Veve has become a popular NFT marketplace considering it’s the only platform where you can buy officially licensed Disney NFTs, along with other notable brands. But, how do you buy a Veve NFT?
What Do You Need to Buy a Veve NFT?
To buy a Veve NFT you will need the following:
- Veve Mobile or Web App
- Government-issued ID and ID number (for KYC purposes)
- Proof of Address (utility bill, bank statement, credit card statement, etc.)
- GEMs (the native currency used to buy NFTs on Veve)
In the early days of the Veve App, you didn’t have to go through the verification process.
However, now that you can cash out your gems for real money and cryptocurrency, Veve has to go through the KYC verification process.
Hence, you need proof of identity and your address.
After submitting all that’s required for the verification process, it will take anywhere from 2 minutes to 48 hours to complete. In my experience, it took 5 minutes.
Once your account is verified, you’re ready to buy a Veve NFT!
How to Buy a Veve NFT
Veve makes buying an NFT easy. Follow these five steps below to purchase your own Veve NFT.
1. Download the Veve Mobile or Web App
The first step to buying a Veve NFT is to Download the Veve app onto your iOS or Android device. If you’re using a desktop computer, you can use the Veve Web App.
2. Create Your Veve Account
Once you download the app, you will need to create an account. All you need to create an account on Veve is a username, a valid email address, and a secure password.
After you input all of your information, a code will be sent to your email for authentication purposes. Enter this code into the Veve App to finish creating your account.
3. Verify Your Veve Account
You must verify your Veve Account for know your customer (KYC) purposes.
This is a standard procedure for any platform that allows you to buy, sell, and trade digital collectibles for cryptocurrency and fiat money.
You can’t skip this step. If your account isn’t verified, you won’t be able to buy a Veve NFT.
Once your account is verified (the verification process generally takes 5 minutes, but, it can take as long as 48 hours), you will have access to the following app features:
- Drops (new NFT releases)
- Market (buy NFTs on the secondary market)
- Payout (cash out your GEMs for real money)
- Promos (receive special promotional deals from Veve)
- Master Collection Program (collect and earn points to gain access to features to enhance your collection)
4. Purchase GEMs
GEMs are Veve’s native currency that you purchase in-app.
The cost of 1 GEM equal is equal to $1 USD. You may use your credit card, PayPal, Apple Pay, or Google Pay to purchase GEMs.
Be aware that the total price you pay may be more depending on your payment method and any additional fees and taxes charged by your payment processor.
5. Browse the Veve Market or Wait for a Store Drop
Once you have your wallet loaded with GEMs, you are ready to buy a Veve NFT. You have two options when buying an NFT on Veve:
Browse the Market
You can tap the Market tab to view all available Veve NFTs anytime you want.
This function allows you to Buy Now or place a bid on the Auction page. That said, there are some things to consider when browsing for NFTs on the Market.
- You may end up paying a higher price versus if you were to buy an NFT when it drops.
- You could end up getting a better deal on an NFT if the value of the collectible decreases after it drops.
Wait for a Store drop
If you would rather buy an NFT when it drops, navigate to the Store tab and select Drops.
Here you can view the most recent drops, as well as upcoming drops along with the rarity and price of each NFT.
Note: Many Veve NFT drops generally sell out in a matter of minutes. As drop time gets closer, you want to be in the app and ready to buy.
So, make sure you have enough GEMs and be ready to tap the buy button as soon as the drop is live.
If you aren’t able to get an NFT when it drops, you can always purchase it on the Market afterwards.
Just be aware that the prices are usually higher directly after a drop ends.
That said, you might want to wait a while to see if secondary prices drop before buying a collectible on the market directly after the initial drop ends.
How to View Your Veve NFT Collection
After your purchase an NFT, you can view it under the Collection tab. You have several awesome and interactive options to view your digital collectibles including:
- Your virtual vault
- Augmented reality (AR)
- On-screen in 3D
Are Veve NFTs “Real NFTs”?
All Veve NFTs are real as they are minted on the Immutable X layer 2 blockchain as ERC-721 tokens. However, the metadata is stored off-chain. Veve’s metadata is stored off-chain because the file sizes are massive and because of legal reasons regarding the licensing source of each brand’s IP.
Another reason why Veve NFT’s metadata is kept off-chain is to allow updates to the data. If metadata is published on-chain, there’s no way to edit it.
For example, if there’s a misspelled word in the name or description of the NFT and the metadata was published on-chain, Veve wouldn’t be able to correct it.
But, since all the metadata is stored off-chain, Veve has the ability to make these kinds of edits.
Where Are Veve NFTs Stored?
Veve NFTs are stored on the Immutable X blockchain. Every Veve NFT you purchase is stored on the blockchain at your OMNI wallet address. When you create an account on Veve, an OMNI wallet is automatically generated for you. You can access your OMNI wallet using your Veve login info.
How to View Your Veve NFT on the Blockchain
If you want to view your Veve NFT on the blockchain, you can do so using Immutascan. Just follow the steps below.
- Sign into your Omni “Veve” Web Wallet
- Tap Send/Recieve and copy your wallet address
- Enter your wallet address into Immutascan’s search bar
- Select the translation number to display your NFT’s details
With Immutascan, you can view various details about your Veve NFT including:
- Time and date you purchased it
- Sender’s address
- Receiving wallet address
- Token type
- Token address
- Token Id
- Token image (the image doesn’t always appear)
How Many NFTs Has Veve Sold?
Veve has sold well over 7 million NFTs to over 600k unique wallet holders. You can view the total number of Veve NFTs minted and unique wallet holders by going to Immutascan and typing in Veve into the search bar.
Furthermore, you can view the details of every Veve transaction as Immutascan displays transactions down to the minute.
What Crypto Does Veve Use?
Veve uses Omni cryptocurrency. However, Veve users don’t directly deal with Omni. Instead, Veve uses an in-app currency called GEMs. 1 Gem is always equal to $1 USD to keep the process simple. When a Gem is purchased on Veve, the transaction facilitates the purchase and movement of Omni tokens.
When Gems are spent on Veve, the corresponding Omni tokens are exchanged for the NFT on the blockchain, and then the Omni tokens are burnt (destroyed).
That means every time you buy an NFT on Veve, the overall supply of Omni is reduced.
Final Thoughts
If you’ve been hesitant to buy an NFT, you can feel confident knowing that buying an NFT on the Veve App is as easy as it gets. You don’t need to install a complicated wallet or worry about buying crypto. Furthermore, learning how to sell an NFT on Veve can be done in just a few steps.
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