what's going on my name is nft flenny and today i'll be giving you guys my thoughts on the new
omi utility program of which the first details got released in a medium article this week i know
i'm a little bit late to the party but you know i've been away from the house had thanksgiving
all that good stuff so i'm getting to it while i can and let's get into it so first things first
the omi utility program is a system designed to give omi token holders added utility and benefits
within the veve app and keep in mind that it is volume .01 so this is really the first of the
first iteration this is just the first structure that they have posted but with that being said do
not be afraid to give the veve team the ecomi team your feedback and your thoughts because
they are very receptive and on the medium article which the details are in they actually have a
feedback form so i'll put a link to that so if you have any ideas shoot it their way so some of
you especially if you're on the newer side you may be wondering how is the omi cryptocurrency token
how is that related to this veve app and the answer to that is that omi is a cryptocurrency
that runs in the background of the veve app and it powers the app and its transactions although
powering the veve app in the background is currently the only utility for the omi token
besides just being a speculative investment there is tons more utility on the way and i actually
covered a video where the veve ceo talked about only being used in third party apps and projects
etc but with the release of this omi utility program we are going to start to see much
more utility for this token and this is just the beginning because the team has crafted a program
that will benefit holders of omi within the veve app so how will this omi utility program work the
main staple of it is that you will be staking your omi tokens in return for rewards within
the veve app so here's how omi will be used within the veve app and the veve experience
so we'll be seeing a staking program secondary market trading with omi and omi drop raffle
premium market listings and accessory purchases and i'll go more in depth on all these a bit later
so like it says in the article this would be a great way to get more people into the omi token
whether that be people that are already using the veve app but have no experience or interest in
cryptocurrency if they see this program that might pique their interest and it might even be their
first introduction into cryptocurrency in general on the flip side cryptocurrency enthusiasts who
are researching up and coming projects you know goodbyes as they're doing research they might
stumble across the omi token dig into what that does and through their research into the omi token
they can stumble across the veve app that's actually how i found about the veve app i
was researching nft projects nft tokens i found ikomi that led me to go to the website
and now i'm all in on veve i've been on veve since march so i could see a lot of people stumbling on
the veve app that way overall this will just be great exposure for the omi token and give people
more reasons and uses to hold it so whatever only you stake on the app will take that omi out of
circulation which in theory should increase the price because there is less circulating
supply and you can stake your ome in up to three different tiers with progressing rewards so i'll
be putting up the tiers on the screen and i'll be briefly talking about my biggest takeaways
so from tier one i really only see the percent bonus points being the most worthwhile thing
i think if you go out to buy only specifically to get into the tier one ranking in the veve app how
it is now and based off what i know now i would not say that would be a worthwhile investment
if you're only going for the rewards holding omi on its own is completely different i think that
is a great investment not financial advice never financial advice for tier one the rewards don't
seem that cool or that great or that worthwhile if you don't already have omi lying around as for
tier two we start to see a little bit more action i think the additional percent bonus is great
and i also think that access to the omi drop raffle and access to the secondary market trading
with omi in the secondary market i think those two are the most worthwhile and most important
features that come within this tier and i'm gonna hold off on commenting on burning nfts for points
because i'd rather be holding something worth monetary value over points which are in a sense
kind of monopoly money you can use them to gain monetary reward but it's kind of complicated in
that way but i'd like to see how that works and how worthwhile that is because in my opinion you
need to get a lot of points in return for burning a collectible to make it worth it of course it
depends but it definitely looks interesting and could definitely be something there as for tier 3
i'm not sure how other people feel about this i haven't really had a chance to check out other
people's opinions but in my opinion looking at it it doesn't seem all that exciting for being
the very very top tier i mean this is the maximum this is as far as you can go in this program so i
thought there might be a little bit more but i'll explain what i think is lacking and ways
that it could turn out to be a worthwhile reward so i think the main question mark and the main
