Pixar Launched New NFT Collection, Sold Out Within 24 Hours

The popular animation studio Pixar recently dropped its Disney Pixar Pals NFT collection on March 13, available on the VeVe marketplace, which consisted of 54,995 tokens featuring iconic characters and moments such as Sherriff Woody from the Toy Story franchise, Mike Wazowski from Monsters Inc., Lightning McQueen from Cars, and even the house from Up.

Within 24 hours of the collection’s launch, each piece was already sold. However, users who purchased from the collection received their NFTs from a blind box — meaning they did not know which collectible they would be getting until after the transaction was completed. Each Pixar Pal NFT was priced at 60 gems (or $60).

All in all, the collection was sold for an equivalent of $3.3 million but the prices of some Pixar NFTs on the secondary market are already reaching up to 350 gems. NFTs found on VeVe’s platform are minted on the GoChain blockchain, which is fast, environmentally friendly, and 100% compatible with Ethereum (ETH) according to its developers.

Gems, VeVe’s in-app tokens, are exchangeable for digital assets on a 1:1 basis with the U.S. dollar. But, converting gems back to fiat currency is still under trial since the platform has a related incentive with holding OMI coins offered by ECOMI — which is also VeVe’s parent company. OMI may likewise be converted into gems, but the same does not apply vice versa out of speculation that this might cause OMI’s price to slump.

Source: CoinTelegraph