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First Look: OMI Utility Program (OUP) v0.1

This post was originally published on Ecomi

The OMI Utility Program (OUP) is a system designed to give OMI token holders added utility and benefits within the VeVe app, and we are incredibly excited to share the initial outline with you!

If this is the first time you’re hearing about OMI, please take a look at VeVe Token System and OMI Utility to get started. If you’re already an OMI Homie, you know this outline has been long-awaited and we sincerely thank you again for your support, patience, and level 9000 HODL!

With that said, this is the first iteration of the OUP and, to quote Agent Smith, it is inevitable the model will evolve. As always- we look forward to your continued feedback!

PLEASE NOTE:

This is a work-in-progress plan. The information below is an initial outline of the various elements in the OMI Utility program.

Details are subject to change based on development and feedback, and if you have questions and/or suggestions about any of the below you can submit your feedback.

Feedback form.

OMI x VeVe

VeVe is a mobile-first app offering a digital collectibles experience with products from many of the world’s biggest brands.

OMI is a utility token that underpins transactions within VeVe, and thanks to the OUP, token holders can soon use their tokens within VeVe to help grow their digital collections.

If you’re new to the Fam, OMI was envisioned 3 years ago and minted in May 2019. Since then, the crypto and NFT industries have rapidly developed, enabling new uses, designs, and capabilities for tokens and their underlying economic models.

While the underlying token model hasn’t changed, we have been incredibly fortunate to gather feedback from our community (#EcomiFam, #VeVeFam ❤) since the launch of VeVe, alongside user data from the in-app experience.

With that information in hand, we have shaped a range of utilities for the OMI token and the VeVe digital collectibles experience, to help you to build your digital collections, and have more fun!

Master Collector Program (MCP)

The Master Collector Program (MCP) is a loyalty program designed to reward active VeVe Collectors. It will be available to all users, and through the MCP, Collectors can level up by being an active VeVe Collector, completing objectives, all while gaining benefits and rewards in a quest to reach the highest level — Master Collector.

The OUP is separate from the MCP, however, the OUP runs as a parallel program that is geared towards OMI-related features within VeVe. The reason for this decision is to ensure the MCP rewards Collectors for collecting, and as such MCP levels must be earned rather than paid.

However, both the MCP and OUP offer Collectors and token holders the opportunity to both increase their MCP level by way of in-app interactivity, as well as additional advantages offered via the OUP, detailed below.

Learn more about the MCP.

OMI Utility Overview

The OMI token offers extended features within the VeVe app, introducing new audiences to the token itself (and potentially crypto in general). As such, OMI will be integrated into key areas of the VeVe experience:

  • Staking program
  • Secondary Market Trading with OMI
  • OMI Drop Raffle
  • Premium Market listings
  • Accessory Purchases

OMI Staking Program

If you’re new to crypto, you’ve probably heard the term ‘staking’ thrown around, but may not fully understand it. Staking is simply a way to earn rewards for ‘holding’ a certain cryptocurrency or token, AKA staking gives you a chance to put your tokens to work!

The OMI staking program offers VeVe-related benefits to OMI holders, while actively removing OMI from the circulating supply, benefiting the overall tokenomics. Staking is available in three tiers, with each tier offering additional and exciting benefits within VeVe!

Staking Tiers

Beginning at tier 1, staking will become immediately accessible to all Collectors, after OMI-related features are enabled. To advance to the next tier, the holder must stake the required amount of OMI for a predetermined period of time before attaining the next tier, or they can choose to Fast Track.

Fast Track

If you don’t want to wait for the required staking period to expire to move to the next tier, you can fast track your way there by burning a specified amount of OMI.

Staking Tiers

Withdraw / Breakage Fee

The OMI staking program is designed to benefit Collectors within the app, while token holders also benefit from reduced circulating supply. In order to earn these benefits, you must stake (lock) your tokens for a predetermined amount of time.

