Represents an over 572,000% price increase
As Marvel Comics drops on VeVe continue to sell out, older first edition drops are now commanding the big bucks. The floor price of the secret rare variant of Marvel Comics #1 has now risen to $40,000, representing a 572,146% increase on the original investment of $6.99. Moreover, even the lowest floor price for a common comic has jumped over 40%.
The top five comics in regards to percentage gains all come from the first drops on VeVe. Those ones being the older, potentially more collectible first editions of the most popular Marvel characters. Interestingly, even though buyers and sellers are currently only able to transact in the NFT marketplaces in house currency GEMS, sales are still buoyant. Reminiscent of the early days of NBA Top Shot where secondary markets raged, ironically until the fiat off-ramp arrived and users started taking profits.
A similar situation could arise on VeVe. After all, there is a certain sense of throwing caution to the wind when buying and selling in a fictional currency. Nonetheless, it looks clear that despite what may happen to the platform and the majority of its comic NFTs. First editions are hot right now. Moreover, news of migration to Immutable X and the NFT comics going on-chain is all adding to the hype.
Taking a punt
The collection was originally launched in a fairly low-key way. With VeVe announcing the first drop of Marvel Comics #1 on its Medium blog. Those lucky enough to scoop up the first-ever drop are now sitting on a tidy profit, even if they only landed the most basic common or uncommon variants. These now have floor prices of $56 and $179 respectively. Arguably, these common and uncommon comics represent a potentially solid investment even at this price.
What’s also interesting is the gulf between the top and second top comics floor prices. As mentioned, the secret rare edition of the first-ever drop has a floor of $40,000 currently. While Avengers#8 is almost half the price, at $23,000. Amazing Spider-Man #1 is half that again, at just under $10,000. One thing is very clear. Marvel Comics #1 is the ultimate comic to have in your possession right now from the collection.
VeVe going on-chain?
Ecomi is the parent company behind the VeVe NFT marketplace. Its OMI token has risen over 71% in the last 30-days as news around its planned migration to Immutable X became more widely known. Ecomi has announced that it will be migrating VeVe and the wider Ecomi ecosystem to Ethereum’s layer-2 in three phases. It is important to note that there are no user requirements until phase three, which is when the OMI token swap facilities will be open. If you do not hold any OMI tokens, there are no actions required of you, and you can continue to use VeVe as normal.
Phase 1: User Wallet Registration (in progress)
Phase one is the registration and migration of all existing wallet addresses/user accounts to Ethereum layer 2. Once this is complete, any new user accounts will be registered directly to L2.
Phase 2: NFT Minting
In phase two, commencing the first week of October, the re-minting of all existing assets (collectibles, comics, etc…) on L2 Ethereum and transfer to a wallet address associated with each VeVe account will take place. This phase will also include heavy testing of all purchasing and transfer functions, to ensure that the minting of new NFTs, and all necessary purchase/sale transactions, are taking place successfully on L2.
Phase 3: OMI Token Migration
If you currently hold GO OMI tokens, or the wrapped version wOMI you will be able to swap to the new ETH OMI version during phase three. There will be three options available to you during this time, allowing you to either swap your existing tokens to L1 OMI, for trading on exchanges. Or layer-2 OMI for use within the VeVe app.
The token swap facility is likely to be available indefinitely, so users will have time to swap their tokens. That also means you do not need to rush and swap them as soon as it’s live. This phase will also include new features in the Web Wallet allowing you to deposit your tokens to layer-2 (VeVe), or withdraw them to layer-1 (exchanges). Once phase three is complete, all existing in-app GoChain OMI transactions will cease, and VeVe will be underpinned by ERC20 OMI via Immutable X’s layer-2 solution.
Anyone holding OMI or VeVe digital collectibles is advised to stay tuned to DappRadar as we will uncover and relay any and all migration information as it becomes available. As VeVe takes these highly sought-after NFT collectibles on-chain will the value rise even further or will the appeal wear off? Time will tell.
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The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds positions in ETH, BTC, ADA, MATIC, SAFEMOON, HEX, LINK, GRT, CRO, OMI, USDT, SOL, SHIBA INU, AVASTR, RAY, BOSON, AND OCEAN
