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The Singaporean-based company; ECOMI has launched the first licensed digital collectibles marketplace called Veve. Since it started, Veve has taken the NFT world by storm! With over 3 million NFTs minted on the ImmutableX, Veve is expected to be dominating the brandable NFT space by 2025.
Generally speaking, there are two ways of using the Veve app. First, you can use it to buy and accumulate digital collectibles from big brands that can appreciate in value over time. The second way is selling NFTs. All Veve users have access to the Secondary market where they can buy and sell their digital collectibles.
Today, we will be talking about Veve, discussing different terminologies used in the community, answering the most frequently asked questions, and discussing how to use the app to potentially make money online!
So, if you’re brand new to Veve and the whole NFT craze, this article might be of great help!
If you find this post inspiring and valuable, share it with your friends, please! (Virtual high fives and hugs to all my sharers out there)
What is Veve?
VeVe is an Android & iOS app released by Ecomi, providing a marketplace for licensed digital collectibles. The app is the first platform to offer NFTs from Disney, Marvel, DC, Star Wars, Givenchy, Coca-Cola, Pixar, and 100+ brands!
How Does the Veve App Work?
Veve is a licensed digital collectibles marketplace that connects big brands with their fanbases by allowing them to collect their desirable characters and superheroes’ NFTs.
Veve has its own in-app currency called “Gems”, and after downloading the app, you would need to fund your wallet in order to be able to participate in drops and interact on the secondary market through buying and selling digital collectibles!
How to Use Veve?
Veve doesn’t only allow you to put your hands on the blockchain’s first appearance (FA) NFTs but also allows you to trade your NFTs with other collectors around the world! Therefore, there are two main ways of using the Veve app.
First, you can use it to buy and accumulate digital collectibles from big brands that can appreciate in value over time. The second way is selling your NFTs to others. All Veve users have access to the Secondary market within the app where they can trade their digital collectibles with other collectors!
Buying Veve Collectibles – How to Buy on Veve?
Okay, you’ve downloaded the Veve app and funded your gems wallet. Now, there are four ways to buy Veve NFTs:
- On drops
- In the marketplace via “Buy Now”
- In the marketplace via “Auctions”
- Off-platform
Veve Drops
A few times a week, Veve will “drop” a particular NFT or NFT set. Veve drops are usually announced a day or two before they drop on the Veve app. They are covered in Medium articles that show the editions number, drop date, list price, rarity, license, brand, series, and availability!
Also, Veve has 30-minute prior drop reminders on their official Twitter account to remind people to be ready and take action as drops are selling out in less than a second.
So, shortly before the drop time, thousands of users log into the Veve app and head to the drop page waiting for the ticking down countdown timer to hit zero!
Once the timer hits zero, a “Buy Now” button will appear on the drop page and thousands of collectors around the world will be trying their luck in hopes that they would be able to score a win from the NFTs that were minted!
Tip: If you’re not lucky or fast enough to score a drop, you can always try your luck on Vevetale.com (a community project) from as low as $1, for a chance to win valuable Veve prizes and big Veve NFTs.
Veve Marketplace “Buy Now”
If you were not lucky to score a drop, there’s the secondary market on the Veve app where people can buy and sell their Veve digital collectibles and trade them with other collectors around the world!
After a drop is sold out and mints are fully assigned to collectors, NFT owners can sell their digital collectibles in the Veve secondary marketplace for an appreciated price.
Upon surfing the marketplace, getting your gems wallet funded, and finding an NFT that you want to purchase, all you need to do is to click on the “Buy Now” button. In a blink of an eye, gems will be deducted from your account and your new NFT will hit your account right away!
Although I’ve been lucky enough to get a few Veve NFTs on the drop, I’ve purchased most of my VeVe NFTs from the secondary market! I got some unique mint numbers… Thanks to sellers!
Veve Marketplace “Auctions”
Another way to buy an NFT on Veve is to bid on an NFT being auctioned.
Most people usually go for the “Buy Now” option as it seems more prevalent! Not the fastest option, but it’s still an option if you don’t mind waiting a couple of days to get the mint number that you desire!
You can switch to auctions by simply clicking on the “Auction” tab on the top right area of the screen.
Off-Platform Transfers
The final way to purchase Veve NFTs is to make an off-platform arrangement. Here’s how this would work:
- Find someone who has a Veve NFT you want.
- Agree to a price for that NFT outside of Veve.
