Within 24 hours of its launch on digital collectibles marketplace Veve, crypto enthusiasts purchased all 54,995 pieces of the Disney Pixar Pals nonfungible tokens, or NFTs, collection. The drop consisted of iconic characters and moments created by Pixar Animation Studios, including Sheriff Woody, Mike Wazowski, Lightning McQueen, The House from Up and Edna Mode. Users purchased their NFTs from a blind box, meaning that they receive a random collectible as part of the series and would not know which collectible until after payment.
The list price for each Pixar NFT was 60 gems ($60). By multiplying the collection sold by their listed gem price, it is estimated that the NFT collection fetched the equivalent of $3.3 million. At the time of publication, items in the Pixar drop are selling for up to 350 gems on the secondary market. NFTs on VeVe are currently minted on Immutable X.
Gems are VeVe's in-app tokens exchangeable for digital assets on a 1:1 basis with the U.S. dollar. However, the ability to convert gems back into fiat is still in the testing phase. This is because there currently exists a related incentive with holding OMI tokens, which are created by VeVe's parent, ECOMI.
Whenever gems are used to purchase an NFT, 100% of the equivalent value of OMI is burnt from the token supply while the digital collectible is transferred to the user's account. Correspondingly, OMI can be converted into gems but not vice versa due to speculation that it may tank the former's price.