$100 to Over $4000 in Profit Buying NFTs on VeVe! | by Marvin | Mar, 2022

By now everyone’s heard of NFTs (non-fungible tokens). There are several marketplaces to purchase NFTs, in this article I go over using VeVe an app-based marketplace for licensed digital collectibles.

VeVe is an app-based marketplace for premium licensed digital collectibles. With VeVe, users can obtain common, rare, or one-of-a-kind digital collectibles, customise and showcase them in the virtual showrooms, as well as buy, sell or trade collectibles with other VeVe users — all from the palm of their hand. — Ecomi.com

In other words, the Veve app is a one-stop-shop to buy, hold, and sell NFTs from their licensed partners. VeVe has a lot of big-name partners including Disney, Marvel, Warner Bros, etc. It makes purchasing NFT’s very simple and takes out much of the complexities in comparison to other NFT marketplaces. However, there is an extreme competition to purchase NFTs during drops and almost all get sold out within seconds of release.

VeVe has Augmented Reality (AR) built into its app. It lets you scan your surroundings and then place a collectible at the location of your choice. Move, rotate, and scale your NFT in any way you want through AR! You can then even take photos of your AR view and show off an NFT through your social media channels.

There are two ways to purchase a collectible on VeVe:

1. VeVe Drops (Store tab)
2. VeVe Market (Market tab)

Both ways require the app’s currency, GEMs, in order to make a purchase. GEMs can be purchased directly on the app through Apple or Google pay. 1 GEM is equivalent to $1 USD. Alternatively, you may find some other online marketplaces (Facebook groups, Telegram, etc.) where third-party sellers may be looking to sell their GEMs at a discounted rate.

VeVe Drops

VeVe drops typically take place around 11:00 AM EST or 3:00 PM EST. A ‘Buy Now’ button will appear on the NFT’s detail page at the drop time. VeVe will usually write an article on an upcoming drop one day prior to release on their Medium Veve Drops page.

To participate in a drop, you do not need to buy GEMs prior. If you land a drop it will give you time to purchase the required amount of GEMs before the transaction takes place. Given that drops are very competitive, this adds an additional dimension of potential error if the required amount of GEMs are not already available. Note that if you do pre-purchase GEMs they are non-refundable.

VeVe Market

Collectibles can also be purchased from the Veve Market, where other VeVe sellers list the collectibles they own for purchase. Depending on the collectible that is for sale, it may be listed for much higher than its face value if there is ample demand for it.

For example, this Disney Partners Statue sold for 333 GEMs when it dropped. The floor price for it on the market right now is a whopping 21,499 GEMs! This NFT is one of the more popular ones on the app but the resell values generally depend on the number of editions that were released and demand for the NFT.

VeVe classifies its NFTs into different categories, starting from most rare:

• Secret Rare (~500–2,000 edition/mints)
• Ultra Rare (~1,000–7,000 edition/mints)
• Rare (~2,000–10,000 edition/mints)
• Uncommon (~5,000–15,000 edition/mints)
• Common (~10,000–30,000 edition/mints)

Depending on the NFT drop, the number of editions/mints per rarity category differs. This directly impacts the value of the NFT as with a lower number of editions there may not be enough supply for the demand, hence naturally the value of the NFT would be higher.

This doesn’t necessarily mean that getting a Secret Rare NFT will always be very valuable, as different NFTs have different levels of demand.

The rarity types being released for a particular collectible and the number of editions can be found on their Medium Veve Drops posts or in the app.

Over the past few months, I’ve tried to get almost every drop VeVe has had (this may not be the best tactic). In fact, I had an alarm set at 10:59 AM every day to give me a reminder for any drop at 11:00 AM. Based on my experience my success rate of getting a drop has been ~10%. There have been weeks at a time when I didn’t land any collectible, yet continued persistence proved it is still possible to get drops on VeVe without a bot even given the intense competition.

I initially started with about 100 GEMs. The first couple drops I got were comics, which I typically flipped on the market for a 300–400% markup. Which gave me enough GEMs to continually attempt to purchase all upcoming drops. Any collectible I felt wouldn’t keep value, I usually sold on the market.

The rarest VeVe collectible I hold today is the Mickey Mouse Steamboat Willie Ultra Rare which has a floor price of 3000 GEMs at the time of writing this article. However, have seen the floor price for this NFT go over 10,000 GEMs! Regardless of the floor price, this is one I’d likely hold for a very long time, as it’s a collectible that reminds me of my childhood.

As the number of VeVe users has been continually increasing, it has been harder and harder to purchase NFTs on drops. On the bright side, VeVe has announced they will be moving towards a waitlist system to make this entire drop process more fair and less buggy. Looking forward to future improvements on the VeVe platform and more collectible drops!

For more information on VeVe check out their website and follow them on Twitter!