Veve Review – Can you Make Money on Veve NFTs?
VEVE OVERVIEW (HOW TO BUY NFTS ON VEVE APP)
We saw the boom of an exciting arm of the crypto world that has surprisingly been around for a long time – the era of Non-fungible tokens (NFTS). Now, it has taken over practically every part of the crypto world. There are NFTs in the art world, the sports and entertainment industries, gaming sectors, and even individual lives.
However, even though they have gained ground recently, some may still find it challenging to own and utilize digital assets as they are usually more difficult to transact than standard cryptocurrencies.
To that end, many apps and services have been developed that simplify the process for those interested in purchasing NFTs. This article will treat one of those apps, the Veve app, and examine its advantages and drawbacks. Let’s start.
WHAT IS VEVE, AND HOW DOES IT WORK?
VeVe was founded in 2017 in Singapore by the cryptocurrency company, Ecomi. It functions as a mobile application available on both the Android and iOS operating systems. It mainly focuses on digital collectibles with five rarity levels, namely Common, Uncommon, Rare, Ultra-rare, and Secret-rare. How do you start accessing the services of the VeVe app?
First, you download the application by searching for it on the Play or Apple store. You can also follow the link provided on the website to get the app. After downloading the application, continue by following the steps below:
- Click the ‚Join‘ button at the bottom left of the screen.
- Sign up on the platform with your email and password
- Click the verification link sent to your provided email to verify your email address
- Next, enter a nickname in the space provided, provide your gender and fill in your date of birth.
- The last step is to select your favourite brands on the platform. This helps the VeVe app to display NFTs synchronised with your preferred brands. You might be surprised to see some popular brands VeVe has already partnered with. Brands like Dreamworks, Universal Studios, Givenchy, Cocacola, Cartoon Network, Disney, Marvel, etc.
Once that is done, your signup process is complete, and you’re free to use the VeVe app for your purchases and collections.
THE VEVE-ENOMI ECOSYSTEM
As we have already mentioned in this article, VeVe was created by the Singaporean crypto exchange, Enomi. Enomi is based on the OMI token, a utility token for the ecosystem based on the Gochain blockchain(GO20). However, it is also compatible with the Ethereum blockchain. It is a large ecosystem with over one billion dollars in market capitalization. However, how does it work with the VeVe app?
The VeVe app runs on gems, in-app tokens that are used to make purchases of digital collections on the platform. One VeVe gem is equivalent to one dollar; however, they are not tradeable on any other crypto marketplace but can be transferred between users of the VeVe app at no cost. In the future, gems will be tradeable for OMI, which can, in turn, be traded for other cryptocurrencies or fiat in the crypto marketplaces.
WARNING ON VEVE’S GEMS
The in-app tokens of the VeVe app have come under criticism from many users for several reasons. For one thing, there is no way to access the tokens since they are not recorded on any open-source blockchain. That, in itself, is a reason for panic and distrust.
Also, there is something fishy about the price of one gem token. The VeVe app states that one gem token is equivalent to one Dollar or one Euro, or One Pound Sterling. How can that be, though, when none of these currencies is the same in value. For example, when this article was written, One Dollar equals 0.9 Euros which also equals 0.75 Pound Sterling. Yet all these currencies are equivalent to one gem token. Doesn’t that make you suspicious?
Lastly, the gem tokens cannot be exchanged for fiat. They cannot also be exchanged for any other cryptocurrency, not even for OMI, the token of the Parent Company. This means they are basically useless outside the VeVe app.
HOW DO I BUY NFTS WITH VEVE?
The first step to purchasing NFTs on the VeVe platform is registering an account with the aid of the downloaded application. When you’ve created an account and opened the app on your mobile, you can browse the store to buy any comic or collectible. You can also search for complete sets of comics or add them to your wishlist. There are four different ways to buy NFTs on the platform. Let us take an in-depth look into each of them:
This method is basically a game of luck. How does it work? The platform announces beforehand via email that it will drop some NFTs at a set date and time; these drops are fixed at a certain price, denominated in gems. Some of them may also come with added advantages. For example, when they dropped the ‚Golden Moments‘ Disney collectibles, those NFTs came with the added advantage of a three-month subscription to Disney+
Lately, the VeVe drops have become centers of attention because of the high profitability that usually accompanies them for those lucky enough to land a drop. For example, there was a drop for the Ultra-rare Harley Quinn first edition late last year. It sold for 79.99 dollars but currently has a floor price of 11,900 dollars. That’s an impressive ROI!
It is not the only one. Most of the drops on the VeVe platform have turned out to be hugely profitable. That’s why it’s becoming increasingly difficult to land a drop, as they are now highly contested because of their return rate.
⚡️ How do you partake of these drops? It’s easy. The drop time is announced beforehand, so make sure you’re there on time. Just before the NFTs are dropped, a ‚buy now‘ button appears, which you have to click as repeatedly as you can to stand a chance.
This is the least stressful way to purchase an NFT on the platform. All you need to do is browse through the various NFT collections on the app, pick the one you like and click ‚buy now‘ if you agree with the price displayed.
