For those of you that remember our post about Ecomi back in March of 2021, you'll know we had high expectations for their digital collectibles app, Veve. Our expectations were not only met, but surpassed immensely. For those of you who don't already know about Ecomi's hugely growing app, Veve is an app that mints and sells 3D digital collectible NFTs with brands from Sony and Marvel, to Disney, Coca-Cola, Dreamworks, Star Trek and so many more. These 3D collectibles are currently able to be displayed in their Veve Vault, a room where you can place your collectibles and show them off in real style, but by no means will they be limited to this vault, Ecomi's sights have always been on the metaverse and there are even talks of them creating their own, complete with NFT land sales, can you imagine having a shop in the metaverse selling collectible digital comics while showing off your very own 1 of 12,500 1:1 scale interactive DeLorean on the showroom floor?
There is one driving factor in the success of any NFT project, and that is popularity, so how does Veve's popularity rank? When Ecomi first envisioned their app they had to calculate how many users they could expect in each quarter....the amount of users onboarding almost broke the app, their predictions weren't even close to the influx of people wanting a piece of their collections. By the final quarter of 2021 Ecomi had expected to be around 200,000 users, when it came to pass they had seen a whopping 1.3MILLION active users and around 30k new users joining DAILY. Some of the users have included some A-List celebrities, even having Fred Durst, frontman of Limp Bizkit, tweet at the team recently, with a message of admiration along with some of his concerns, but most notably calling the project a "great concept"
Their ecosystem is very different to any NFT project, their in-app purchases are made with "Gems" which are pegged to the US dollar, 1 Gem=$1US and they plan to keep it as such. Users were at one stage able to swap their utility tokens, (OMI), for Gems but for one reason or another that option is not available at the current time, but statements have been made that suggest that this is not permanent. You can buy Gems with fiat currency very securely and you can buy and sell your collectibles for Gems on their in-app secondary marketplace. Likewise, at the current moment you cannot transfer Gems into any other currency, whether that's fiat or crypto, but as with the swap issue between OMI and Gems, this too will not be permanent. Those that find themselves with an abundance of gems will at some stage be able to convert them into real world currencies, though no official date has been given as to when we'll be able to do this.
The value of the collectibles found on Veve differ greatly, the best place to acquire them is on the primary marketplace, but be warned, there are hundreds of thousands of people trying to get their hands on any new collectibles which results in the items being sold out within seconds of dropping. The secondary marketplace is your next best bet and the prices there are set by the community, so you can expect to be paying close to retail prices for rare collectibles, an item is only worth what someone is willing to pay for it and people are paying big for some of these items.
Ecomi has recently migrated from the GO Chain to the ever popular Ethereum network, and for good reason. They believe this is the only way they can scale with the amount of users currently onboarding and the amount predicted over the next year at least. This has also opened up the opportunity for them to have their NFT items listed on one of the most popular and fastest growing secondary marketplaces on Web 3.0, Immutable X. This is a VERY exciting move for current users as it not only has the eyes of current and new users on the app, but also the eyes of NFT investors on Immutable X, it's really anyone's guess how large this will scale with such exposure, only time will tell but we remain incredibly optimistic for the future of this project.
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