Disney Pixar Pals NFTs launched on Veve sells out shortly after launch fetching $3.3M

Disney Pixar Pals NFTs launched on Veve sells out shortly after launch fetching $3.3M

By Charles Thuo - min read

Disney Pixar Pals NFTs collectibles launched on March 13 on the digital collectibles marketplace Veve, sold out within 24 hours. Crypto enthusiasts bought all the 54,995 NFTs.

The NFTs consisted of memorable moments and iconic characters created by Pixar Animation Studios. Examples of the NFT characters included Sherrif Woody, Lightning McQueen, Mike Wazowski, Edna Mode, and The House from Up.

Blind box

Users were collecting their NFTs from a blind box, meaning they purchased randomly without knowing what they purchased. They would only know what they collected/purchased after making payment.

Each Pixar piece was going for 60 gems (equivalent to $60).

Multiplying the number of collectibles by their unit prices, it is estimated that the total value of all the purchased NFTs was about $3.3 million.

Hours after the NFTs drop sold out, items on in the Pixar drop were selling for over 350 gems on the secondary market.

Veve NFTs marketplace

First, the Veve marketplace is a product of the ECOMI blockchain whose native token is OMI.

The NFTs dropped on the Veve NFTs marketplace are currently minted on GoChain blockchain, which developers claim to be fast, environmentally friendly, and completely compatible with Ethereum (ETH).

NFTs on Veve are traded using Gems, which are Veve’s in-app tokens. Gems are exchangeable for digital assets on a ratio of 1:1 to the dollar. Currently, it is not possible to directly convert Gems into fiat but the possibility of doing so is in the testing phase.

Since Veve is a product of ECOMI Gems are somehow connected to the OMI token. Whenever an NFT is bought using Gems, 100% of the equivalent value of OMI tokens is burnt while the purchased NFT is transferred to the account of the new owner.

It is important to note that OMI tokens can be converted into Gems but Gems cannot be converted into OMI tokens mainly because doing so would reduce the price of OMI.