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Pixar’s NFT drop sells out quickly on VeVe for $3.3 million


Pixar Animation Studios was set to release its Pixar Pals NFT collection on Sunday, March 13th, at 8 a.m. PDT. Pixar, a Walt Disney Company subsidiary, is responsible for some of the most well-known animated films in history. Toy Story, Monsters, Inc., Cars, Coco, Ratatouille, and many more films are included. The upcoming Pixar Pals NFT collection will pay tribute to some of Pixar’s most iconic characters and events from their famous history.

Within 24 hours of its release on digital collectibles marketplace Veve, crypto enthusiasts purchased all 54,995 pieces of the Disney Pixar Pals nonfungible tokens, or NFTs, collection. Pixar Animation Studios characters featured in the drop were Sheriff Woody, Mike Wazowski, Lightning McQueen, The House from Up, and Edna Mode. Users purchased NFTs from a blind box, which meant they received a random item as part of the series and had no idea which one it was until after they paid.

Each Pixar NFT is priced at 60 gems ($60). By multiplying the collection’s selling price by the stated gem price, the NFT collection is estimated to have sold for $3.3 million. At the time of writing, commodities from the Pixar drop were selling for up to 350 gems on the secondary market. VeVe NFTs are currently being minted on GoChain. The blockchain’s creators say that it is quick, ecologically benign, and fully compatible with Ethereum (ETH).

VeVe’s in-app tokens are called Gems, and they can be traded for digital assets at a 1:1 ratio to US dollars. On the other side, the ability to convert diamonds back into fiat cash is now being tested. This is due to a current incentive connected with the possession of OMI tokens, which are created by VeVe’s parent firm, ECOMI.

When gems are used to purchase an NFT, the equal number of OMI from the token supply is burnt, and the digital collectible is transferred to the user’s account. As a consequence, although OMI can be turned into diamonds, the reverse is not possible due to worries that doing so would devalue the former.

About Nicolle

She is an Indian Freelance writer. She loves thinking, learning, and writing about all things Web3.

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