VeVe

VeVe is an app-based NFT marketplace that was created by a Singapore-based company, ECOMI. The OMI token is the native cryptocurrency token on top of which the ECOMI ecosystem is based. In order to make VeVe a user-friendly option for people who might not use cryptocurrencies regularly, as well as to prevent any fluctuations in the price of OMI affecting them, ECOMI made the decision for the VeVe application to utilize an in-app currency known as gems. VeVe gems are a stablecoin with a value that will always equal one United States Dollar (USD).

VeVe's 3D digital collectibles are crafted by artists, such as sculptors Jim Lee, Todd MacFarlane, and Scott Snyder, who sculpt directly in 3D instead of clay. Through the VeVe application, users are given the opportunity to own 3D limited editions of many exclusive digital collectibles.

VeVe is an application that hosts and facilitates the purchase of digital collectibles, which come in limited-edition releases and can be purchased, sold, traded, upgraded, and customized, with the eventual goal of being showcased in virtual showrooms or shared on social media—all of which are a possibilities through the official application.

VeVe aims to offer digital collectibles from many popular brands within the field of pop culture, gaming, sports, film, tv, anime, and animation, including Marvel, Batman, Adventure Time, Monster Hunter, DC Collectibles, Star Trek, Fast and the Furious, Back to the Future, and Disney.

Collectors are given the opportunity to display their collectibles in virtual showrooms, which can be customized. Users can move through these showrooms directly from the phone app, or they can visit it in an augmented reality manner where they can physically walk through them.

Through the utilization of VeVe’s secondary market, users can buy and sell from VeVe collectors. If a user has missed on a digital collectible the moment that it dropped, or if they need to complete their set, they can browse the secondary market and see if others have listed that collectible for sale.The better deals on VeVe are often drop-specific, which means that if one obtains an NFT on a drop, they will likely get the chance to buy it at a very low price when compared to what others might need to pay for it in the marketplace later on.

Through the VeVe Augmented Reality feature, a user can create a photo of their collectible by scanning their surroundings with a smartphone, virtually placing their digital collectible on any flat surface, and altering the image by moving, rotating and scaling the collectible. They can then share the photo of their collectible in their environment, through text or social media.

VeVe gems allow for the easy purchase of non-fungible tokens (NFTs); rather than users having to purchase cryptocurrency on an exchange and then transfer it to a browser wallet, they can buy VeVe's in-app currency and use the gems to purchase NFTs within the application. Once the gems are added to a user’s account, they can buy any NFT they see in the VeVe application, assuming the gem balance is sufficient enough to cover the cost associated with the purchase.

However, there is no way to convert VeVe gems into fiat currency. VeVe's parent company, known as ECOMI, is working on migrating VeVe to a Layer-2 Ethereum solution, which would allow users to convert their VeVe gems to OMI tokens and trade them on supporting cryptocurrency exchanges. This would make it a possibility to convert the gems to fiat currency.

On December 27, 2021, ECOMI, through a Medium publication, announced that the minting of NFTs on Immutable is completed and that they have begun preparations for the migration of the OMI token to Ethereum. This means that users can swap or migrate their tokens through three options, including the VeVe application, Exchanges, or the official Token Swap Site.

There are four ways through which users are given the opportunity to purchase Non-Fungible Tokens (NFTs) on VeVe:

• On-Drops—Throughout the week, VeVe hosts what are known as "drops" on specific NFTs or full-out NFT sets. A drop occurs at a particular date and time, which VeVe sends emails about before it occurs. This means that users are given a specific time frame in which they can buy the NFTs in question, and if they miss this opportunity, they will have to wait for someone to manually post them up for sale on the marketplace later on.
• In the marketplace directly through the “Buy Now” Option—Once an NFT has dropped, the owners of the NFT in question can sell it through the VeVe marketplace. The simplest way this process can be conducted is to go to the NFT in a specific collection and click on the "Sell in Market" section of the page, after which the seller can set the gem price. Buyers can purchase the NFT in the marketplace, and if they are okay with the pre-set price, they can tap on "Buy Now." This provides an opportunity for users to finish their collections with NFTs they might have missed throughout drops.
• In the marketplace through an auction—Aside from the “Buy Now” option, there is also the possibility for NFTs to be auctioned on the application. Here, users essentially bid for the NFT in question, and the user who bids the highest number of gems gets to own the NFT in question.
• Outside of the Platform—Here, the user needs to find someone who has a VeVe NFT that they want, agree to a price for that NFT outside of the app, and pay that individual for the NFT outside of the app or conduct a direct peer-to-peer (P2P) transfer of cryptocurrencies. This is one of the riskiest ways through which someone can purchase a VeVe NFT, but it is a possibility.

VeVe aims to become the first carbon-neutral NFT platform and offset 100% of the carbon footprint that is caused by the process of minting NFTs, and negate the environmental impact that is caused by distributed ledger technologies. VeVe aims to do this by purchasing carbon credits that are equal to the CO2 used in the process of minting non-fungible tokens (NFTs).

When an investor purchases items that are Ethereum-based, such as NFTs minted on the Ethereum blockchain, they have to pay gas fees in addition to the price of the NFT. With VeVe, due to the fact that all of the purchases are made within the application directly through the usage of their native currency, there are no gas fees.

The ECOMI team includes the following people:

• David Yu – CEO
• Daniel Crothers – COO
• Joseph Janik – CIO
• Mikel Duffy – CTO
• Lucas Young – Full Stack Developer
• Rhys Skellern – Communications Manager
• Steven Connery - Solution Architect
• Douglas Hand - Art Director
• Sean Liang - Sales Manager
• James Li - Licensing Manager
• Howard Lin - Customer Service
• Jong Wang – Customer Service
• Alfred Kahn – Head of Global Licensing
• Rob Salkowitz - Advisor