Within 24 hours of its launch on the Veve digital collectibles marketplace, crypto enthusiasts purchased all 54,995 pieces of the Disney Pixar Pals collection of non-fungible tokens, or NFTs. The collection consisted of iconic characters and moments created by Pixar Animation Studios, such as Sheriff Woody, Mike Wazowski, Lightning McQueen, The House of Up and Edna Mode. LUsers purchased their NFTs in a blind box, meaning they received a random collectible as part of the series, and wouldn’t know which collectible until after payment.
Pixar Pals NFT Collection | Source: Pixar/Disney/VeVe
The list price for each Pixar NFT was 60 Gems ($60). Multiplying the collection sold by its list GEM price, the NFT collection is estimated to have reached the equivalent of $3.3 million. At the time of publication, Pixar collectibles sell for up to 350 Gems on the secondary market. NFTs on VeVe are currently minted on the GoChain. Its developers claim that the blockchain is fast, environmentally friendly and 100% compatible with Ethereum (ETH).
Gems are VeVe tokens that can be exchanged for digital assets at a 1:1 ratio to the US dollar. However, the possibility of converting Gems into fiat money is still in the testing phase. This is because there is currently an incentive related to owning OMI tokens, which are created by VeVe’s parent company, ECOMI.
Every time GEMS are used to purchase an NFT, 100% of the IMO equivalent value of the token supply is burned, while the digital collectible is transferred to the user’s account. Consequently, IMOs can become gems, but not the other way around, as there is speculation that the price of the former will collapse.
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