% platform payment (8.5 Gems, or $8.50 USD). When this buy is full, it triggers an OMI token movement the place $8.50 value of OMI tokens are moved from the in-app reserve to the Out of Circulation pockets (burnt).
Instance OMI transaction:
To be able to transact in OMI tokens, the client will already must be enrolled within the OMI staking program, and the transaction can even burn OMI from the circulating provide. Utilizing the above instance (and relying on the staking tier), the client will likely be topic to a burning payment of:
– Tier 2 (OMI-llionaire)= 0.5% burn payment, or $0.50 of OMI.
– Tier 3 (OMI-One Kenobi)= 0.25% burn payment, or $0.25 of OMI
OUP Drop Raffle
Overview
The OUP Drop Raffle offers Collectors a better probability to acquire a selected collectible in an upcoming drop. A share of editions (of every rarity) in a drop will likely be made accessible for the OUP Drop Raffle. Customers can take part within the Drop Raffle through the use of OMI tokens to buy a Drop Raffle ticket. The extra tickets a Collector has relative to different Drop Raffle members, the better the prospect of success.
The Collector can purchase Drop Raffle tickets utilizing the OMI token. When the Drop Raffle closes, winners will likely be randomly chosen from the pool of ticket holders. These profitable within the Drop Raffle can buy their chosen collectible, and the OMI for all Drop Raffle tickets the winner bought will likely be burned. Collectors who’re unsuccessful within the Drop Raffle will get 100% of their OMI returned.
How It Works:
At a set time earlier than a drop, the OUP Drop Raffle will open to these Collectors in OMI Staking Tier 2 or larger. The Collector can select which collectible and rarity they need to purchase Drop Raffle tickets for. The variety of Collectors competing for a collectible will likely be proven, nonetheless, the variety of Drop Raffle tickets won’t be identified.
The OUP drop raffle will shut a short while earlier than a drop and profitable Collectors will likely be notified. The winner should declare the collectible earlier than the drop takes place. If a collectible is just not claimed earlier than the drop, it’s returned to the general public drop pool.
When a successful collectible is claimed, the Collector is prompted to make the cost in Gems (not in OMI), and the collectible will likely be delivered to their assortment post-drop.
Equipment
Throughout the Retailer, numerous Equipment will likely be made accessible for buy utilizing OMI tokens. Equipment that may be bought with OMI will (typically) be non-branded, excessive version objects, permitting Collectors to trick out their Showrooms. OMI that’s spent on Equipment is burned.
Premium Market Listings
Collectors can select to spend OMI on premium market listings that show earlier than non-premium listings for any given collectible, for better Market publicity. To forestall the Market from being overrun with premium listings, solely a share of premium listings will be listed for a similar collectible. Premium listings will likely be featured on the Market > Touchdown display. OMI that’s spent on the premium Market itemizing is burned.
Roadmap
To make the OMI options accessible to Collectors in an expedient method, the OUP options will likely be rolled out in a sequence of phases, with every part specializing in key elements of the OUP:
Part 1:
- Staking and Tier Construction
Part 2
Part 3
- Secondary Market Buying and selling in OMI
Part 4:
- Equipment
- Premium Market listings
- Renting Collectibles
AGAIN— It is a work-in-progress plan. The knowledge contained on this doc is an preliminary define of the varied components within the OMI Utility program.
Particulars are topic to vary based mostly on improvement and suggestions, and if in case you have questions and/or options about any of the beneath, please fill out our suggestions type HERE.
FAQ
Why is OMI not a part of the MCP?
The OUP runs as a parallel program that gives lots of the identical advantages because the MCP. Each the MCP and OUP provide advantages for Collectors inside VeVe, nonetheless, VeVe has at all times been designed with the mainstream viewers in thoughts, and as such the MCP was designed extra particularly to reward Collectors for gathering, and as such MCP ranges should be earned reasonably than paid.
The place can I purchase OMI?
OMI is at the moment accessible on 4 exchanges, listed in opposition to USDT. Which alternate is one of the best suited to you’ll rely in your circumstances and nation of residence, nonetheless, this guide will make it easier to to get began. In case you already know how you can buy tokens on exchanges, you should buy OMI tokens at:
The place Can I Retailer OMI?
To see the place you may retailer your OMI token, please see this article.
Word: We’re at the moment within the transition to Ethereum through Immutable X. After this transition, the OMI token will turn into an ERC20 token, and will be saved on any pockets which shops Ethereum based mostly tokens.
What occurs if I don’t win an allocation within the drop raffle?
In case you don’t safe a assured collectible allocation within the drop raffle the OMI tokens you used to bid will likely be returned to you. In case you do handle to safe a collectible, the OMI tokens utilized in that raffle
How lengthy is my stake locked for? Can I withdraw it at that time?
The period of time your tokens are locked (staked) for is determined by the tier you might be staking in opposition to. For tier one, you’ll have to stake your tokens for 30 days to start accessing tier 1 options and rewards. For tier 3, the staking time is 90 days.
You possibly can withdraw your stake at any time, nonetheless, if you’re withdrawing earlier than the staking interval has expired the transaction will likely be topic to a ten% payment, which will likely be burnt. You possibly can withdraw at any time for no cost as soon as the staking interval has elapsed, nonetheless, additionally, you will cease receiving the tier advantages at that time.
Why is the VeVeVerse not talked about?
At this stage, no particulars have been launched on the VeVeVerse.
Can I purchase Collectibles within the Retailer with OMI?
Not at this time.
Data on this channel is for instructional functions solely. It shouldn’t be thought-about monetary recommendation and all customers are suggested to do their very own analysis. See disclaimer.
About ECOMI
ECOMI is a know-how firm based mostly in Singapore and is main the way in which within the emerging digital collectibles space. ECOMI provides a one-stop-shop for digital collectibles via the VeVe app bringing popular culture and leisure into the twenty first century.
The VeVe app permits customers to expertise true possession of premium digital collectibles. By means of the app market, customers can get hold of frequent, uncommon, or one-of-a-kind digital collectibles, share these throughout the social community service, and alternate them with the VeVe group, all from the palm of their hand.
ECOMI sees digital collectibles as a brand new asset class that gives mental property homeowners the chance for brand new income streams within the digital panorama. Digital streaming, gaming, and in-app buying have turn into a multibillion-dollar market, and the following to affix this digital development is the popular culture and collectibles trade.
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First Look: OMI Utility Program (OUP) v0.1 was initially printed in ECOMI on Medium, the place persons are persevering with the dialog by highlighting and responding to this story.
