Huge news from VeVe and Immutable X! VeVe re-minted all of its NFTs via Immutable X on December 14th. In other words, all VeVe NFTs are now on the Ethereum network!
The Benefits Of VeVe’s Immutable X Migration
The re-minting process took place as part of what VeVe is calling “Phase 2” of its Immutable X migration. To clarify, VeVe first announced that it would partner with Immutable X back in May. By using the Layer 2 solution, VeVe was able to shift its NFTs onto a decentralized blockchain, while keeping a focus on scalability, user experience and a low carbon footprint.
Given that the VeVe marketplace home to licensed NFTs from some of the world’s biggest brands, some may wonder why those NFTs don’t make more noise compared to the many NFTs whose brands are only just starting to grow.
Well there are a couple of things about the VeVe marketplace that may contribute to that. Indeed, perhaps VeVe is teaming up with Immutable X, at least in part, to deal with some of those factors.
For one thing, the VeVe marketplace is insular and operates differently to the bulk of NFTs on the market. For example, VeVe has its own in-app currency, “gems”. Users buy these gems with fiat currency and then use those gems to buy VeVe’s digital collectibles.
However, those collectibles can only be sold on the secondary market in VeVe. That means no listings on Opensea, where NFT collections do most of their trading. But now that the NFTs are on Immutable X, owners may be able to trade them on other Immutable X platforms at some point.
OMI Token To Follow NFTs Migration Onto Ethereum
Not only must VeVe users pay in gems, but they also can not cash out their gems at the present time. In other words, even when they do sell their VeVe collectibles, they have two options. They can hold onto the gems, or use them to buy other NFTs on VeVe. If you think about it, it makes the general liquidity problem of NFTs that much worse on VeVe.
With that said, VeVe does have plans to add this feature, though they have not announced when. Even so, some VeVe users on Twitter and Discord think that a cash out option involving the OMI token may be coming soon.
To explain, OMI is the native token of the VeVe parent company, ECOMI. What’s more, Ecomi has said that OMI will also move onto Ethereum. That move will take place during Phase 3 of the migration to Immutable X.
While there is no clear timeline, Ecomi says the move will take place sometime after the holiday season. Then perhaps VeVe users will be able to trade NFTs using OMI or other currencies on marketplaces that are compatible with Immutable X.
Immutable X Looks To Cement Itself As Leading L2 On Ethereum
Immutable X has had a string of big time announcements of late. Especially when it comes to the platforms that are choosing to partner with it.
To be sure, the big brand partnerships of VeVe might make it Immutable X’s most well known partner. While this may be true, Immutable X is clearly setting itself up to be the first choice L2 for some of the future heavy hitters of the NFT world.