Disney Pixar Pals NFTs launched on Sunday, sold out on the VeVe NFT marketplace within 24 hours of launch, and brought in about $3.3 M, with all 54,995 NFTs being bought.
The drop consists of Iconic Characters and moments from Pixar studios, including Sheriff Woody, Lightning McQueen, Edna Mode, Mike Wazowski, and The House Up. The sale was made using a blind box where each buyer received a random collectible and only knew it after payment.
Disney-Pixar NFT Collection Sells Out on Veve Marketplace
Disney Pixar Pals NFT collection has sold on the VeVe marketplace for around $3.3 M within 24 hours of its launch. The listing price per Pixar NFT was 60 gems, equivalent to $60. By calculating the total of the available NFTs and the listing price, the collection seems to have raked in around $3.3 M.
The NFTs were minted on the GoChain network that developers claim to be fast and environmentally friendly. The DEV team also claims that the network is 100% compatible with Ether (ETH), thus very efficient. After the sale, the lowest NFT from the collection is selling at 350 gems or $350 on the secondary market.
More on Disney Pixar Pals NFT Sale and Veve Marketplace.
VeVe marketplace is a digital assets trading platform from the ECOMI blockchain whose native token is OMI Crypto (OMI). NFTs on VeVe are traded using Gems. Each Gem is valued at a 1.1 ratio with the USD. However, it is impossible to convert the gems into fiat because the feature is still in the testing phase.
As VeVe and ECOMI Gems connect with OMI Crypto, 100% of the equivalent worth of an NFT is burnt if the NFT is bought using Gems. The burning process becomes irreversible once the asset is transferred to the account of a new owner.
However, it is best to note that while OMI can be converted to Gems, the Vice Versa cannot happen as it may cause dumping of the token.
NFTS to Go Mainstream in the Future?
Non-Fungible tokens have been the talk of the tech space for the past year. The assets are minted on blockchain technology similar to cryptos, but they mostly come as digital pieces of art rather than currencies. They are also unique in that they maintain the digital copyrights of the owner, thus preventing piracy.
Lately, some analysts have claimed that these assets can dominate the crypto market and surpass Bitcoin, the premiere coin. This claim may be valid as the sector has been experiencing a very high growth rate. Last year saw the assets’ trading volume rise from below $200M in 2020 to over $23B by the end of 2021.
As this growth rate shows a growing interest in the market for the assets, institutional investors have been joining the bandwagon almost daily. Companies like Nike, Billboard, Adidas, Warner Media Sports Division, Ferrari, and Lamborghini have already invested in NFTs.
These investors are known to cash in on the best opportunities showing that the NFTS may indeed be poised for glory. However, it is best to DYOR as some of these assets may collapse and end up in huge losses.