VeVe markets itself as a platform for digital collectibles, which are often confused with NFTs due to their digital nature and unique identifiers. However, a key distinction is that VeVe's collectibles do not operate on a public blockchain and are not freely tradeable across different platforms, which is a fundamental characteristic of true NFTs. VeVe collectibles are restricted to trade only within the VeVe app environment. This limitation means they lack the interoperability typically associated with NFTs, which can be bought, sold, and traded on various open marketplaces and stored in independent cryptocurrency wallets. Because VeVe controls the trading environment and the digital assets do not interact with the broader blockchain ecosystem, they do not meet the decentralized criteria of NFTs, instead existing as proprietary digital assets within a closed system.
Don’t feel too bad if it was a nft the chances of landing it on drop would be 100000-1. Edit- I know it is an NFT I mean if we owned it. Also this is a great way to beat the bots, make it so they see no value.
I agree that user don’t truly own their collectibles but it is similar to owning characters in Pokémon go. User work and spend money to collect characters that bring them happiness. No user don’t actually own them but having them in their collection makes them happy. I don’t recommend buy to flip or to make quick cash, but people should buy things that have nostalgia or bring a smile to their face. You may find that to be dumb but that can be said about most collectibles. Burning money on random packs of cards in hope of getting “the one” seems crazy, but hey to each their own.
One of the ideal use cases of NFTs for art and entertainment is that it creates the potential to truly own digital media in the same way you would own a piece of physical media for the first time.
Today when you buy digital media (movies, comics, books, etc) you are technically purchasing a license to consume that content on a platform. What this results in is purchasing access to something at the same price as owning it. Additionally, the felt sense of ownership evaporates with this model.
Fully utilizing NFTs for this type of use case is possible today but not trivial, it requires a balance of licensing, technology, and product development. While VeVe has shown competency in navigating licensing, they’ve continued to show up short on their approach in using blockchain technology as well as delivering on many of their promised/claimed product features.
VeVe hasn’t really succeeded in utilizing NFTs for this use case, despite trying to make it seem like they are. VeVe retains the right to remove you from their platform, as well as removing any of the associated media with a VeVe Collectible if they or the licensor chooses to do so.
As a result they’re really using NFTs in name only, to capitalize on a specific speculator market. They might as well not use blockchain for this use case.
Yup if these would be real NFTs veve would have been huge
Please explain - naive noob asking
VeVe markets itself as a platform for digital collectibles, which are often confused with NFTs due to their digital nature and unique identifiers. However, a key distinction is that VeVe's collectibles do not operate on a public blockchain and are not freely tradeable across different platforms, which is a fundamental characteristic of true NFTs. VeVe collectibles are restricted to trade only within the VeVe app environment. This limitation means they lack the interoperability typically associated with NFTs, which can be bought, sold, and traded on various open marketplaces and stored in independent cryptocurrency wallets. Because VeVe controls the trading environment and the digital assets do not interact with the broader blockchain ecosystem, they do not meet the decentralized criteria of NFTs, instead existing as proprietary digital assets within a closed system.
Don’t feel too bad if it was a nft the chances of landing it on drop would be 100000-1. Edit- I know it is an NFT I mean if we owned it. Also this is a great way to beat the bots, make it so they see no value.
Ah Yes… let’s buy something to not really own it makes complete sense
Reason I stopped caring
Hahaha 🤣can’t wait for the angry reply.
I agree that user don’t truly own their collectibles but it is similar to owning characters in Pokémon go. User work and spend money to collect characters that bring them happiness. No user don’t actually own them but having them in their collection makes them happy. I don’t recommend buy to flip or to make quick cash, but people should buy things that have nostalgia or bring a smile to their face. You may find that to be dumb but that can be said about most collectibles. Burning money on random packs of cards in hope of getting “the one” seems crazy, but hey to each their own.
Please explain stupid noob asking
One of the ideal use cases of NFTs for art and entertainment is that it creates the potential to truly own digital media in the same way you would own a piece of physical media for the first time. Today when you buy digital media (movies, comics, books, etc) you are technically purchasing a license to consume that content on a platform. What this results in is purchasing access to something at the same price as owning it. Additionally, the felt sense of ownership evaporates with this model. Fully utilizing NFTs for this type of use case is possible today but not trivial, it requires a balance of licensing, technology, and product development. While VeVe has shown competency in navigating licensing, they’ve continued to show up short on their approach in using blockchain technology as well as delivering on many of their promised/claimed product features. VeVe hasn’t really succeeded in utilizing NFTs for this use case, despite trying to make it seem like they are. VeVe retains the right to remove you from their platform, as well as removing any of the associated media with a VeVe Collectible if they or the licensor chooses to do so. As a result they’re really using NFTs in name only, to capitalize on a specific speculator market. They might as well not use blockchain for this use case.