What Is VeVe?

NFTs are a neat idea, while digital collectibles sound like a lot of fun. However, the larger ecosystem that they exist in can make them a little… suspicious.

VeVe aims to change the negative association between NFTs and digital collecting by taking a different approach to digital collectibles. By placing value on the art rather than on the hype, VeVe focuses on the collectible itself, not on profits.

What Is VeVe?

VeVe is a platform for buying and selling digital collectibles. You either need to download the app or at least create an account to access the web app to browse it, but creating an account doesn’t require inputting anything more sensitive than your email address.

However, to buy digital collectibles on VeVe, you’ll have to add your payment information. You must also verify your identity with a government-issued ID and proof of residence.

Download: VeVe for iOS | Android (Free, in-app purchases available)

What Does VeVe Offer?

VeVe sells “digital collectibles.” That means a lot of things. Sometimes it’s the kind of art that you might already associate with NFTs, though VeVe works with established entertainment companies like Disney and DC Comics.

Other times, VeVe digital collectibles are 3D models, like a full-scale Delorean or a droid from Star Wars. Some are digital replicas of a 2D collectible like a trading card or a comic book. In any case, when you buy these digital collectibles, you can use them often like physical collectibles.

For example, you can read the collectible comics or pose with the 3D models in augmented reality. VeVe even provides virtual showrooms to show off your purchases to other collectors. This is partially for fun and partly because VeVe has a secondary market. So, you can sell your digital collectibles to other app users.

How Does VeVe Work?

VeVe works similarly to other NFT platforms, using the blockchain to certify digital collectibles’ rarity, authenticity, and ownership. However, VeVe uses its own programs, has its own in-app currency, and maintains complete control over its marketplace. These features have a number of implications for users.

Quality Control

On most NFT marketplaces, anyone can mint and sell an NFT. We even have a guide to minting and selling an NFT so you can try it yourself. However, since almost anyone can do it, there is a lot of garbage and scams on the average NFT platform.

There’s definitely a charm to logging into OpenSea and not knowing what you’ll find, and you do lose some of that on VeVe. But, you can be more confident that what you see is worth seeing.

Value Stability

VeVe uses its own in-app currency rather than a cryptocurrency like Ether, the cryptocurrency most NFTs use. Because NFTs are usually based on price-volatile cryptos, that means the value of an NFT can vary wildly, depending on the price of its token. Look at it this way:

Suppose you list an NFT for .2ETH when the price of one ETH is worth $2,000. The dollar value of your NFT is $400. Now suppose that the price of ETH falls to $1,100. You might have to cancel the sale or sell your NFT at a loss—not because demand for your NFT changed, but because the value of ETH changed.

Again, this dynamic of other NFT marketplaces can be fun for a buyer because crafty bidders can get monkey pics on sale, placing the right bid at the right time. However, overall, VeVe’s approach lends greater overall stability.

VeVe Is Worth Checking Out

In some ways, VeVe will feel familiar with other marketplaces for digital collectibles. However, their more siloed approach makes it a friendlier entry point for people interested in collecting digital assets while being skeptical of NFTs and crypto. Even if it’s not for you, taking a look is free.

With VeVe, you can get into legitimate digital collecting—ensuring that the digital asset you bought is unique and yours alone—without the risk and stigma of NFTs.