Within 24 hours of its debut on Veve’s digital collectibles marketplace, crypto enthusiasts bought 54,995 of the Disney Pixar Pals Nonfungible Tokens (or NFTs) collection. The collection included iconic Pixar Animation Studios characters and moments, such as Sheriff Woody, Mike Wazowskis, Lightning McQueens, The House from Up, and Edna mode. The blind box in which the NFTs were purchased was a place where users would not be able to see what collectible they received until payment.
Each Pixar NFT sold for 60 gems ($60). Multiplying the sale price of each collection by the listed gem price yields an estimated value of $3.3 million for the NFT collection. Items in the Pixar Drop are currently selling for as high as 350 gems on secondary markets at the time of publication. Current NFTs for VeVe can be minted on Immutable X.
Gems are VeVe’s in-app tokens that can be exchanged for digital assets at a 1:1 rate with the U.S. dollars. The ability to convert gemstones back into fiat remains in testing. This is because OMI tokens are currently created by VeVe’s parent ECOMI.
Gems can be used to buy an NFT. 100% of the equivalent OMI value is burned from the token supply, while the digital collectibles are transferred to the user’s accounts. OMI can also be converted to gems, but not vice versa because speculation may cause the latter’s price to drop.