Buying NFTs on Veve - March 2022
A few days ago, I posted a photo of a new-to-us fossil find from our backyard (a Crinoid fossil) and mentioned about how I used my first backyard fossil find (a Trilobite) as a use case to try to understand the world of NFTs and the platform OpenSea. I posted a photo of my Trilobite fossil on OpenSea, but didn't list it for sale (due to the 'gas fees'), so I'm not totally sure what the utility of the exercise was (in that case), but it also lead me to a different platform: VeVe. VeVe is an NFT marketplace for 'digital collectibles'. From brands. Digital art, images and comic books are what they're mostly dealing with on the platform from brands like Marvel, Disney, Pixar, James Bond, Back to the Future and Adventure Time among others.
Veve offers a store - where you can buy these digital collectibles. They also offer a 'drop' system where creators 'drop' collectibles at a specific time when they (seemingly) get gobbled up by collectors. And, finally, there is a 'market' - or a secondary market where collectors can RESELL their digital collectibles.
After trying to buy a few Disney-related collectibles on VeVe at their 'drop' time only to find the app crashing and me striking out, I decided to go into the market to find some affordable digital collectibles. In order to buy on VeVe, you have to trade your US Dollars for Gems. It is 1:1 trade.
I wanted to get a feel for both traditional NFT digital collectibles - you know...just a jpg or gif that (for SOME REASON) had value because it has been minted on the blockchain. But, I was also interested in how NFTs translate to the comic book world. We've recently been buying physical comic books, so the digital version is interesting to me as my kids seem to LIKE the physical book versus the digital format.
I also wasn't interested in wasting a whole heckuva lot of money on this little experiment, so I was going to have to buy some of the cheaper NFTs on VeVe. But, I also didn't want to buy super common items - since scarcity seems to be the key dynamic driving value. Knowing that, what did I end up with? I bought an animated holiday Groot (from Guardians of the Galaxy) and a Vote Loki comic book.
Both of them are in the 'uncommon' category. And, our family likes BOTH of these guys: Groot and Loki are favorites of two of my kids (we actually have this Vote Loki #1 as a print book). However, both are some of the least expensive digital collectibles available on VeVe (at the time I bought) in that category. I just checked and the 'floor price' on the Vote Loki book is (now) $1 lower than what I paid (so, if I tried to resell it today, I could, potentially, lose that $1. And I'd have to find a buyer). But the animated Groot one had a 'floor price' that was a few bucks HIGHER than what I paid.
I'm going to HOLD these for a while and revisit VeVe later this year. Hopefully, the floor price on these will go up well past what I paid for them and I suddenly become a cryto millionaire. A guy can hope, right?