Last week, Veve announced a promotional partnership with Disney, whereby Disney will provide non-fungible tokens (NFTs) of its characters as a promotion for Disney’s streaming video channel named Disney+. Not only the Disney characters that will have NFTs but also those owned by the group, including Pixar (Toy Story, Cars, Nemo, The Incredibles), Marvel (SpiderMan), Star Wars, and others. However, the specific characters that will be offered, have not yet been announced.
The NFTs are “Golden Moments,” featuring the golden statues of the characters as digital collectibles. Veve app will start releasing them soon, concluding it with Disney+ Day on 12 November. As a promotion, limited subscriptions to Disney+ will be granted to a few NFT buyers, but not to current subscribers.
Already VeVe has launched digital comics for Marvel and hosted NFTs for DC comics like Superman. Other licensed assets include Star Trek, James Bond Back to the Future, and Cartoon Network.
Experts are wondering how VeVe would be able to bear the heavy licensing fees, which these huge brands would demand. They also could not see a trace of a venture funding raise. VeVe is part of Ecomi, a Singapore blockchain firm established in 2018 that held a $10.65 million ICO in 2019. At the time of this writing, the token market capitalization is over $1.24 billion, as per Coingecko.
To date, Veve has sold 1.9 million NFTs and has over 500,000 active users. It utilizes the ImmutableX Layer 2 scaling protocol. In March 2021, it committed to provide $7 million for grants related to environmental nonprofits to raise funds for the causes via NFT promotions.