VeVe/Ecomi’s 11/19 Ask Me Anything (AMA)
I took notes at VeVe’s latest twitter space AMA. Here is a high-level summary of what happened within the first hour.
- 300,000 new users within the last 3weeks
- Averaging 20,000 to 30,000 users per day.
- Over 125,000 users in the app during Disney+ Golden Moments NFT drops.
- This explains how the Simpson’s drop with less than 15,000 editions could be so competitive.
- Over a Million active monthly users.
VeVe contributes this growth to the VeVe fam, and gives thanks to the growing community.
VeVe Team Updates
- A lot of positive feedback from DCon event
- There was a double mint issue for the Lincoln design board drop. Users who had drop issues will receive an email within the next 48 hours.
- Last App Update: A lot of positive feedback for the comic market updates.
- Welcome all feedback regarding the App update. Always looking to improve.
- This is something that impacts industries worldwide, from sneakerheads to concert tickets. Bots can have an impact on any online drop. However, VeVe is taking all measures possible to combat bots.
- VeVe has some of the world’s top protection services, working to combat bots. The team they have assembled has worked on brands bigger than VeVe.
- Released an update to make the marketplace more transparent. Usernames are listed with the sale. Allowing you to see who your buying from.
- Joked about trademarking #soon.
- VeVe is a collectible business. They are working to have improvements in all areas, however securing licenses is priority #1.
- They acknowledge technology development has been slow, but that is a result of partnerships and license being the core business.
- With 25 NFT drops within 7 days from partnerships like Disney+ and DCon drops complete, there will be more time to focus on MTL.
- Did not want to do a big update, during big drops.
- Will be onboarding a small group to start off with. Then roll it out to core group of people.
Immutable X (IMX)
- IMX implementation will also continue this week. Anticipate getting to stage two of implementation soon. There are a few things the team need to iron out.
Why is IMX (Immutable X) important?
- VeVe is currently on Go Chain Blockchain. IMX is layer 2 Ethereum based, moving VeVe to Ethereum (ERC20).
- Blockchain has evolved over the last few years, and IMX will assist in VeVe keeping up to date with the space. The move to ERC20 will also allow OMI listings on more exchanges.
- IMX Benefits:
- significantly more interoperable. Allowing VeVe users to move their NFTs off of the VeVe platform and into other marketplaces.
- Environmentally friendly
- Faster more adequate system
- Very low gas
- Showroom V2 is coming soon. A detailed article will be released on the Medium platform soon.
- Will have a new beautiful gallery, and large empty space.
- Super talented showroom builders are going to have a lot of fun.
- Will have a new beautiful gallery, and large empty space.
Master Collector Program (MCP)
- Comics were removed from the points, because the comic format doesn’t align with the current point system process.
- The comment points were increased to accommodate for the point limitations.
- Raffle system will replace the lottery drop. Users will still use points. Instead of individual points you will now buy a ticket.
- The system will work the same way standard raffles work. Your odds of winning increase with the more tickets you have.
- The main reason the system was changed from voting/wagering points, is because new users may not have as many points as tenured users. The raffle system will allow new users the opportunity to benefit from the system.
- Point changes: VeVe acknowledge users frustration with the point allocation change.
- Collectibles are hard to obtain, and only a small percentile of collectors will have every drop. (Give them their flowers if they do). The objective is to make an overall greater point system.
- MCP security. VeVe will ensure users are playing fair in the marketplace.
- There will be an update to set points, that will prevent users from transferring collectibles back and forth to themselves for the 100 point payout.
- Will also be an update to marketplace, preventing users from buying and selling the same collectible back and forth all day. There will be limitations put in place.
- Open for MCP feedback from the community in order to establish the best program for the community.
New Drop System
- VeVe is doing its best to create/maintain a fair dropping system for all.
- New Drop Model: To stay efficient with the user volume increase, VeVe will be rolling out a new waiting room format drop system. Can expect it later this year.
- There will still be drop excitement from the speed, it will just be a more efficient way to reduce frustration.
- The new drop system will allow for scalability.
- The waiting room process will also reduce delivery time.
- Meaning goodbye to the green delivery truck. Deliveries will be significantly more efficient and will happen minutes after the drop. Allowing for delivery prior to the secondary marketplace opening.
OMI Utility Program
- OMI secondary marketplace transactions will be P2P transactions, so those tokens will not be burned.
- There will still be market fees, those tokens will be burned.
- Even with updates, iOS users will still not be able to see their OMI wallet like Android users. This is because VeVe has to comply with the rules and guidelines of the of the app platforms.
- Issue for iOS users will be obsolete with Web platform release.
Upcoming Web Platform
- There will be vault design benefits in the web version.
- Ability to share your vault with friends who don’t have a VeVe account. Allowing for social media sharing.
- Everyone is excited about the web version of showrooms.
- Acknowledge designing on the mobile app can be cumbersome.
- Marketplace sales data, on the web platform.
- Users will be able to see the highest sales price for a collectible sold. As well as historic lows, and highs. Like what is seen in other NFT marketplace platforms. Giving more transparency for buying and selling on the marketplace.
- 68,000 active users were VeVe’s initial target goal in their business plan when launching in January.
- The budget and system were built around that target goal. Around the 2nd– 3rd quarter is when the business really took off.
- VeVe has worked through the issues that occurred in the past when releasing drops to such a large volume of users, causing loading issues and bottlenecking. The whole team has been working and resolving issues on scalability and is constantly working on improving features.
- VeVe wants users to keep in mind a lot of variables go on behind the scenes from the development team, the business team, the licensing team, and the design team.
- VeVe’s has a new complex business, and there is a lot that goes on behind the scenes.
- Keep in mind even partners or license sources are also learning and scaling their internal processes to ensure that the output of work is not being duplicated. There’s multiple layers and a lot of different asset classes.
What’s To Come?
- There are more amazing partnerships and licenses coming.
- There will be countries introducing GST (taxes) on digital asset.
- An example of this would be New Zealand’s government. They are close to passing a law where VeVe will need to start collecting GST for the digital collectibles.
- VeVe’s goal is to continue taking digital assets to the next stage, and growing their partnerships. We will continue seeing drops like United States Postal Services (USPS), Disney +, DCon and drops similar to Hit Monkey releasing with the upcoming Hulu “Hit Monkey” TV show release.
- VeVe wants you to keep in mind they have been securing licenses for the last 2-3 years. So that they can continue to have major releases. So most of the partnerships you see today took years of collaborating behind the scenes.
- DCon was a huge success. VeVe will see more in person events in the future, especially with the world beginning to open back up. DCon was the first successful event, previous attempts were impacted by COVID. The community can expect to see more live events, even some including booths at sporting events.
I’m very excited about all the things I’ve heard in this AMA, as well as the ones in the past. Yes there are delays, but remember they are looking to build something for the VeVe community that will withstand the test of time. Rome wasn’t built in a day, so if we want the best NFT community we need to understand patience is key.