With the migration of huge music businesses into the NFT arena, the film industry behemoths are also aiming to enter the digital asset area. Pixar, the animation company, has collaborated with VeVe, an app-based marketplace, to produce a series of non-fungible tokens featuring Disney’s world-renowned animated film characters. Pixar Animations has created the NFT collection “Pixar Pals” to commemorate some of the studio’s most memorable moments from its history, including animated characters from Toy Story, The Incredibles, Cars, Coco, Monsters Inc., and many more. The NFT collections are shown in full-color detail and are grouped into three categories: standard, rare, and ultra-rare. VeVe, the NFT collectibles, will be released on the NFT marketplace. The starting price for collectibles is set at $60. (60 gems).
Pixar’s NFT is bundled in an intriguingly randomized way. Unfortunately, this implies that the collectibles are placed in blind boxes, preventing the buyer from knowing what artwork or rarity has been purchased. Instead, NFTs confer ownership of a one-of-a-kind digital property on the buyer, confirmed via blockchain.
The First Collection Sold Out Within a Day 👀
It was stated that all 54,995 pieces were sold within 24 hours after its release. The NFT collection is believed to have earned $3.3 million by multiplying the collection’s sale price by the reported gem price. These NFTs are now selling for up to 350 gems on the secondary market. The VeVe platform’s non-fungible coins are presently produced on GoChain. According to its creators, the blockchain is quick, ecologically benign, and completely compatible with Ethereum. The gems are in-app tokens on VeVe’s platform that can be exchanged for digital assets at a 1:1 ratio with US dollars. The capacity to transfer diamonds back to fiat cash, on the other hand, is currently being tested. There is definitely an incentive to keep OMI coins, which VeVe’s parent firm, ECOMI, generates. When gems are used to purchase an NFT, the equal IMO token value is burnt from the token supply while the digital asset is delivered to the user’s account. Similarly, OMI tokens can be exchanged into diamonds but not the other way around, owing to concerns that it would lower the price of OMI tokens.
Film studios are developing their NFT collection by capitalizing on Web3 commerce prospects as they arise. For example, with Disney’s foray into NFTs, the company may be exploring the metaverse realm.
Image source Veve/Pixar 🎯