- Pay that individual for the NFT outside of Veve.
- Ensure that the individual transfers the NFT from their Veve account to your VeVe account.
This is, of course, riskier than using Veve’s built-in NFT purchasing methods, but some people leverage this method to avoid paying Veve’s success fee!
In short, here’s how an Escrow service works:
- Buyer and seller agree on terms
- Buyer pays Escrow.com
- Seller Sends the NFT
- Buyer inspects and approves
- Escrow.com pays the seller
In some cases, people don’t use the Escrow service when transferring their NFTs and end up getting scammed! Never buy or sell online without backing yourself up using Escrow.com!
If you’d like to watch Logan’s step-by-step Veve walkthrough, check out his YouTube video below:
Selling Veve Collectibles – How to Sell on Veve?
Wondering how to sell Veve collectibles? I’ve got you covered! Mainly, there are three ways you can sell your Veve NFTs:
- In the marketplace via “Buy Now”
- In the marketplace via “Auctions”
- Off-platform
Below is the exact step-by-step process of each method that you would need to go through in order to sell your Veve collectibles.
Sell for “Buy Now” Price
As a Veve user, you can either use the secondary marketplace to buy digital collectibles with unique mints you like or to sell digital collectibles that you already have.
The easiest way to sell an NFT in the Marketplace is by simply going to the NFT in your collection and clicking “Sell in Market” and setting the gem price you are willing to sell that NFT for.
Once sold, you will receive a notification from the Veve app that says: “Your collectible was sold!” Veve will automatically deduct the transaction fee and deposit the gems in your wallet right away!
Sell at Veve Auctions
Selling at auctions is another great option if you have a unique mint that many collectors might fight for! If you don’t want to rush it and want to give people enough time to pitch you cool offers, auctions are your way to go!
The easiest way to sell an NFT in the Marketplace at auctions is by simply going to the NFT in your collection and clicking “Sell in Market”, selecting “Sell at auction” and setting the minimum gem price you are willing to sell that NFT for.
Off-Platform
Similar to buying, selling off-platform is also riskier than Veve’s built-in NFT purchasing methods, but if you want to leverage this method (although I don’t personally recommend it), always protect yourself by using the Escrow service!
Veve Terminologies
In this section, with the help of Vevepedia, we’ve come up with a quick resource that you can refer to get up to speed on all the terminology and jargon used within the VeVe community:
Marketplace (MP) – A collectible marketplace built into the VeVe app where users can buy and sell collectibles from each other for gems as well as host auctions.
Master collectors program (MCP) – A program in VeVe that will allow collectors to accumulate Master Collector points based on their in-app activity which they can use to participate in raffles and buy in-app items.
Veve digital collectibles – Veve digital goods, with proof of ownership recorded on the blockchain.
Veve secondary market – Another name for the marketplace, the “primary” market being the store where users buy collectibles from on the drop.
Veve drops – When Veve releases a new collectible or comic in the VeVe app.
Veve delivery – The process through which a new collectible is minted on the blockchain and assigned to a user, following a drop.
Veve rarity – A field in VeVe that indicates the relative scarcity of a collectible. Collectibles come in 5 different rarities: common, uncommon, rare, ultra-rare, and secret rare.
Veve Vault – The vault is another name for the showroom, which prominently features a vault in it. Also used as a synonym for a user’s total collection.
Veveverse – A planned metaverse project from Veve where users will be able to showcase and interact with their Veve collectibles.
Veve gems – The in-app currency used in the VeVe app, with one gem equal to one US dollar.
Veve flipping – Purchasing undervalued Veve collectibles and re-selling them for a higher price, often within a short time period.
Veve first appearance (FA) – A tag that’s used to mark the first appearance of a character in digital collectible format on the Veve app.
First edition (FE) – A tag that’s used to mark the first series of a collectible in a collection.
Veve floor – The floor price of a collectible is the price of the lowest-priced collectible of its kind available in the marketplace.
OMI Utility Program (OUP) – A program through which OMI holders will be able to stake their OMI for in-app benefits such as buying collectibles with OMI and participating in OMI drop raffles.
For more terminologies, refer to Vevepedia.com. Vevepedia aims to be an encyclopedia of all things VeVe!
Veve Frequently Asked Questions
In this section, we will try to cover the most frequently asked questions to make you familiar with Veve and the whole process of purchasing NFTs on this premium licensed marketplace:
Can You Really Make Money on Veve?
