Ecomi/Veve’s AMA Recap: 10/14

I attended the Ecomi/VeVe “Ask Me Anything” (AMA) session Thursday October 14th, and I was there with over 2,000 people at one point. Here is an overview of some of the topics discussed.   

  • Immutable X
  • Master Collector Program (MCP)
  • OMI Utility Program
  • Gems to Fiat
  • App Updates
4 Minute Recap

Immutable X

The market will be offline for a short period of time. The are anticipating 3-4hours of downtime. Ecomi/Veve expect to be ready by the end of the week. The team worked hard to get the down time down from five or six days to a few hours. The marketplace will be down during implementation. It is anticipated to take a total of 4 hours; however, it could be longer if unforeseen situations occur.  Their goal is to take the core features offline during the lowest amount of app traffic/volume.

Master Collector Program (MCP)

The marketing team is putting on the final touches. The master collector program is designed as a retention reward program for loyal collectors. The purpose is to incentivize people for using the core features of the app. The more you utilize VeVe and stay engaged the more rewards you will receive. As well as potential advantages during drops.

Users can accumulate points in Veve with a range of activities. There are 2 main parts:

1. Master Collector Level:

  • One off points earned from activity within the app.

Examples:

Points will be awarded for in store and marketplace purchases.

Points will be awarded for completing a set

Coming Soon: New users will have an opportunity to go throw an onboarding process where they can go through tutorials and earn points.

  • Daily reoccurring points.

Examples:

Collectors can receive daily recurring points based on the number of collectibles owned

Collectors can receive points for every completed set held

Collectors can receive points for holding secret rares (SR)

Important Note: Veve will be applying points retrospectively when the master collective program is rolled out. Meaning if you have been an active collector since January, then Veve will be calculating and awarding that user points from the day they joined to when the MCP is rolled out. This also applies to any one-off points earned.

2. Master Collector Rank:

There will be around 20 different ranks. From entry level to the top rank level. This point system is to award those who are active in the community. Purpose of Ranking: The ranking system is to create a balance with the leveling system. Rankin will allow an opportunity for people to come in and move up or down in ranking. With the leveling system A master collector who has been in the community since the beginning would always have an advantage over newcomers. Ranking system creates a balance with the point system for MCP.

MCP Lottery System

Points from both the MCP leveling/ranking system can be used during a lottery system created for the MCP. Points will be used to wager during the drop lottery.  The drop lottery is created to incentivize active users, so they can use the points they earned to increase their chances of winning a collectible. An advantage will go to those who are active in this app.

How Will Drop Lotteries Work?

There will be a percentage of the additions available for the drop lottery. During a specific timeframe before the drop any MCP user will be able to start wagering points to try to guarantee spot for that designated drop. Most likely users will choose the upcoming drop, then the collectible and then you will raise your points to get a guaranteed slot.

Winning will depend on if you out wager the others participating in the drop lottery.  Approximately 15 to 30 minutes before the drop the drop lottery will close and uses at that point will be notified if they were successful in guaranteeing a spot.

When a user gets a guaranteed spot they will either be allowed to purchase the drop then, or it will be reserved for that user at the time of the drop so all that is required is to “buy now” when the count down ends.

Important to note, if you choose not to buy it at the time of purchase, the collectible will go back into the public pool and any points you wagered will be forfeit/burned.

Achievement Badges

Badges will be introduced for certain achievements. Achievement badges will also come in 3D to be used in showrooms/profiles. Examples of awarded Badges:

  • Complete your first set, user will be awarded a badge for your profile.   
  • Leveling up will award you a new badge

MCP Pro

This will require a small monthly subscription and it will give MCP Pro users an extra advantage. It could be extra percentage of points on activities and/or daily rewards. Pro users could also get exclusive content each month. VeVe is also looking into features that expanded functionality in the marketplace.

When Will MCP Go Live?

Veve will release an article via the Medium platform with details around the program. Development will start as soon as the article is released. The Master Collector Program (MCP) will be rolled out in various phases in the upcoming months. So keep a look out on Medium for details and dates.

Update: MCP article has been released. Medium article is here

MCP Medium Summary

OMI Utility Program

There will be a staking program for OMI hodlers using Veve. There will be three tiers within the program to utilize the OMI related features in the app. Each tier will offer new items as well as items offered in the previous tiers. Users interested in the OMI program will need to be a part of the staking program. Some of the benefits in the OMI program are in alignment with MCP.

Examples of some benefits:

  • There will be secondary market for OMI users.
  • The OMI Program will allow users to list items using OMI as long as you hold OMI in your wallet.
  • There will also be an OMI drop lottery for collectibles

Important Note: Users can simultaneously double your chances by stacking OMI, being active in Veve and becoming an apart of the MCP.  Users can use points from OMI stacking for the MCP dropped lottery. Both programs could have premium market listings only in the Veve verse. The idea is to align the two programs because they all have a lot of similarities and crossovers.

OMI stakers can use OMI to purchase and own land in Veve verse. The OMI used for purchasing will be burned. In Veve verse users will have homes that will double as their showrooms. OMI can be used to purchase accessories and/or décor for homes and avatars.  There may also be exclusive avatar accessories for OMI holders.

The same as MCP, Veve will release an article via the Medium platform with details around the program.

Gems to Fiat

So far everything gem to fiat cash out feature is going smoothly with the banking partners. The process between Veve and the banking partners is mostly complete. Next week will be the final phase of testing on the platform. Once that phase is successfully complete, they will be inviting users to participate in the gem to fiat conversion process. Because it does involve dealing with banking institutions, each user will have to complete the KYC process. Once the user has successfully passed KYC they will have the opportunity to do a withdrawal.

Important Note: This initial roll out will not be open to the entire user base on day one. It will be released in phases just as the previous programs mentioned above. Veve will start with smaller batch and will continue to scale up the invites.

Over the next couple of weeks Veve will release an article via the Medium platform with details around the gem to fiat conversion process.

App Updates

  • Adding the floor place when you’re looking at a collectible that you own that are in the marketplace
  • adding market links so you can jump straight into the market from the collectible you own
  • Added back in the last price and paid price so users can compare it with current listing floor price.
  • There are upcoming app features for Marketplace comics

This was all covered in just the first hour of the AMA. There was a lot more discussed during the session, I would highly recommend joining the next one. They are usually on Twitters Spaces and/or discord.

VeVe also did a recap of the entire AMA on Twitter: VeVe Recap Here

Remember Knowledge is Power. Ecomi/VeVe have done an amazing job of listening to the OMI/VEVE community. I see nothing but good things for this project.

Good luck on your future drops!

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