We reported in October that non-fungible token (NFT) platform Veve had inked a deal with Disney. Today, it plans to launch Mickey Mouse NFTs. The company licenses intellectual property from big brands and has deals Disney subsidiary Marvel Comics and Warner Brothers owned DC Comics.
Today’s NFT drop stands to rake in $2.4 million in revenue given the $60 price and almost 40,000 NFTs to be dropped. Veve targets a mainstream crowd with a user-friendly app. Within the app, money is converted to gems. However, so far, it’s not possible to turn gems back into currency and cash out of the app. You can sell NFTs to others but not withdraw the money. That’s something the company says is still being tested.
The app is designed to enable parents to buy stuff for their kids. The gems can be transferred between wallets, enabling a parent to load money and transfer it to their children’s app. However, only one transfer is allowed per day and the value is limited.
As with most NFTs, secondary sales earn the platform and rights holder money. In this case, Veve takes a 2.5% cut and Disney earns an additional 6% licensor fee.
VeVe is part of Ecomi, a Singapore blockchain firm founded in 2018, which conducted a $10.65 million ICO in 2019. Today the token market capitalization is $1.56 billion, according to Coingecko.
Until now, the company used the relatively low profile GoChain blockchain, which is pretty scalable and has low transaction fees but is not the most decentralized with just 15 validator nodes. However, Veve is moving to Ethereum and will use the Immutable X layer 2 solution to enable low cost transactions. In theory, this might mean that NFTs will be saleable on OpenSea in the future. The OpenSea NFT marketplace, which processed $2.4 billion in transactions in November, announced plans to support Immutable X in March but so far supports the mainnet and sidechain Polygon.