VeVe has stirred up the world of digital art and blockchain quite well. By partnering up with big names and creating the first-ever NFTs of historical comic book characters, VeVe is at the center of attention. But their NFTs are not directly priced in any known cryptocurrency. So, Are VeVe Collectible real NFTs?
Well, yes. VeVe collectibles are as much NFTs as any other non-fungible tokens in the world. They too exist relative to a blockchain. However, they are valued in an in-app currency in contrast to a direct cryptocurrency.
You can get a full account of how this whole VeVe situation works when it comes to making money from NFTS, by reading through the full article. Then decide for yourself if you should invest in some.
Are VeVe Collectibles True Nfts?
Yes, they are. Because like other NFTs the digital collectibles from VeVe are also saved on a digital ledger or a blockchain. And this ledger confirms and guarantees the uniqueness and ownership of the VeVe collectibles. In the case of VeVe, this digital ledger is the Immutable X Blockchain.
Although, keep in mind that, the value of a VeVe collectible exists in Gems. These Gems are the in-app currency of the VeVe app. One Gem equals one dollar. But that doesn't mean you can go to an ATM booth and convert one Gem into one dollar cash.
At this moment there is no way to convert the VeVe currency into physical cash. So, in theory, the price of the VeVe collectibles doesn't translate to anything in real-world paper money.
However, that is soon going to change. ECOMI is working to take VeVe to the next level on layer-2 Ethereum. And considering the kind of attention and support VeVe has gained that might not take much time.
When VeVe makes this migration, the app users (or NFT collectors) will be able to turn their VeVe currency or Gems into OMI tokens. And this is the cryptocurrency brought to you by the ECOMI blockchain project.
These tokens can be traded on a cryptocurrency exchange. You can then get cash or send the money to a bank.
In other words, you will eventually be able to convert your VeVe currency into real money. Therefore, the VeVe collectibles NFTs can also be valued in terms of traditional money very soon.
In recent times, VeVe has partnered up with a lot of big names like - Marvel, DC, Disney, Coca-Cola, and others. Plus, they are the first company that had the privilege of creating NFTs of classic and beloved comic book characters like Spider-man and Batman.
How To Buy and Sell VeVe Collectibles?
Image source: Veve.me
Now that you know the possibility of VeVe NFTs, you must be wondering how you can buy and sell them. Well, the first thing you have to do is get the VeVe App. You can find it on both the Play Store and Apple Store. Download the application on your device then proceed to create a VeVe account.
Account Creation and VeVe Gems
After downloading the app, you will most probably figure out on your own how to create the account. Because there will be lots of prompts and instructions after you open the app.
The process is really simple. At first, you tap Join. Then give your email. Create a Password. And lastly, click sign-up. Now, as with most other account creation processes on the internet, VeVe will send you a verification email. You have to click on this email link from the same device the VeVe app is running on.
After that, you will go through the usual nickname, gender, birth date assertion. Finally, agree to their Terms & Conditions and click Next. A list of VeVe brands will be presented before you, from which you will have to choose at least one. Again click Next, then Start Collecting and your account creation is complete.
To collect or buy the NFTs, you will need Gems. Like any other game or application with in-app purchasing options, you can use general payment methods like a bank, credit card, or PayPal to purchase these Gems. One GEM will cost you one US dollar. However, your credit card or bank charges may affect the final bill.
Ways to Trade NFTs on VeVe
There are a variety of ways to purchase the collectible NFTs on VeVe. Firstly, VeVe announces and 'drops' an NFT. These come in limited numbers and at a fixed price. Other methods of this marketplace include auction and buying off-platform.
A Drop occurs a few times a week. Suppose, and this is just for example's sake, VeVe has created two thousand new NFTs of Batman. And they would sell it on a specific date at a specific time. They will announce and notify the users of this incident may be a day before via email.
Then on that particular date and time users will log on to that Drop page to buy the NFT. At this point, they will see the mint price of that NFT and a ‘Buy Now’ button.
Needless, there are more users or potential buyers of the NFT in comparison to the number of NFT available. Therefore, not everyone will be able to buy it. As a result, those who are the lucky ones, can in the future sell them at much-much higher prices than the original mint price.
If you are successful at obtaining an NFT at the mint price you can choose to sell it very easily. Just go to your Collection and find the NFT. Then click "Sell in Market" and set the gem price you are looking to sell it for. This will add a Buy Now button to your NFT.
On the other hand, if you are looking to purchase a certain NFT, then find it in the Marketplace, check the Gem price and click the “Buy Now” button. If you have the required amount of Gem in your account you will be able to proceed with the purchase.
Besides these methods, you can also buy or sell an NFT at auction. As with any other auction, the highest bidder will get the NFT. If you are not sure about the price of an NFT, you can put it up on auction and see what happens.
The last method of buying NFTs is off-platform. But this is certainly a risky one. As the transaction shall take place outside the platform, you won’t be able to hold them accountable in case things don’t turn out well for you.
So, first, make sure the person you are dealing with has good business ethics. The process is very simple and traditional. You will pay the owner of a specific NFT on VeVe outside the platform with cash or whatever you two prefer. Then the owner simply transfers the NFT from their VeVe account to yours.
The Pros And Cons Of VeVe Collectibles
The greatest advantage of VeVe is its ease of use. Anyone can buy and sell an NFT using the App. It's the perfect place to hone your skills in the NFT trade and learn how the marketplace works. This experience will be very helpful in the upcoming days when the majority of world finance will make its transition to the digital side.
Unlike traditional NFTs, you cannot estimate VeVe collectibles in cryptocurrency directly. Instead, their value exists in an in-app currency. At the moment, this might seem like a disadvantage. But that is going to resolve soon.
Plus, as the VeVe currency maintains this distance from the traditional flow of cryptocurrency it can avoid certain damages that cryptocurrency has to take in the financial world from time to time. In other words, VeVe's seeming disadvantage can eventually prove to be its greatest power!
Are VeVe collectibles real nfts? The question isn’t a surprise. Because the NFTs at VeVe do exist at a different level than the other familiar NFTs, it might be a bit confusing to understand for some. However, as you have learned from the above discussion, they are very much real.
Plus, as all the signs pointing towards the future are positive, it might be even a good idea to invest in some.