Ommniverse is a new NFT marketplace that is taking the crypto world by storm. It enables users to possess a share of distinctive digital artwork. Through fractional NFT ownership, anyone can engage in this thrilling domain.
What Exactly is Ommniverse
Ommniverse stands as an NFT marketplace that revolves around the concept of fractional art for NFT exchanges. The platform’s primary mission centers on safeguarding fair compensation for the hard work put in by curators, as their ideas are the cornerstone of the entire ecosystem. Additionally, they aim to protect customers’ investments, offering them opportunities for rewarding returns on their trust.
At Ommniverse, they provide a distinctive experience where everyone can secure their assets, ensuring that both curators and buyers are well-informed and not left in the dark. Ommniverse empowers individuals with modest investments to access fractionalized NFTs and sell them as they see fit. This approach gives buyers the advantage of not having to purchase the entire NFT, which can sometimes be prohibitively expensive.
What is a Fractional NFT?
As the name implies, fractional NFT means a piece of a complete NFT. A decentralized protocol called Fractional offers the ability for one or more NFTs to be collectively owned and governed. The tokens provide control over the NFTs they hold and function similarly to standard ERC20 or ERC1155 tokens.
Fractional simplifies the process of acquiring and retaining a portion of an NFT. It also makes it accessible to users who may have previously found certain NFTs or artworks, such as those by artists like Beeple, financially out of reach. Furthermore, the original NFT curator can access liquidity in their assets by breaking up the NFT into fractions instead of selling it as a whole unit.
What are the Benefits of NFT Fractionalization?
An NFT owner may choose to divide their assets for a variety of reasons:
- Pricing: When the asset holds significant value, determining its price can be challenging. Disassembling the item and selling its parts becomes a valuable strategy to gauge the market’s valuation of the NFT.
- Liquidity: Owners of fractions enjoy substantially improved liquidity compared to owning the NFT in its entirety.
- Custodian Fees: While the NFT owner sets these fees, they are subject to regulatory control to prevent excessive charges. These fees are similar to asset management costs, with a curator receiving a portion of the faction’s annual supply. Owning an NFT with these traits benefits the curator.
- Owner Benefits: Once a user possesses fractional ownership of an NFT, they gain the right to vote on the asset’s floor price. The reserve price, which represents the amount in ETH that a third party must offer to initiate an auction for the entire NFT, is another aspect to consider. Initially, the new fractional ownership token collector’s reserve price aligns with the current reserve price but can be altered as needed. All fractional holders are entitled to pro-rata payments for their fractions upon the successful conclusion of an auction. These factions function as valid and operational ERC-20 tokens and can be used accordingly.
Use Cases of OMMI Token
OMMI is an ERC-20 token that determines the influence of a user’s voting rights. The greater the amount of OMMI held in a user’s wallet, the more significant their delegation or vote on a proposal becomes. Delegation is a necessary step; OMMI holders must delegate their voting rights to an address before they can vote or propose anything.
The OMMI token also fuels all transactions within the ecosystem. Liquidity and staking mechanisms tied to the OMMI token serve to enhance returns. Additionally, a higher APY can be achieved through an NFT staking program that involves locking NFTs and the OMMI token. Ommniverse also plans to collaborate with brands and conduct transactions outside of its platform, using the OMMI token as the means of exchange.
Where to buy OMMI Token
You can find OMMI Token here at MEXC! We are listing OMMI/USDT in our Innovation Zone!
What is the Price of OMMI Tokens?
The OMMI Token is currently trading at MEXC with a live price of $2.30. You can check the live price of their token right here!
How to buy OMMI Tokens on MEXC
You can buy OMMI Tokens on MEXC by following the steps:
- Log in to your MEXC account and click [Trade]. Click on [Spot].
- Search “OMMI” using the search bar to see the available trading pairs. Take OMMI/USDT as an example.
- Scroll down and go to the [Spot] box. Enter the amount of OMMI you want to buy. You can choose from opening a Limit order, a Market order, or a Stop-limit order. Take Market order as an example. Click [Buy OMMI] to confirm your order. You will find the purchased OMMI in your Spot Wallet.
You can find a detailed guide on how to buy OMMI Tokens here.
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