Within 24 hours of its launch on digital collectibles marketplace Veve, crypto aficionados purchased all 54,995 pieces of the Disney Pixar Pals non fungible tokens, or NFTs, collection. Sheriff Woody, Mike Wazowski, Lightning McQueen, The House from Up, and Edna Mode were among the Pixar Animation Studios characters featured in the drop. Users bought NFTs from a blind box, which means they got a random item as part of the series and didn’t know which one until after they paid.
Each Pixar NFT cost 60 gems ($60) at the time of release. The NFT collection was estimated to have sold for the equivalent of $3.3 million by multiplying the collection’s sale price by the reported gem price. Items from the Pixar drop are selling on the secondary market for up to 350 gems at the time of publication. On GoChain, VeVe NFTs are being minted right now. The blockchain’s creators claim that it is quick, ecologically friendly, and fully compatible with Ethereum (ETH). Gems are VeVe’s in-app tokens that can be exchanged for digital assets at a 1:1 ratio to US dollars. The capacity to change gems back into fiat currency, on the other hand, is currently being tested. This is due to the present incentive associated with owning OMI tokens, which are generated by VeVe’s parent company, ECOMI.
When gems are spent to buy an NFT, the same amount of OMI is burned from the token supply, and the digital collectible is transferred to the user’s account. As a result, OMI can be converted into gems but not the other way around, due to concerns that doing so would devalue the former.