Pixar’s NFT drop sells out quickly on VeVe

The collection looks to have fetched an equivalent of $3.3 million.

Within 24 hours of the collection’s launch on digital collectibles marketplace Veve, crypto fans purchased all 54,995 pieces. The collection featured renowned Pixar Animation Studios characters and events, including Sheriff Woody, Mike Wazowski, Lightning McQueen, The House from Up, and Edna Mode. Users acquired their NFTs in a blind box, which means they received a random item as part of the series but were unaware of which one until after payment.

Each Pixar NFT retailed for 60 gems ($60). By multiplying the collection’s sale price by the quoted gem price, the NFT collection is believed to have fetched the equivalent of $3.3 million. At the time of writing, items from the Pixar drop were trading on the secondary market for up to 350 gems. On GoChain, NFTs on VeVe are now being minted. According to its developers, the blockchain is quick, ecologically friendly, and completely compatible with Ethereum (ETH).

Gems are VeVe’s in-app currency that can be exchanged for digital assets at a 1:1 ratio to the US dollar. However, the option to change diamonds back to fiat currency is currently under development. This is because there is currently an incentive associated with the possession of OMI tokens, which were established by VeVe’s parent company, ECOMI.

When gems are used to purchase an NFT, the corresponding amount of OMI is burned completely from the token supply and the digital collectible is transferred to the user’s account. Similarly, OMI can be turned into gems but not vice versa due to speculation that doing so would devalue the former.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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