Chapter 1: Introduction to NFTs and VeVe

By now, NFTs (non-fungible tokens) have become a household term. Numerous platforms exist for acquiring these digital assets, and in this article, we will delve into VeVe, a mobile marketplace focused on licensed digital collectibles.

Understanding VeVe

VeVe serves as an app-based marketplace for premium licensed digital collectibles. Users can obtain a variety of items—ranging from common to extremely rare—customize them, showcase them in virtual spaces, and engage in buying, selling, or trading with other users, all from their mobile devices. — Ecomi.com

In essence, the VeVe app simplifies the process of acquiring, holding, and selling NFTs from various licensed partners, including major names like Disney, Marvel, and Warner Bros. The platform streamlines the purchasing process compared to other NFT marketplaces. However, competition is fierce during NFT drops, with most items selling out in mere seconds.

Augmented Reality Features

VeVe integrates Augmented Reality (AR) into its application, allowing users to scan their environment and position their collectibles in real-world locations. Users can manipulate their NFTs—moving, rotating, and resizing them through AR—and capture images to share on social media.

Chapter 2: How to Acquire Collectibles on VeVe

There are two primary methods for purchasing collectibles on VeVe:

1. VeVe Drops (Store tab)
2. VeVe Market (Market tab)

Both methods require the use of GEMs, the app’s currency, which can be bought via Apple or Google Pay. Each GEM is valued at $1 USD, and users can sometimes find GEMs at discounted rates through various online marketplaces.

VeVe Drops

VeVe drops generally occur at 11:00 AM EST or 3:00 PM EST. At the designated time, a 'Buy Now' button will appear on the NFT's detail page. VeVe often provides information about upcoming drops a day in advance on their Medium VeVe Drops page.

For those wishing to participate, purchasing GEMs ahead of time is not mandatory. If you manage to secure a drop, you will have time to acquire the necessary GEMs before finalizing the transaction. However, since drops are competitive, being unprepared could hinder your chances. It's important to note that GEMs purchased in advance are non-refundable.

VeVe Market

Users can also buy collectibles listed by other VeVe sellers in the VeVe Market. Depending on demand, some collectibles may be listed at prices significantly higher than their original value.

For instance, a Disney Partners Statue was initially available for 333 GEMs, but its current market floor price has soared to 21,499 GEMs! The resale value generally hinges on the number of editions released and the demand for that specific NFT.

Assessing Collectible Value

VeVe categorizes its NFTs by rarity, impacting their market value. The classifications are as follows:

• Secret Rare (~500–2,000 editions)
• Ultra Rare (~1,000–7,000 editions)
• Rare (~2,000–10,000 editions)
• Uncommon (~5,000–15,000 editions)
• Common (~10,000–30,000 editions)

The edition size for each rarity category varies per drop, directly influencing the collectible's value. While fewer editions typically suggest higher value, demand can fluctuate, affecting market prices.

Chapter 3: My Journey with VeVe

Over recent months, I've made it a goal to participate in nearly every drop VeVe offers. My strategy, although perhaps not the most effective, included setting an alarm for 10:59 AM daily to prepare for 11:00 AM drops. My success rate has been around 10%. There were weeks when I didn’t secure any collectibles, yet persistent effort proved fruitful, even amidst stiff competition.

Starting with 100 GEMs, my initial drops yielded comics that I flipped for a profit of 300–400%. This strategy enabled me to gather enough GEMs for future drops. Items I anticipated would lose value were typically sold in the market.

Currently, my most prized VeVe collectible is the Mickey Mouse Steamboat Willie Ultra Rare, valued at around 3,000 GEMs, though I’ve witnessed it exceed 10,000 GEMs. Regardless of its fluctuating floor price, I intend to keep it for the long haul as it holds sentimental value from my childhood.

The Growing Challenge of Drops

As VeVe's user base has expanded, the difficulty in acquiring NFTs during drops has increased. However, the platform is moving towards a waitlist system to enhance fairness and reduce technical issues during drops. I'm excited about the future improvements planned for the VeVe platform and the new collectible releases on the horizon!

For more insights about VeVe, visit their official website and follow them on Twitter!

Disclaimer: This article is for informational purposes only and should not be construed as financial, tax, or legal advice. Always consult with a financial advisor before making significant financial decisions.

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