deciding factor four tier three and if it's worth it we'll depend on renting out nfts as of right
now where we are in nfts and the metaverse i don't see that many reasons that people
would want to pay money to rent an nft at this point i could really only see people doing it to
take ar pictures because that's really all we can do with these at the moment but i don't see people
paying money to take a few ar pictures now i could be wrong about this and people could be wanting to
rent out especially the blue chip ones but until we see the metaverse until we see more utility
and more widespread adoption of nfts i don't see a realistic scenario where you're able to
rent out that many collectibles or that often to where you're actually making significant passive
income but if these developments come out and if they're worthwhile and people want to be
renting them then this tier is definitely worth it because like i just mentioned these have the
potential for passive income and say you get a free pass into disneyland if you have the walt
mickey statue nft then of course people would pay money to rent out an nft especially if it's
worth less than a day pass for disneyland so something like that this could be huge but as of
today i don't see renting being that significant everything else seems like more of a flex than
being actually beneficial to your collecting things such as display the mint number unlimited
showrooms the omiwan kenobi profile badge all those things are just appearance and cosmetic but
i am curious what expanded ar features is and what that would entail so there are a few more question
marks for this tier so in order to reach these tiers you'll have to stake a certain amount of omi
in dollar value along with a sticking period which you'll have to wait with your own mistakes before
you can reach that tier or you can fast track and pay an upfront amount and reach that tier
immediately but you will lose it it'll be spent and all that OMI that you spent will be burned
which means it'll be taken out of the circulating supply like was previously mentioned which again
in theory should raise the price because there's a lower supply let me know if you guys are going
to be fast tracking or if you're going to be just waiting it out for a few months i'm still
on the fence of where i want to go or how much omi will be worth when this actually comes out so next
i'll just be touching on a few of the features that we have seen as rewards and i'll be giving
you guys my thoughts on if i think they're worth it if i'll be using them if i'll be spending my
points on them so first we'll start off with the things that i don't like very much and that i'm
not too excited about not that they're not cool i just won't be chomping at the bit trying to get
these things and that first thing is accessories i mean i respect everybody who wants to check
out their showroom check out their collectibles check out the veve verse i like good stuff but
personally that's not part of my goals that's not something that i'll be doing you will not
catch me spending my points on some accessories some kind of backpack i don't know what it would
be but there are too many opportunities there is too much money to be made in the veve app
in my opinion to be spending it on things other than things that provide monetary value that might
sound a little heartless or passionless but that's just my goals and that's what i want to get out of
this and there are already so few points and the competition is already so tough that spending my
points on accessories as opposed to maybe a drop raffle or something like that which i'll mention
it doesn't seem that wise to me and it's not how i want to spend my points another way that i will
likely not be spending my points is through the premium market listings and here's why
so as it is people already just buy the cheapest collectible the collectible at the floor
or they search by mint number and look for a low mint with a reasonable price that's what i do
at least so i don't see people seeing a premium market listing at the top and just okay yep i'm
buying that one i don't see that happening i see people actually seeing them as an annoyance kind
of like an ad where you kind of scroll through it you skip past it as soon as you can since you're
spending points people might not put up some bs listings but i could see some people just putting
a terrible deal on there and i think a lot of them unfortunately will just be completely ridiculous
i mean unless veve is just so huge and the market is just so robust that trying to find a good deal
becomes really tough unless that happens i don't see premium market listings being
something that you would want to spend points on one way i could really see it being worth it
is if you're trying to get your hands off of a really low mint that not everyone has gems
for that they can just buy on a whim it'd be something that they need to load up a bunch for
or sell something else big something like that if you're trying to get exposure for a low mint that
you want to see more eyes on because it's a good deal but not everyone can get it that's one way
but other than that i probably won't be using this now on a happier note i'll talk about things that
i am excited about and things that i probably will be using and first i'll be talking about
market listings with omi so i think this will be huge for so many reasons first of all i think
