Are you looking to make money selling NFTs on veve? We’ve compiled a complete guide on all you need to know before you sell veve nfts and how to best convert GEMs (crypto tokens) into USD.
Let’s start with the basics:
Can You Sell Veve NFTs (Digital Collectibles)?
Anyone who downloads the veve app can sell veve non-fungible digital collectibles by listing them in their secondary marketplace.
The app is available on Apple’s App Store and Google Play for all smartphones.
Listing veve NFTs can take less than 5 minutes once you have an account set up on your smartphone device and have acquired a collectible within the account.
ECOMI Tokens Back Veve’s Gems
OMI is one of the most affordable cryptocurrencies on the market.
To purchase OMI tokens, you must first establish and fund a cryptocurrency wallet like Coinbase or Metamask.
However, making money from veve outside the platform requires patience because its payout feature is still in beta.
Veve’s The First App Allowing You to Sell NFTs
Most NFT marketplaces like OpenSea, Rariable, and others, do not have a mobile app making it easy to use on smartphones. It makes selling these digital assets more convenient than ever because it can be done anywhere and at any time.
The Veve app partnered with licenses from well-known brands such as
VeVe’s ECOMI licensed relationships include pop culture, gaming, sports, cinema and television, and anime and animation.
- DC Collectibles include Batman, Superman, and The Flash.
- Cartoon networks series such as The Power Puff Girls and Adventure Time.
- Others include Star Trek, Jurassic Park, Back to the Future, and Ultraman.
However, here’s what you need to know before signing up and making sales on Veve.
1. Veve App Is a Closed Market
Currently, Veve is a closed market, making it impossible to convert your GEMs crypto tokens into dollars (USD). Currently, they have a beta option available for payout to a small group of Veve users.
And makes selling non-fungible tokens on Veve more challenging to liquidate into cash in the short term; however, it has benefits for the long term.
Since the marketplace is limited to GEMs, it’s more exclusive to collectors interested in holding for a long time instead of flippers. However, promoting your nfts can be challenging because it’s exclusive to Veve app users.
2. Difficulty Converting Crypto for Payout (1 gem = 1 USD)
What’re GEMs? It’s a crypto token specific to VeVe’s nft platform and costs 1 USD.
While it’s easy to buy GEMs tokens for purchasing non-fungible tokens like ‘Superman vs. The Flash,’ it’s not guaranteed you’ll be able to convert GEMs back equally.
Veve allows you to purchase GEMs using USD: 1 gem = 1 USD, and you can purchase using a credit/debit card or using Play Store credit. For example, if you bought 100 GEMs, it would cost 99.99$.
However, When wanting to convert GEMs back to USD, there’s a small fee because the transaction happens through the app store. Also, only the top 5% of Veve app users can cash out because they are a part of the beta. Those testers are invite-only by management.
Users who want cash now and have bought digital collectibles via Veve have some time to wait before the cash-out option becomes available to them.
Online sentiment suggests Veve will never introduce the cash-out feature because of the high cost of the licenses, and they do not monetize well enough to allow others to take their money out.
However, veve has continuous drops of new non-fungible tokens and uses those in-app purchases as a source of revenue.
Only time will tell if the veve platform will allow more users to cash out, and a slow rollout makes sense because they wouldn’t want their mini economy to collapse.
How does selling on VeVe work?
There are five sections of the Veve app, and not all are for selling an NFT. However, it’s essential to know how to navigate each feature so you can get to making money with the VeVE app.
Purchase your first NFT you plan to sell on the secondary market or sell the one you’ve held onto for a while.
The view you’re purchased nft once it’s available.
Share your purchased nft with others using the app. You can use the feed to share the sale of your non-fungible token.
It helps you promote what you sell within the platform since it’s a closed market.
Secondary marketplace to list your non-fungible token when ready.
Create an account and establish a nickname.
Here’s a quick and straight to the point YouTube video for how to list your non-fungible token on the veve marketplace: https://www.youtube.com/watch?v=cKOEkgPiHsY
Spider-Man Remains Top-Selling Veve Brands NFTs
When looking to sell veve nfts, it’s essential to understand what’s popular and what keeps its value most.
Use an NFT Tracker for Veve to Monitor the Floor Price (https://my-nft-tracker.com/) to monitor the performance of each collectible or comic on the secondary marketplace.
We’re seeing many secondary sales for Spider-Man collectibles on the veve app. More specifically, for the ‘secret rare’ category, 500 gems ($500) to 1000 gems ($1000).
The ‘Marvel Mighty’ non-fungible collection with ‘Spider-Man 2099’ on veve continues to have record highs. [Insert image]
Look for items that have sold out and have a high rarity.
Why Selling GEMs on eBay Doesn’t Work.
You’ll see Veve GEMs for sale on eBay, which goes against Veve’s policy. Sellers will try to sell their Veve account through eBay, and if Veve notices, you could become permanently banned.
Additionally, those who try to sell GEMs (the cryptocurrency) on eBay also run risks.
They are likely to need money now and can’t wait until the cash-out option becomes available, so they are willing to sell at a discounted price.
Typically, you’ll see a listing of GEMs for sale at .60 cents instead of $1
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