Recently I was introduced to an app called VEVE Marketplace. A friend of mine was showing me how he was buying and selling collectible action figures and art through the app. He’s been regularly buying and selling these figures online for a few months now and is making quite a killing in the marketplace. The thing is he’s not actually buying a figure. It’s an image that is on your phone. The image can be used in augmented reality to create cool images. If this sounds like an odd thing to invest in, I was in total agreement. But after watching him take the money out, it seems this app could be used to effectively make money. So What is VEVE Marketplace, how does it work, and can you actually make money using the app? This article will discuss what VEVE is and how you can use the VEVE marketplace to invest in NFT collectibles.
NOTE TO ALL READERS: We are not financial advisors and this article is for informational use only. VEVE is an app that lets you buy digital collectibles. There is no actual collectible. The collectibles are minted in runs and can be very rare. This does not mean every collectible will increase in value. Please do your own research and due diligence before investing any money into anything.
What is an NFT?
To understand the VEVE Marketplace you’ll need to understand what an NFT is. From the wiki article on NFT (non-fungible token).
A non-fungible token (NFT) is a unit of data stored on a digital ledger, called a blockchain, that certifies a digital asset to be unique and therefore not interchangeable. NFTs can be used to represent items such as photos, videos, audio, and other types of digital files.Wikipedia.org
In simplest terms, an NFT is a digital signature for an item on the internet. NFTs have quickly become a way to invest money into digital art. One of the most sought-after pieces of art from digital artist Beeple recently sold for $69 million. While there is much more to understand about NFTs, advanced NFT topics are beyond the scope of this article. For more in-depth looks into NFTs, here are some interesting articles for your review.
VEVE Digital Marketplace
VEVE is a digital collectible platform. It’s one of the first NFT marketplaces that has licensed material from some of the most popular brands in pop culture. Some of the most famous licensed products include DC Comics, Star Trek, Back to the Future, and many more. VEVE has an extensive list of partnerships with many amazing brands. Within the app, you can buy, sell, and trade these collectibles with other collectors from around the world.
The collectibles are released as drops. In each drop, there may be common, uncommon, rare, and ultra-rare editions. Each of these editions will mint a select few copies. The rarer an item, the harder it will be to get your hands on during the drop. All collectibles can eventually be traded and sold on VEVE’s marketplace or off-site. To purchase any item, you need to convert USD to gems at a $1 to 1 gem ratio. You can also swap gems for VEVE’s native token OMI, which can fluctuate in value. Many sellers have found success selling ultra-rare items for thousands of dollars on eBay and other auction sites.
One of the unique features of VEVE is their collectibles utilize augmented reality (AR). With VEVE’s augmented reality technology, you can take a picture with your Batman collectible. This makes the collectibles unique in an ever-growing NFT marketplace.
How to Make Money with VEVE Marketplace
So how do you make money with VEVE marketplace? You’ll want to do research on each drop that occurs. When a drop happens, they happen fast. I haven’t had much success getting in on time and securing purchases of ultra-rare and rare items.
After watching my friends succeed with the last few drops, I decided to put some money in and see where it can go. $15 bought me 15 gems and I was ready for the upcoming for a brand called Cryptkins. We decided to try and get the ultra-rare that would sell for $14.99. When drop time came, the app is extremely difficult to use. I kept trying to purchase the ultra-rare “Cosmic Cthulu” collectible but would receive a purchased failed error every time. (only 2800 copies of this collectible were released). After about 10 minutes of failure, I decided to try for rare and uncommon collectibles. No such luck there either.
I finally purchased my first common item on the last drop of Cryptkins. For $6.99 I was able to secure the common Bigfoot collectible. While I didn’t expect the common item to increase in value I wanted to get my foot in the door.
Reselling your Collectibles on the VEVE Auction
A few days later I decided to see if I could sell my lone collectible. I did not expect any major return on the item since it is only common rarity. After some advice from my friend, I set the auction to start at $5. Auctions last 5 days. At the end of the auction I had 30 bids and the auction was won for $8.18. An increase of $1.19 or 17%. Not bad for my first transaction. With a balance of $16.19 I’m ready for the big leagues now.
For reference, the ultra-rare “Cosmic Cthulhu” item I tried to purchase originally is fetching prices between $110 and $200 at the time of this writing. $110 for a $15 investment is huge! Hopefully, with some more guidance and education, I can hit goals like this on the next drop. Some of the rarest collectibles are selling for over $5,000!
My VEVE Journey
So now that I’ve officially started buying and trading on VEVE marketplace, I hope to keep you updated and educated on the platform. It seems like a great way to collect and invest in brand-name, licensed NFTs. As I said earlier, I’m not here to advise anyone with financial advice. There are plenty of other “experts” out there. But if you love DC Comics, Ghostbusters, or The Powerpuff Girls, VEVE seems like it could be a great place to buy and invest with NFTs. I’d love to know your thoughts on VEVE and NFTs. Comment below to let me know your thoughts on the VEVE marketplace.
As a digital nomad, I’m always looking for ways to make passive income. As my collection grows, I’ll provide plenty of updates here on the site. Stay tuned for the next episode.