You can definitely make money on Veve here and there through flipping NFTs on the marketplace, but in the NFTs space, real gains are made in the long-term plays! According to experts, scarcity plays a big role in determining the price of an NFT! This means that the longer you HODL your NFTs, the more likely they will appreciate in value over time.
If you’re still wondering how to make money on Veve, here’s a recently published article that discusses 6 epic methods for making money online with Veve!
How to Invest in Veve?
When it comes to investing in Veve, there are two main ways. The first is to invest in the digital collectibles offered by big brands on the Veve marketplace by downloading the app, funding your wallet, and buying NFTs! The second is to invest in the deflationary cryptocurrency ECOMI (OMI) that backs up the Veve project.
Here’s a quick step-by-step tutorial on how to buy ECOMI (OMI) securely using Bitforex and Coinbase!
Is Veve Worth it?
Veve is offering a once-in-a-lifetime opportunity by allowing you to put your hands on the blockchain’s first appearance NFTs from big brands and IPs. Think about it like that, would big companies like Marvel, Disney, Coca-Cola, and tens of other historical brands be wrong? FOLLOW THE WHALES!
WEN Veve Gems to Cash? How to Cash Out on Veve?
Although withdrawing money from Veve is not an available option at the moment, Veve’s parent company (ECOMI) has recently migrated to a layer-2 Ethereum solution called ImmutableX. This means that users would be able to convert their Veve gems to OMI tokens and trade them on a cryptocurrency exchange, which would make it possible to essentially convert the gems into fiat currency.
How to Get Money From Veve?
As stated on the Veve app, 1 gem equals 1 USD, but with the fact that the Veve cashout feature is not available yet, collectors have managed to find some loopholes to get their money out of the app!
First, they tend to sell their gems externally for as low as 60% through an Escrow service, and second, they do the transfer by selling a cheap overpriced collectible on the marketplace.
How to Make Money Off Veve?
The Veve payout feature is in beta, with a number of users trialing the system right now, and each week they will invite additional groups of users to optionally join the program. Until the program is fully rolled out and the feature is fully functional, you can only sell your gems externally through an Escrow service, but Veve won’t be responsible if you get scammed!
Does Veve have an Affiliate Program?
According to Rhys Skellern; ECOMI’s Communications Manager, Veve does not have an affiliate marketing program at the moment but there’s definitely a talk of one. It’s a matter of when not if!
Yep, there’s definitely talk of an affiliate program, just not sure on the #wen yet, the growth we’re getting at the moment is absolutely crazy!
ECOMI’s Communications Manager; Rhys Skellern
Is Veve Legit?
Veve is legit and so are the members behind the project, Dan, David, Rhys, and Alex! However, the fact that people cannot cash out or withdraw their returns makes them think it’s a scam or there’s something suspicious about it.
The truth is, big historical brands like Disney and Marvel are usually picky when choosing their partnerships! So, there’s definitely a huge reason why 100+ brands have chosen Veve to market their NFTs and sell them to the masses!
Are Veve Collectibles Real NFTs?
All Veve collectibles are backed by the blockchain and the OMI token, and they are real NFTs. This means you have a unique mint and variant of the collectible you have. You can read more about OMI utility on ECOMI’s medium page here.
Can I Buy OMI Tokens and Use Them to Buy Veve Collectibles?
Yes, you can buy OMI tokens at certain crypto exchanges (ex: Bitforex, Okex, Bitmart, Gateio, AscendEx) and you can convert OMI tokens into gems. Gems are then used to purchase collectibles in Veve.
Related: How to swap OMI for gems.
Conclusion
The future of collectibles has never looked this good! Today, over 3 million premium NFTs are now 100% carbon neutral and available for gas-free trading on the Veve app and powered by ImmutableX.
From Disney, Marvel, Coca Cola and tens of other IPs, Veve is offering people a once-in-a-lifetime opportunity to put their hands on the blockchain’s first appearance branded NFTs.
If you’re new to Veve and would like to take advantage of the NFT craze, by the time you finish reading this article, you should be familiar with what Veve is, how does the app work, and what does it really take to buy and sell digital collectibles on this premium marketplace.
If you’re a new Veve user, I hope you find this article to be a useful guide, and if you’re a more experienced user I hope you find it a helpful resource that you can refer newbies to! (Virtual high fives and hugs to all my sharers out there.)
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Cheers,
Odeh Ahwal
