Within 24 hours of its launch on the Veve digital collectibles marketplace, cryptocurrency enthusiasts purchased all 54,995 pieces of the collection of Disney Pixar Pals Non-Fungible Tokens, or NFTs. This release features iconic characters and moments created by Pixar Animation Studios, including Sheriff Woody, Mike Wazowski, Lightning McQueen, Upside Down and Edna Mode. Users bought their NFTs blind, meaning they receive a random collectible as part of the series and don’t know which collectible until payment.
Pixar Pals NFT Collection | Source: Pixar/Disney/VeVe.
The list price of each Pixar NFT was 60 Gems ($60). Multiplying the collection sold by the listed price of the gems, it can be assumed that the NFT collection fetched the equivalent of US$3.3 million. At the time of publication, items in the Pixar set are selling on the secondary market for up to 350 gems. NFTs on VeVe are currently being minted on GoChain. Its developers claim that the blockchain is fast, environmentally friendly and 100% compatible with Ethereum (ETH).
Gems are VeVe in-app tokens that can be exchanged for digital assets at a 1:1 ratio to USD. However, the ability to convert gems back to fiat is still under testing. This is because there is currently an associated holding incentive for OMI tokens, which are created by VeVe’s parent company, ECOMI.
Whenever gems are used to purchase NFTs, 100% of the OMI equivalent value is burned from the token supply and the digital collectible is transferred to the user’s account. Accordingly, OMI can be converted into gems, but not vice versa, due to the assumption that this can lower the price of the former.