Since the introduction on NFTs to the digital world, NFT marketplaces, the most famous one OpenSea, came to the existence. NFT marketplaces are peer-to-peer exchanges for the exchange of unique digital goods or non-fungible tokens. With the expansion on NFT world, there are more marketplaces available to NFT enthusiasts, a young but trustable one is VeVe marketplace. It was founded in December 2020, which was first called ECOMI Collect. This article aims to introduce VeVe and explain its unique features.
What is VeVe marketplace?
Ecomi company which is the founder of VeVe defines it as “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 provides users with the opportunity to take a photo with their favorite collectibles. VeVe users can use the AR feature to scan surroundings and tap on a phone to drop their digital collectible on any flat surface. Then, users find the choice to move, rotate and scale their collectibles and text them to friends and family, or post them on their favorite social media channels.
Further, users view the value of their collectibles in VeVe’s secondary market, buy the ones missed out on, or sell the ones currently owned. VeVe marketplace do not provide cash exchange instead it makes use of trade-in “gems.” 1 gem always equals to $1 USD.
VeVe provides the chance to swap gems for its native token OMI or convert them to USD and send the money to users’ bank account. Although no exact timeline for these features has been formally announced.
ECOMI refers to the blockchain and the cryptocurrency used with VeVe. Using the blockchain to handle transactions based on smart contracts makes the VeVe marketplace completely decentralized working on a peer-to-peer basis. The platform provides all you need with a smart contract platform: dApps, the staking, various token standards. Since the blockchain runs on the GoChain, the token standard for NFTs in the GoChain 721. However, the VeVe team plans a switch to Ethereum’s Layer 2 for a perfect eco-balance.
As you may know, Ethereum still uses Proof-of-Work, which leads to high power consumption, while the GoChain relies on Proof-of-Stake, which seems to provide a different solution in order to offer a CO2-neutral service. However, since Ethereum also wants to switch to PoS, the change is now taking place.
The ECOMI token: IDO and price development
ECOMI token is designed to serve as a utility token, meaning that it can be used to buy and sell NFTs on the platform. The actual distribution of the token took place in May 2019 during an Initial DEX Offering on Bitforex, under the following conditions:
- At that time, 1 OMI was equal to 1 Satoshi (the smallest unit of a Bitcoin)
- OMI maximum supply was 750,000,000,000 and over that was not be distributed
- Of the maximum number set, 450.000,000,000 did never flow into the market and kept as “VeVe Reserve Wallet.”
- Continuous token burns are supposed to ensure that the total supply of OMI decreases over time
- There are few exchanges to purchase ECOMI token such as Gate.io, AscendEX, OKEx, Uniswap and BitForex. The cryptocurrency reached its all-time high of 0.0338 on March 19, 2021. Meanwhile, the price fluctuates around $0.006 and $0.008.
VeVe Marketplace Partnerships
The global head of Ecomi company, Alfred R. Kahn, is a key to optimism on this platform. Kahn is experienced as the successful founder chairman and CEO of 4Kids Entertainment from 1991 to 2011 with more than $25 billion in retail revenue. He managed partnerships with 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.
According to Kahan policy, VeVe also formed partnerships with some major brands, including Disney, Warner Bros., Capcom, Marvel, and DC Comics with some of the most popular collectibles on Ghostbusters, Batman, Spiderman, Superman, Powerpuff Girls, and Harley Quinn drops.
Most recently, VeVe has had many of its drops around Marvel partnership moving beyond their typical collectibles and introducing Marvel’s first digital comic books, which are sold in “blind box” format.
The Marketplace and the Role of Gems
The VeVe store provides users with the option to directly buy NFTs. Users even can trade assets with other users on the “Secondary Market”. Therefore, the company behind VeVe is not a purely decentralized platform like OpenSea as it acts as a trader and seller. In the store, the prices are fixed, while on the market it is the user who determines the prices. On the Secondary Market, there are still additional fees.
On the Marketplace, users receive “Gems” as an internal currency, which makes it easier for newcomers to use ECOMI’s trading platform. Users may also buy Gems using the credit card linked to the account via Google Play or the Apple App Store. An NFT bought with Gems can be exchanged for OMI later.
