Omni Pets are digital tokens created using the ERC-721 open standard based on the Ethereum protocol and are non-fungible, that is, these tokens are all unique unlike the ERC-20 standard used to create cryptocurrencies. With only 200 unique digital tokens offered per week in the form of eggs, these pets when hatched have to be cared and nurtured as their trading value also rises if they are “happy” and “contented”.
OMC Group, the blockchain arm and subsidiary of AIO Synergy Holdings Berhad, is offering Omni Pets to the public as a way to introduce blockchain technology and inject an element of fun in learning while playing a game collecting one-of-a-kind digital tokens that can be traded. These digital pets come in 16 designs covering physical characteristics such as eyes and body type with differing colour and pattern while there will also be limited editions for festive or special occasions. The pets can be bought with the in-game currency known as “gold coins” that is valued at US$1 per gold coin. The in-game currency can be purchased with bitcoin, Ether, US Dollar Tether and OMCoin.
OMC Group CEO Jack Lee said: “Each Omni Pet is represented by a unique token in our blockchain and we believe that this is a fun and interesting way for people to understand blockchain better while giving them the opportunity to collect and trade unique digital assets. Beyond Omni Pets, the use of ERC-721 can be used to tokenise other assets, such as art collections, property and jewellery. We also believe that blockchain technology can enable a trusted form of ownership for digital assets and we are taking this step with Omni Pets”.
The digital pets’ ecosystem runs on the OMChain2.0, a consortium blockchain allowing only authorised participants and is a secure and performance-driven platform. Owners of the digital pets will also learn how the blockchain works from owning to trading as OMChain2.0’s smart contract is used to facilitate these transactions.