nft

An Intro to VeVe, The NFT Collectible Platform Turning Heads

mobile hero veve 1080x1168
Jason Koeppel // ONE37pm

If you are up to speed on the emerging NFT market, you probably heard about the digital artist Beeple’s $69 million sale of his “Everydays: The First 5000 Days” collage.

For those who still don’t know what an NFT (Non-fungible token) is, they are pieces of digital content linked to the blockchain – a digital ledger guaranteeing the item is an original copy and is owned by a particular person. Just like cryptocurrencies are guaranteed by the backing of a blockchain, so is the authenticity of an NFT. For those who would like further details on the subject of NFT’s, check out this article we wrote. 

When I originally wrote this article back in April, I said, "It’s my opinion that the digital collectibles app VeVe is on the verge of a major breakout."

Seven months later, that breakout appears to be underway.  

1. What is VeVe?

batman
VeVe

According to Veve’s parent company Ecomi’s website “VE-VE is an app-based marketplace for premium licensed digital collectibles. With VE-VE, users can obtain common, rare, or one-of-a-kind digital collectibles, customize and showcase them in the virtual showrooms, as well as buy, sell or trade collectibles with other VE-VE users - all from the palm of their hand.”

VeVe's Augmented Reality makes it so that you can take a photo with your favorite collectibles. With their AR feature, you can scan your surroundings and tap on your phone to drop your digital collectible on any flat surface. You can then move, rotate and scale your collectibles and text them to your friends and family, or post them on your favorite social media channels. 

In VeVe's secondary market, you can get an idea of the value of your collectibles, buy the ones that you may have missed out on, or sell the ones that you currently own. Sales on the VeVe marketplace do not exchange cash, but instead, trade-in “gems.” 1 gem is always equal to $1 USD.

You will soon be able to swap your gems for Veve’s native token OMI–which fluctuates based on market value–or convert them to USD and have the money sent to your bank, but no exact timeline for either of these features has been formally announced.

2. VeVe Partnerships

veve brands
Jason Koeppel // ONE37pm

VeVe has already formed partnerships with some huge brands, including Disney, Warner Bros., Capcom, Marvel and DC Comics. Some of their most popular collectibles to date have come out of their Ghostbusters, Batman, Spiderman, Superman, Powerpuff Girls and Harley Quinn drops. 

Most recently, many of the drops have centered around their Marvel partnership, even expanding outside of their typical collectibles and introducing Marvel's first digital comic books.

These comics are purchased in "blind box" format, meaning everybody pays the same amount of money for a random comic, and only after purchasing it do you find out the rarity.

Veve's parent company, Ecomi’s global head of licensing–Alfred R. Kahn–is one of the biggest reasons for optimism on this platform. Before VeVe, Kahn was the founder chairman, and CEO of 4Kids Entertainment from 1991-2011. He is recognized as an industry leader and is responsible for more than $25 billion in retail revenue on partnerships that included brands such as Pokemon, YuGiOh, Teenage Mutant Ninja Turtles, Cabbage Patch Kids, and Polly Pockets. He also assisted with branding and licensing of Nintendo, Mario Bros, Zelda, Donkey Kong, James Bond, and the World Wrestling Federation.

3. VeVe NFT's Already Re-Selling for Big Money

donny spidey
Jason Koeppel // ONE37pm

Many VeVe collectors have already seen quite an uptick in the value of their portfolio. Some of the more rare and highly sought-after collectibles include the Ultra Rare first edition Harley Quinn that was designed by artist Steve Pugh–which has a current floor price of $11,900. This collectible had just 500 minted and cost $79.99 to purchase on the drop.

The rarest of the series of four Batman Black & White Series 1 collectibles–designed by Edurdo Risso–has a current floor price of $4800. The original purchase price was $69.99. The “common” Todd McFarlane design minted to 7500 has a floor price of $1400 and is considered one of the blue chip collectibles in the VeVe community because of McFarlane's name. 

The Secret Rare Season 2 Spiderman (released in August) is animated and shoots webs in Veve's augmented reality feature. There were only 1000 of them minted on the drop, and the current floor price is $15,799, 39x its initial $400 price tag.

The Ghostbusters collectibles have also generated quite a bit of buzz, with a platinum, Secret Rare Ghostbusters logo collectible (that cost just $89 when it was released) now boasting a $29,999 floor price (337x). The gold “secret rare” logo minted to 188 (cost $99 on the drop) also has a floor of $29,999.

The most expensive collectible on the entire marketplace is the Ultra Rare Donny from the Powerpuff Girls franchise. There were only 150 of them minted and the drop price was just $16.99. The current floor is $83,333.30, representing a 4905x ROI for anybody lucky enough to be holding one.

The secondary market values of the most rare digital comics is absolutely mind-blowing. As an example, the floor price of a Marvel Comics #1 Secret Rare (only 600 of them were minted) is currently $29,950. These blind box comic book drops are essential lottery tickets, and if you are one of the lucky ones to hit a Secret Rare, you just had yourself quite a day.

4. Upcoming Releases

drops
Jason Koeppel // ONE37pm

VeVe is currently in the middle of their "Golden Moments" week, dropping a new Disney collectible daily. Each person who purchases one of these collectibles will also receive a three month subscription of Disney+, representing the first time there is a utility outside of the VeVe app attached to a collectible.

Earlier drops (in celebration of Disney+ Day) featured characters such a Frozen's Elsa, Wall-E, Bart and Homer Simpson and Marvel's Ironman and Avengers. The next drop is tomorrow (November 11th) featuring Star Wars, with Friday's highly anticipated drop boasting a statue of Walt Disney himself holding Mickey Mouse's hand.

With that said, because of the growing popularity of the app and the opportunity to flip these collectibles for fairly large sums of money, it has become increasingly difficult to land anything on the drop. They all sell out within a single second. That's no exaggeration, so you have to be both lightning fast on the "buy now" button and have a bit of luck on your side if you want to land one.

My best advice is to not get frustrated if you are unsuccessful. Just keep trying. Eventually your patience will pay off. With that said, if you study the trends on the secondary market, you might be able to detect patterns of when is the best time to buy (or sell) and play the game that way.

5. First Carbon-Neutral NFT Platform

carbon neutral
VeVe

VeVe recently announced its plans to become the first carbon-neutral NFT platform, beginning with a commitment to offset 100% of the carbon footprint caused by the minting of NFTs, negating the environmental impact caused by distributed ledger technologies. Initially, VeVe will offset the carbon footprint by purchasing carbon credits equal to the amount of CO2 used in minting NFTs.

Co-Founder and COO, Dan Crothers said, “Being sustainable has always been a strong priority for VeVe and ECOMI since our founding. Our carbon neutrality pledge is a step toward making NFT digital collectibles and the digital AR metaverse part of a green, environmentally friendly future.”

For more information on VeVe, visit their website or check them out on twitter. To download their app, click here.

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