it'll allow the big players the big whales to come in and start buying up these collectibles you know
a lot of people have ethereum that they can just drop tons of ethereum on nfts with but they don't
want to load up a bunch of gems with real money so i could see people who are oh me whales but not
real life whales i could see people like that just having so much more access
being able to spend so much more money at once on collectibles but this will also change the whole
dynamic of the veve marketplace it'll change how people value collectibles it'll change how
people value gems it'll change how people buy you owe me because you could buy something for
just let's say a thousand oh me and then the price of that 10x is you really paid
10 times more for that collectible than you would have if you were paying with gems so
would you rather have that only or would you rather have that collectible in some cases
you could be one of the other as a whole i see only having more potential than most collectibles
not all but most as of where the press is now for it to 10x it needs to go to like five or six cents
so with everything going for omi and with how new it is with all the exchanges coming up the
move to ethereum again not financial advice but i see omi 10xing a lot more likely than
most collectibles 10xing not counting from the drop price of course because we see that a few
times a week already as it is so i am really looking forward to having the option to sell
my collectibles for omi because that could be a great way to stack up on more
and just grow my wealth grow my value of my portfolio and i will likely not be buying
collectibles in omi unless it's just a steal and someone doesn't really know what they're doing
and i happen to have enough and the other thing that i'm very excited about from this new program
is the omi drop raffle so i was so excited when they changed the master collector program from
a drop lottery to a drop raffle and my sentiment stays the same for this because with how many
whales there are in the veve app and with how many there are to come it being a lottery system
it being a winner takes all to me that didn't seem very fair and it kind of cut out a lot of people
so now that it's a lottery every single person has a chance even if you only have one ticket it's not
a good chance but you got some kind of chance and i think that's very important to keeping people
excited getting them excited to use the program and feel like no matter what they have a chance
at winning this lottery at winning this drop so now let's take a look at the road map and
see what we can expect and when so it looks like we'll have a chance to secure our tiers and have
at least a little bit of time to get locked in get situated before the actual rewards start happening
because staking and tier structure starts first and then the first thing we're getting in terms
of rewards is the OMI drop raffle so i expect that to be very competitive when it comes out because
again that'll be our only reward at the time that will be the only thing to spend your points on so
i see people just blowing a bag on these oh me drop raffles and unless it's a very very hyped
drop that i think will be worth a lot i probably will be holding off just to let people get out of
their system let people spend their points and i can hang back and wait for my right time and wait
until there are more ways to spend your points and when they will be being dispersed across
a variety of different things and not everyone all funneling in bottlenecking into the drop
raffle phase three which is the next thing after the only drop raffle i already touched on that
i think it'll change the market dynamics a lot and i think it'll bring in whales tons of market
activity as for phase four i'm really chilling on all these i'm in no rush to get these i already
mentioned accessories and premium market listings you guys already know how i feel about those
then renting collectibles i also touched on that kind of at the moment i don't see it being that
worthwhile but down the line i could see it or i could be surprised maybe as soon as it comes out
without a metaverse or anything like that it could be useful but holding out judgment but here's the
roadmap here's what we can expect we don't have a great timeline just yet but we know the order
of when things will come out and we have the most basic guidelines about our first look at the omi
utility program which if you've been around for a little while you know how long away this has been
and us all me holders have been waiting for some added utility and for some more news regarding the
omi token because it's been lagging behind all the progress that the veve app has seen that's
okay you know you gotta build up the product get people to come get people to stay and then
you can expand your endeavors you can give the app that is already popular and already used
more utility so there's my quick rundown and my thoughts about the new omi utility program article
that just came out a few days ago let me know if you guys agree with me if i'm way off base if i'm
missing something and if you enjoyed the content please consider liking commenting subscribing
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and we can spread this info to more people in the veve community and future veve community
members so guys thanks for watching this has been nft flenny i'll see you guys next time