However, most NFT collectibles on the platform can’t be bought or sold until the VeVe market opens. The marketplace is not always open. It closes 30 minutes before a drop and opens 30 minutes after a drop, allowing lucky traders who have landed a drop to cash in on the profits as soon as they can.
You may wonder, though, how you can get your hands on some gems which are so needed in the VeVe world. It’s essential since you can’t purchase anything on the app without using the gems.
The first step to getting the gems is to purchase OMI tokens. These tokens can be bought on OKX, GATE.IO, ASCENDEX, and BITFOREX. The current price is around $0.007. Once you have these OMI tokens, send them to the OMI wallets provided on your VeVe app. These tokens can then be exchanged for gems with a $1 to 1 gem ratio
You can also get gems directly on the platform by purchasing with either credit or debit cards.
This is another action-packed way of buying NFTs on the VeVe app. I’m sure you know how an auction works. The same principle is followed in VeVe auctions, with a few exceptions. For example:
- New users on the platform are at first restricted from participating in auctions for the first three days. This is to ensure that veterans have a better chance of getting their desired NFTs. It’s an unnecessary rule, though, if you ask me.
- When an auction has ended, the winner has 24 hours to pay for their cargo. If they do not pay within 24 hours, the win will be forfeited, and they will be restricted from trading in the marketplace for the next three days.
- In the future, a mechanism will be introduced where bidders will need to place ten gems in escrow before participating in the auction. The gems are to appease sellers who are often left disillusioned after someone wins their auctions but refuses to pay within the 24-hr time frame. In such a case, the seller gets ten gems as compensation.
This is the final method of purchasing NFTs on the VeVe platform. It basically works like a peer-to-peer platform, incorporating its attendant risks and benefits. How does it work?
If you see an NFT you like on the platform, check the owner’s profile and see if he or she is someone you can communicate with outside the VeVe app. Some accounts are private and won’t divulge much info, while others. Might include links for you to contact the seller off the platform.
You can also contact the seller via comments on posts they make on the platform. When you’ve contacted the seller, you can agree on a price outside of VeVe and make a transfer to the seller using any payment means he prefers. The seller then transfers the NFT to your VeVe account and makes you a proud owner of your desired NFT.
This method is, of course, riskier because it is not regulated by the VeVe platform. You can fall into the hands of scammers who will collect your real money and not release the desired NFT. Therefore, you need to be careful when treading this path. However, it is a common practice in the community, so there is generally little to be worried about.
HOW TO SELL NFTS ON VEVE
The process of selling NFTs on the VeVe platform is similar to that of buying. After purchasing the NFTs through any of the four methods described above, you can sell them in the secondary market either at a fixed price or through an auction. You can also arrange to sell them off the platform, but ensure to get payment before releasing your NFT or at least part of it.
Also, the VeVe platform announced last year that NFTs on VeVe will soon be tradeable on Opensea once VeVe completes its layer-2 migration to the Ethereum chain. This is a welcome development as it would bring more utility to the VeVe NFTs.
FINAL THOUGHTS ON VEVE
On the one hand, the VeVe app is an innovative and easy-to-use platform for purchasing NFTs. Transactions are gasless and come with a low barrier to entry. Also, the drops on VeVe have often proven to be profitable ventures, with some reporting as high as 300x profits or even more.
On the other hand, there is a break in the connection between assets in the VeVe world and assets you can use in the real world. Therefore, you can be a millionaire on VeVe, but it won’t amount to anything if you can’t convert your wealth to real-world funds. That remains the major drawback of the VeVe platform.
Considering all these features, would you still want to take a chance on the VeVe NFT platform? Even though they do not have a way to withdraw the gems yet, they have assured users that they are working on converting them into OMI tokens that can be traded. And considering the fact that they have partnerships with giants in various industries, one could just take their word for it.
However, caution still has to be exercised, as all forms of crypto trading are generally risky. Do your own research and make guided decisions before using the platform.
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FREQUENTLY ASKED QUESTIONS
- The platform makes it easy to purchase NFTs if you know your way around a smartphone. With the app installed on your phone, you just need to get some gems and use them to get your desired NFT collectibles.
- It has formed partnerships with some big names. It has collaboration with giants like Disney, Marvel, Cocacola, Givenchy, Universal Studios, etc.
- Transactions on the platform are gasless. This is a huge plus to those who have been used to the exorbitant gas fees of other platforms like the Ethereum platform.
- There is a low entry barrier for partaking in its NFT sales. Even though some of the collectibles on the platform currently go for very high prices, their drop price was usually within the affordable range.
- It is somewhat centralized, which means that there is little space for the type of scams that have plagued most of the other NFT marketplaces in the crypto world.
- You can't currently convert gems to fiat or other tokens of real-world value. This is a big issue because the purpose of trading in any form of financial market is to make gains. How are you supposed to make more gains than when your profit stays within the platform? To make matters worse, you can only convert OMI tokens to gems; you can't do it the other way round! The VeVe team promises this will soon change, but nothing has been done yet.
- Even though the drops have turned out to be profitable, it is usually a hotly contested event with it all boiling down to luck, no matter how much you have prepared before the event.
- It is not so secure. It doesn't even have two-factor authentication. This means that anyone with access to your phone can steal your assets with little resistance.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com