It seems like the Pixar collection sold for an equivalent of $3.3 million. Barely 24 hours after its launch on digital collectibles marketplace Veve, crypto enthusiasts purchased all 54,995 pieces of the Disney Pixar Pals collection.
The drop featured iconic characters and moments created by Pixar Animation Studios, including Mike Wazowski, Sheriff Woody, The House from Up, Lightning McQueen, and Edna Mode. Users acquired their nonfungible tokens from a blind box, which means that they get a random collectible as part of the series and would not know what collectible they get until after payment.
In that context, the list price for every Pixar NFT was 60 gems ($60). By multiplying the collection that was sold by their listed gem price, it is now estimated that the NFT collection got the equivalent of $3.3 million.
At the time of writing, items available in the Pixar drop are selling for more than 350 gems on the secondary markets. The NFTs on VeVe are now minted on GoChain. Its developers allege that the blockchain is quick, environmentally friendly, and wholly compatible with Ethereum (ETH).
These gems are VeVe’s in-app tokens that are exchangeable for digital assets on a 1:1 basis with the United States dollar. Nevertheless, the ability to change gems back into fiat is currently in the testing phase. That is because there exists a related incentive with holding OMI tokens currently, which are developed by VeVe’s parent, ECOMI.Buy Bitcoin Now
Whenever these gems are used to acquire an NFT, 100% of the equivalent value of OMI gets burnt from the token supply while the digital collectible is transferred to the user’s account. In that context, OMI can be changed into gems but not vice versa due to the speculation that it might plunge the former’s price.