How to Cash Out on Veve
How amazing would it be for you to own one-of-a-kind NFTs that can only be found in one place?
Well, this is what the VeVe marketplace provides: unique collectibles and services that no one can find elsewhere.
Collectors have already put an eye on VeVe’s services, since it is pretty clear that this market is full of hidden gems and more than one unique item.
Nonetheless, what if you are a seller and want to convert your received tokens into fiat currency? Is this possible?
In today’s article, we are going to provide you with the relevant information you need to understand about the following content:
- How to cash out on VeVe;
- VeVe cash out beta feature: is it ready?;
- Best way to withdraw OMI and Gems from VeVe.
Understanding VeVe Gems and OMI Wallets
There are two main tokens on the VeVe market. The first one is called OMI, and it is a blockchain cryptocurrency that users can purchase and store in their OMI wallet.
The second one is called Gems, and it serves as the in-app currency for purchasing an NFT.
Note that, at this moment, 1 Gem is equal to 1 USD.
The cash-out system is meant for users to change Gems for fiat currency.
When someone purchases a listing, they need to tap it, and agree to a certain Gem price.
The activity of the purchase appears on the VeVe Market settings whenever users submit it, and the value of Gems acquired remains on the platform until further notice.
3 Things to Know Before Cashing Out from VeVe
Before you start to use the cash-out feature on VeVe, it is really important that you take three things into account:
- The Payout Feature is still in the beta testing phase. Only a bunch of testers are capable of performing a withdrawal process. The majority of users cannot do this, and the feature will be rolled out for everyone during the following months. Learn more about the beta testing process here: Gems to Fiat;
- A 10% fee will take place for testers that want to start any kind of withdrawal process, even if it is a beta;
- The minimum withdrawal amount is 50 Gems, and the maximum withdrawal amount is 50,000 gems in 7 days. We figure that this might change in the future while more people have access to this feature.
How to Cash Out on VeVe
Now that you know the basics about withdrawing the value of your sold collectibles, you are ready to do so.
Then again, note that not everyone will be able to perform this process so far. As of 2022 Q1, only testers can convert OMI and Gems into Fiat.
Clearly, this will certainly improve in the months to come.
Read Also: Storing your NFTs in a non-custodial wallet is one of the best decisions you can make.
Don’t put your assets at risk - learn how to Add NFT to MetaMask by checking out our related article.
Step 1: Access Your VeVe Wallet
Firstly, you need to go to your OMI wallet on VeVe’s platform. You can do so here: OMI VeVe.
If you are one of the lucky ones that can start a withdrawal process, just click on “Payout.”
Note that there isn’t a waiting list for testing this feature - you either have it, or you don’t.
Step 2: Successfully Complete the Know Your Customer Verification Process
VeVe uses BlueSnap as its payment gateway. As a consequence, users must provide proof of identity before testing the payout functionality.
Click on “Begin KYC process,” and the platform will ask you for the following documents:
- ID card, passport, or driver’s license - only one of these alternatives;
- If you are American, you will need to provide your social security number;
- Information regarding your country and your home address.
Step 3: Select Your Fiat Withdrawal Method
After completing KYC, you need to provide a payment method.
In this case, only bank accounts are accepted to convert Gems for fiat money.
The full list of accepted fiat currencies is the following: AUD, CAD, EUR, GPB, HKD, JPY, NZD, and USD.
Keep in mind that KYC and bank approval might take up to 5 business days before being able to get your money, so you need to have some patience here.
Step 4: Request a Fiat Payout
Once the platform finishes checking your info, you can now convert OMI or Gems to USD, EUR, and more.
Go to your wallet, and request a payout. It is highly important to consider that you must have at least 1,000 Gems before being able to request a cash-out.
Remember that while the feature is still in its testing phase, these requirements must be met.
Step 5: Wait for the Money to Arrive Into Your Account
Request the cash-out, and then wait for a while. It might take up to a week or two, specifically, from 7 to 14 days, before you receive your money on your bank.
Also, take into account that SWIFT or WIRE flat fees must be present during the operation. That’s how you do it!
Although not everyone is able to cash out Gems and OMI from VeVe’s, we expect that more users can begin testing this feature in the near future.
For more VeVe’s and crypto information, GrowFollowing will always be there for you.
FAQ
Can I Put a VeVe NFT as Profile Picture on Twitter?
Not directly. If you want to set up a Twitter NFT Profile Picture, the token must be minted on OpenSea’s marketplace.
For instance, if you Buy a Bored Ape NFT you can do without inconveniences, but there’s no way to directly link VeVe’s to Twitter (so far).
Steve specializes in cryptocurrency and finance. As a born researcher, he won’t leave any stone unturned when it comes to topics he covers.