Vault Wallet, Reverse Wallet and Secure Wallet
VeVe developers have designed a quite complex transfer system in the platform; however, VeVe users rarely notice the constant transfer between the wallets designed with VeVe. Both Reserve and Vault Wallets play an important role in exchanging Gems for tokens. When users buy Gems, OMI is taken from the Reserve Wallet in the background. Immediately after the purchase, they then end up in the Vault Wallet and are buried there. This process helps prevent users from being confused by tokens, wallets, keys, and other crypto terms.
Furthermore, ECOMI recommends its secure wallet, similar to those from Ledger and Trezor. This secure wallet automatically connects to the VeVe marketplace. Furthermore, it can be used to store both NFTs from VeVe and other platforms securely. The whole process seems to be gas-free.
Which NFTs does VeVe marketplace offer?
Although many NFT markets are decentralized platforms and anyone may offer their creations in token there, VeVe seems to have differences. VeVe NFT marketplace works exclusively with well-known companies and brands. Therefore, it is not a place for free artists, but it is a trading place for licensed brand NFTs, with NFTs such as DC Comics, Cartoon Network, Marvel, Star Trek, Jurassic Park, or Back to the Future. Sports are also represented with the NFLPA (National Football League Players Association). VeVe is a home to those who wish to own a unique digital collectible of Batman, Superman, Adventure Time or The Simpsons, or even digital Marvel comics such as the Spider-Man or Thor series.
What are the collectibles like in VeVe?
You may already have noticed the importance of rarity with NFTs. The rarer the NFTs, the more valuable they are. Accordingly, collectibles can be divided into different ranks based on rarity:
- Ultra Rare
- Secret Rare
For example, 10,000 copies of Spiderman comic are available and 6.000 of them are “Common”. Only 250 are ranked “Secret Rare”, mostly in terms of covers, detailed and animated 3D models. So, users need to check the rarity of an NFT before trading in VeVe store or marketplace.
How to start trading on VeVe?
The VeVe app makes buying NFTs very easy, as the parent company ECOMI has explicitly stated the goal of the entire ECOMI-VeVe ecosystem to gain the mass market. With VeVe, users do not suffer to purchase cryptocurrency on an exchange and transfer it to a browser wallet, instead, they can simply buy VeVe’s in-app currency called gems and use these gems to purchase NFTs in the VeVe app.
There are a few clear steps to get started with VeVe. First of all, you need to get your app from the Google Play store and the App Store. Then connect your credit card to the app and start buying the Gems. Finally, choose the NFTs you want to purchase from the Store or Secondary Market.
There are four ways to buy VeVe NFTs:
- On drops: A few times a week, VeVe “drop” a particular NFT or NFT set which occurs at a certain date and time clarified by VeVe.
- In the marketplace via “buy now”: After an NFT drops, the owners can sell it in the VeVe Marketplace. A buyer finds their desired NFT, makes sure about the “Buy Now” price, and clicks the button.
- Auction: VeVe also provides biding on an NFT in auctions. Though “Buy Now” is still more convenient.
- Off-platform: Users may also find the owner of their favorite VeVe NFT and make off-platform arrangements and check the transfer of the NFT to the VeVe account.
Final words on VeVe Marketplace
VeVe not only has made amazing partnerships with some fantastic brands, such as Disney but also made it pretty easy to buy NFTs using an app. However, it comes with weaknesses such as the inability to exchange Gems for fiat money, which has caused some dissatisfaction among users.
VeVe also indicated its willingness to get NFTs on the Ethereum blockchain which results in more market trust. Overall, considering all the strength and weaknesses with VeVe, those who are interested in using VeVe should of course always do their research before making any kind of investment.
Since the introduction of NFTs to the digital world, NFT marketplaces, the most famous one OpenSea, came into the existence. NFT marketplaces are peer-to-peer exchanges for the exchange of unique digital goods or non-fungible tokens. With the expansion of the NFT world, there are more marketplaces available to NFT enthusiasts, a young but trustable one is VeVe. It was founded in December 2020 and was first called ECOMI Collect. This article aims to introduce the VeVe NFT marketplace and explain its unique features.