However, we understand that circumstances change, and during that time you may need access to your tokens. As such, you will be able to withdraw your stake before the staking period has elapsed if you choose to do so, however it will be subject to a 10% fee, which will be burned.

If you do not need to withdraw your tokens early, they will become available again to withdraw at no charge once the staking period has elapsed. However, it is important to note you will lose your staking tier and benefits upon withdrawing your stake, regardless of #wen.

Secondary Market Trading

Collectors who are enrolled in the OUP via the staking program will have the option to buy and sell their VeVe digital collectibles in the VeVe Secondary Market with OMI. In order to do so, the Collector must have their OMI wallet enabled, from which OMI transactions are made.

When a secondary Market OMI purchase takes place, OMI will be transferred from the buyer’s VeVe OMI wallet to the seller’s VeVe OMI wallet, and on success, the NFT ownership is transferred to the buyer.

Regulation and Compliance

As global regulations of the NFT and Cryptocurrency industries continue, so too does the necessity to implement KYC/AML procedures. As a result, Collectors wishing to transact with OMI in the Secondary Market will need to pass KYC to participate.

Market Fees

With each Market transaction, the platform fee of 2.5%-8.5% will continue to apply for OMI-based Market transactions. One important point to note is the Market fees must be paid in Gems as these fees cover the external costs VeVe incurs, such as licensor fees. The decision to pay Market fees in Gems has been implemented so VeVe is not required to sell down OMI to cover these costs and prevent sell pressure on the token, given the high Market activity.

OMI Market Transaction fee

Whilst the seller is required to pay the Market Fees in Gems, the buyer will also be required to contribute a small portion of the OMI transaction to the burn wallet, to reduce the circulating supply of the token, thus contributing to token scarcity and the overall tokenomics.

Example Gem transaction:
An NFT is sold in the Market for 100 Gems and is subject to an 8.5% platform fee (8.5 Gems, or $8.50 USD). When this purchase is complete, it triggers an OMI token flow where $8.50 worth of OMI tokens are moved from the in-app reserve to the Out of Circulation wallet (burnt).

Example OMI transaction:
In order to transact in OMI tokens, the buyer will already need to be enrolled in the OMI staking program, and the transaction will also burn OMI from the circulating supply. Using the above example (and depending on the staking tier), the buyer will be subject to a burning fee of:
– Tier 2 (OMI-llionaire)= 0.5% burn fee, or $0.50 of OMI.
– Tier 3 (OMI-One Kenobi)= 0.25% burn fee, or $0.25 of OMI

OUP Drop Raffle

Overview
The OUP Drop Raffle gives Collectors a greater chance to obtain a specific collectible in an upcoming drop. A percentage of editions (of each rarity) in a drop will be made available for the OUP Drop Raffle. Users can participate in the Drop Raffle by using OMI tokens to purchase a Drop Raffle ticket. The more tickets a Collector has relative to other Drop Raffle participants, the greater the chance of success.

The Collector can buy Drop Raffle tickets using the OMI token. When the Drop Raffle closes, winners will be randomly selected from the pool of ticket holders. Those successful in the Drop Raffle can purchase their chosen collectible, and the OMI for all Drop Raffle tickets the winner purchased will be burned. Collectors who are unsuccessful in the Drop Raffle will get 100% of their OMI returned.

How It Works:
At a set time before a drop, the OUP Drop Raffle will open to those Collectors in OMI Staking Tier 2 or higher. The Collector can choose which collectible and rarity they want to buy Drop Raffle tickets for. The number of Collectors competing for a collectible will be shown, however, the number of Drop Raffle tickets will not be known.

The OUP drop raffle will close a short time before a drop and successful Collectors will be notified. The winner must claim the collectible before the drop takes place. If a collectible is not claimed before the drop, it is returned to the public drop pool.

When a winning collectible is claimed, the Collector is prompted to make the payment in Gems (not in OMI), and the collectible will be delivered to their collection post-drop.

