Summary

The article examines whether VeVe, a digital collectibles app, is a legitimate NFT platform or a scam, considering its business model, transaction transparency, and the ability to cash out digital assets.

Abstract

The author of the article scrutinizes VeVe, an app that deals in digital collectibles, questioning its claim to be an NFT platform. While acknowledging some appealing aspects of VeVe, the article points out significant concerns, such as the lack of transaction tracking, the inability to cash out GEMS (VeVe's in-app currency) to fiat currency, and the difficulty in purchasing digital assets during drops due to high demand and technical issues. The piece also highlights the disparity between the value of GEMS and OMI tokens, the latter being the actual cryptocurrency that can be transferred to a wallet but cannot be converted back to GEMS. The author argues that despite the hype and time since its establishment in 2018, VeVe has not addressed fundamental issues that make it difficult for new users to engage with the platform or cash out their investments, leading to skepticism about its legitimacy.

Opinions

The author is skeptical about VeVe's claim of being an NFT platform, as it lacks the transparency and convertibility typical of NFTs.
There is frustration over the lack of public transaction tracking on VeVe, unlike other NFT marketplaces that use blockchain technology.
The article suggests that VeVe's GEMS are not equivalent to NFTs and are more akin to in-game currency with no real-world value outside the platform.
The inability to cash out GEMS to fiat currency is seen as a major red flag, rendering investments in VeVe's digital assets as potentially worthless in terms of liquidity.
The author notes that the process of purchasing digital assets on VeVe is fraught with technical difficulties and that the items are often immediately resold at higher prices.
Despite some workarounds for buying digital assets on VeVe, the author questions whether the effort is worth it, given the inability to convert digital assets back into cash.
The article concludes that VeVe's issues, such as the one-way conversion of currency and the long-standing unresolved problems, cast doubt on its legitimacy and suggest it may be a scam.

Is VeVe a scam NFT app?

Overview

Now if you’r here I am quite certain you are well familiar with what are NFT’s and you either have used VeVe or are considering of using it.

To all VeVe supporters don’t get me wrong few things are appealing to the app but there are a lot of unanswered questions and I am well aware its still in Beta(under production).

NFT or Digital collectible?

You may say they are NFT’s but are they really? Or is it just a way to call the digital collectibles as NFT’s for more hype and awareness? Just because it works similar as NFT’s doesn’t mean it is.

Digital collectible NOT NFT on own site!

As far as I undestand Veve’s GEMS are in connection with ECOM(OMI) tokens and run on its own blockchain.

OMI Token Contract Address

The OMI token is a GO20 token. That is to say that it’s built on the GoChain blockchain.

GEMS contract address(used own):

3874b192-d5fe-434d-8053–852476b7c17f

OMI token contract address(used own): 0x26187b100F42f26227075f570681220A6D7Ae698

The problem is there are no way to track transactions

While on OpenSea, Solanart, cnft.io(cardano) have all publicly available.

On OpenSea you buy with ETH(ERC-20) and it has the most descriptive tracking history with etherscan.io

I used my address as an example 0x7d630DB22e49201e25cEf4C1Ff89D58b658493fB tips are welcome ❤

Here i have made purchases in OpenSea and have clear transaction data given.

So all of this makes me doubt VeVe’s idea of being an NFT I am open to be swayed otherwise if you can that is ;) .

GEMS and OMI

VeVe publicly spoke out about if you buy 100 GEMS for 100$ the app fee are 30%.

Shoutout to redriverdolphin for such a logical approach!

Fun Fact it seems that 10$ = 10 GEMS same as 10£ = 10 GEMS I am in Europe and I payed 200 Euros for 200 GEMS.

If I am not mistaken Fiat values aren’t the same right?

Buying digital assets in VeVe

Es everybody knows there is no whitelisting unlike all other NFT market places and the drops usually are around 10k to 15k its near to impossible to buy it as its being bought in a split second OR this 👇

Can not stretch enough how often it happened to me and many others…

Please STOP marketing yourself VeVe you have plenty of awareness and hype behind you(as most of NFT project just chasing OpenSea’s clout $$$ ). But as a newcomer I expect to get at least something on launch and then the error arrives of failed purchase and only way to acquire is to buy 4x more expensive. Make it more accessible for new joiners or inform them you came to late otherwise it’s perceived as robbery.

Although there are tricks witch have been passed around like:

1. Closing all other apps and using only phone internet/directly connected to wifi cable.

2. A newer device as well presume gives higher advantage

3. Be an hour earlier on presale and DO NOT refresh the page.

But is all the effort worth your time?

And obviously IF you get it in some miraculous way you will want to flip it and earn right? What leads me to my last point…

Flipping and Earning

If you have VeVe you know that you can flip it and sell it for more GEMS BUT a huge BUT there is no way to CASH OUT by selling your GEMS to $£€ or any other Fiat currency. All your GEMS and maybe OMI tokens will be in the platform(if you send OMI to your wallet).

At first I thought ok… so if I can send OMI to my account and transfer OMI to GEMS the opposite is possible as well right so that i can send it to crypto exchange platform and cash out? 🧐🤑

When we look 👆 I don’t 👀 Convert GEMS to OMI so I can conclude it’s a ONE WAY STREET type of app, funds just can be added to VeVe! So to conclude it short its a bottomless pit!

Well i guess next time you have to pay your rent you can just tell the landlord you can send them your digital asset or GEMS instead. 😉 😌

And FYI the VeVe app was established at 2018 link here so don’t say they didn’t had time to establish it.

On the side node I know there is a possibility to actually earn $ with VeVe and that is with the help of Ebay.com but honestly I didn’t have time to dive into it.

Maybe it’s worth going extra mile but if your a casual NFT investor it may be a burden.

Conclusion

Overall i don’t mind VeVe but the way our funds(GEMS, OMI) are frozen in the platform, near to impossible to buy at launch and few main fiat currency are always 1 to 1 valued(GEMS = £$€) gives a striking 🚩 as a scam. In the end of the day just VeVe(and their partners) actually earn and people going extra mile to sell on Ebay. And don’t say its work in progress the issues as it was established at 2018.

Would ❤️ to hear any rational arguments from VeVe team or supporters. Hype and chasing clout is one thing but Truth is only one and frankly it emerges quite ugly.

Hope you enjoyed the read any support is appreciated ❤️🙏🏻

ETH/SHIBA: 0x7d630DB22e49201e25cEf4C1Ff89D58b658493fB

BAT: 0xcBfefc1c29Ee7582e1d3d33371D19D6E35324cff

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