VeVe Payout Details: What You Need To Know
VeVe has revealed details of its long-awaited fiat off-ramp mechanism this week. The Payout feature is in beta, with several users trialing the system right now and additional groups of users invited each week to join the program.
For those engaged with the VeVe NFT marketplace, the news is welcomed as many have been lucky enough to flip NFTs for significant gains. Now, as VeVe begins to open access to a beta payout feature, collectors will be able to convert their Gems into several fiat currencies and withdraw directly to their bank accounts.
Since launching in mid-2021 VeVe has captured the imaginations of its users and digital collectible admirers worldwide with unique digital collectibles tapping into globally recognized IPs. However, it also captured large amounts of fiat currencies that the app converts to the native in-app currency Gems, with each Gem representing one dollar. Users spend fiat to get Gems used to buy and sell NFTs on VeVe without a way to swap Gems back to fiat – until now.
Interestingly, several Telegram groups are trading Gems for fiat outside of VeVe for much lower rates than 1:1. We advise you to stay away from these channels and follow official guidelines to stay safe and receive a fair amount of fiat for your Gems.
What is the Payout feature?
Payout allows VeVe users to withdraw Gems from their VeVe wallet back into their bank account as fiat (e.g., USD). To use the feature, users will be required to complete KYC (Know Your Customer) and be approved before making any withdrawals.
Information submitted for the KYC approval is securely stored by VeVe’s MTL partner — BlueSnap. BlueSnap is a global payment gateway and merchant account provider, offering financial services and payments in over 200 regions and 47 countries.
N.B. The Payout feature is in beta. The KYC process and Payout request screenshots below are beta versions only. Moreover, this information will be valid as VeVe users are invited to test and use the off-ramp.
How to Use the Payout Feature
First, you will need to log in to the VeVe web wallet. The VeVe Payout feature is only available through the VeVe web wallet, which can be found at https://omi.veve.me.
To log in, use the same email account and password that you use to log into your VeVe mobile app. You will be sent a 2FA email to complete the sign-in process, after which you will see your Gem and OMI wallets and balances. Below wallet balances, you will find the ‘Payout’ button.
N.B. I could not use my VeVe iOS device credentials to log in to the web app at writing. However, several colleagues with an Android account successfully accessed the web account. VeVe has been contacted for comment.
Initially, this button will be inaccessible/grayed out to most users, so please remain patient if you cannot access this feature yet.
KYC or ‘Know-Your-Customer’ regulations require you to provide identification documents to complete a financial transaction. Users are required to complete this process before any withdrawal can happen.
You will need to enter your personal information, and it’s a relatively straightforward process. You will also need to provide some preliminary details (the ID number) for ONE piece of government-issued identification:
- ID card with social security number (the USA only)
- Driver’s license
When you’re ready to proceed, simply hit ‘begin KYC process’ to begin entering information.
You only need to enter the number associated with your chosen form of ID. If you are a US citizen, you will be asked for the last four digits of your social security number. Additionally, do not enter a country code for your phone number.
BlueSnap will then contact users via the email provided to request the actual ID document. This email will contain a link to take you to a secure portal to upload your identity verification.
Enter Payout Method
Once you have submitted your details and ID number, you will be taken to the Payout Method screen. Here you will enter your base currency and the bank account details to receive your Payout. At writing, you can opt to receive AUD, CAD, EUR, GBP, HKD, JPY, NZD, and USD.
If your home currency is not one of the currencies listed, you can still use the feature. However, VeVe recommends contacting your bank to ensure they can perform the currency conversion for you and deposit your local currency into your account as usual.
Once you have submitted your personal and banking details, you will see that your KYC application is pending. You will then receive an email from our MTL provider requesting your proof of identity documentation and evidence that you control the bank account you have provided details for. This email will contain a link to a secure upload facility to maintain the security of your information.
When the KYC application has been approved you can change your banking details at any time by clicking the Edit Payout Method. The process is the same as the initial setup, and again the MTL provider will contact you to verify the new banking details.
How long does it take?
After submitting information, you should expect the MTL provider to make contact within the next five business days requesting your documents for verification. They will either approve or deny your KYC application. In the meantime, you will see the ‘pending’ screen below.
When you are approved, the pending status will update to approved and you can proceed to the Payout request screen by clicking continue.
Once your KYC application has been approved you can request a payout. To do this now or in the future, simply hit the payout button again on the web wallet home screen, and you’ll see the payout home screen below.
On this page, users can request a new payout, edit their payout method, and view their withdrawal history. Simply tap the Request Payout button to get started. Enter the number of Gems you would like to withdraw, up to a maximum of 50k Gems. This screen will also detail the fees which are 10% per transaction and the total value in Gems that you will receive.
Click next to continue, and you’ll be presented with a final confirmation screen. If you are happy with the details, tap accept and submit to process the payout. Payout requests are processed within 5 business days and can take up to 15 days from that point to arrive in an account.
Fees and Withdrawal Times
There are a few numbers to be aware of when processing a Payout. These details are also given to you when making your Payout request.
- You must have a minimum balance of 1000 Gems to trigger a Payout transaction.
- There is a 50 Gem minimum withdrawal.
- A 10% fee will be applied to any Payout transaction.
- The maximum withdrawal amount (for now) is 50,000 Gems in any 7 day period.
- Withdrawals will take, on average, 7–14 days to be processed and arrive in your account. The speed of this greatly depends on your banking institution, and the traditional financial system (WIRE/SWIFT). As such, you should allow up to 15 business days for your Payout to be credited to your account, from the time it is approved.
It is also likely that your bank will impose an incoming wire transfer fee, as is typical of international/SWIFT network transactions. This is typically around $35, and you may also be charged a currency conversion fee if applicable. To be clear, this figure is determined and charged by your bank and not VeVe.
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 ETH, BTC, AGIX, HEX, LINK, GRT, CRO, OMI, IMMUTABLE X, GALA, AVASTR, GMEE, CUBE, RADAR, FLOW, FTM, BNB, SPS, WRLD, ATOM, and ADA.