Accessories

Within the Store, various Accessories will be made available for purchase using OMI tokens. Accessories that can be purchased with OMI will (generally) be non-branded, high edition items, allowing Collectors to trick out their Showrooms. OMI that is spent on Accessories is burned.

Premium Market Listings

Collectors can choose to spend OMI on premium market listings that display before non-premium listings for any given collectible, for greater Market exposure. To prevent the Market from being overrun with premium listings, only a percentage of premium listings can be listed for the same collectible. Premium listings will be featured on the Market > Landing screen. OMI that is spent on the premium Market listing is burned.

Roadmap

To make the OMI features available to Collectors in an expedient manner, the OUP features will be rolled out in a series of phases, with each phase focusing on key aspects of the OUP:

Phase 1:

  • Staking and Tier Structure

Phase 2

  • OMI Drop Raffle

Phase 3

  • Secondary Market Trading in OMI

Phase 4:

  • Accessories
  • Premium Market listings
  • Renting Collectibles

AGAIN— This is a work-in-progress plan. The information contained in this document is an initial outline of the various elements in the OMI Utility program.

Details are subject to change based on development and feedback, and if you have questions and/or suggestions about any of the below, please fill out our feedback form HERE.

FAQ

Why is OMI not part of the MCP?

The OUP runs as a parallel program that offers many of the same benefits as the MCP. Both the MCP and OUP offer benefits for Collectors within VeVe, however, VeVe has always been designed with the mainstream audience in mind, and as such the MCP was designed more specifically to reward Collectors for collecting, and as such MCP levels must be earned rather than paid.

Where can I buy OMI?

OMI is currently available on four exchanges, listed against USDT. Which exchange is the best suited to you will depend on your circumstances and country of residence, however, this guide will help you to get started. If you already know how to purchase tokens on exchanges, you can purchase OMI tokens at:

Where Can I Store OMI?

To see where you can store your OMI token, please see this article.

Note: We are currently in the transition to Ethereum via Immutable X. After this transition, the OMI token will become an ERC20 token, and can be stored on any wallet which stores Ethereum based tokens.

What happens if I don’t win an allocation in the drop raffle?

If you don’t secure a guaranteed collectible allocation in the drop raffle the OMI tokens you used to bid will be returned to you. If you do manage to secure a collectible, the OMI tokens used in that raffle

How long is my stake locked for? Can I withdraw it at that time?

The amount of time your tokens are locked (staked) for depends on the tier you are staking against. For tier one, you’ll need to stake your tokens for 30 days to begin accessing tier 1 features and rewards. For tier 3, the staking time is 90 days.

You can withdraw your stake at any time, however, if you are withdrawing before the staking period has expired the transaction will be subject to a 10% fee, which will be burnt. You can withdraw at any time for no charge once the staking period has elapsed, however, you will also stop receiving the tier benefits at that time.

Why is the VeVeVerse not mentioned?

At this stage, no details have been released on the VeVeVerse.

Can I buy Collectibles in the Store with OMI?

Not at this time.

Information on this channel is for educational purposes only. It should not be considered financial advice and all users are advised to do their own research. See disclaimer.

About ECOMI

ECOMI is a technology company based in Singapore and is leading the way in the emerging digital collectibles space. ECOMI offers a one-stop-shop for digital collectibles through the VeVe app bringing pop culture and entertainment into the 21st century.

The VeVe app allows users to experience true ownership of premium digital collectibles. Through the app marketplace, users can obtain common, rare, or one-of-a-kind digital collectibles, share these across the social network service, and exchange them with the VeVe community, all from the palm of their hand.

ECOMI sees digital collectibles as a new asset class that offers intellectual property owners the opportunity for new revenue streams in the digital landscape. Digital streaming, gaming, and in-app purchasing have become a multibillion-dollar market, and the next to join this digital trend is the pop culture and collectibles industry.

Or, for more information please join the community on Telegram, Twitter, and Facebook.


First Look: OMI Utility Program (OUP) v0.1 was originally published in ECOMI on Medium, where people are continuing the conversation by highlighting and responding to this story.

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