After a long time, the Veve NFT marketplace has allowed its users to withdraw their funds through the Veve Cash Out feature. However, this feature was recently launched and is available for selected users only. In this article, I will guide you about how you can withdraw your earnings from the Veve app along with a complete and detailed procedure.
Through the Veve app, users have the ability to buy, sell, and trade digital collectibles and comics. Users can also upgrade and personalize their collections; place their collections in virtual showrooms; share their collections on social media; and do much more through this app.
Since the beginning of this app, many users have been able to put together impressive collections, and some of these collectors have even been fortunate enough to make a profit by reselling their collectibles on VeVe’s market for a higher price than they originally paid. Those users were desperately waiting for the launch of the “payout” feature on Veve.
Here’s the Good News: Veve has finally launched the cashout feature and it is in the “Beta stage” so only selected users will be able to take advantage of it. Now, Veve users can convert their earnings from coins/gems to any fiat currency they want and withdraw them.
What is Veve Cash Out?
It is a system that allows Veve users to transform their earnings from app coins/gems to any fiat currency so the users can withdraw their earnings into their bank account. This feature has not been fully launched yet and is in the testing (Beta) phase.
How to Withdraw Earnings From The Veve App? How to Use The Veve Payout Feature?
If you are using the Beta version of the Veve app, you will be able to use this feature. Otherwise, you have to wait until this feature is completely launched by the app. Now, let’s discuss the complete method of using the Veve payout.
- First of all, you need to complete your KYC verification on the app. The Wyre will analyze all of your details and information and organize your withdrawal process.
- You will be able to withdraw your earnings in various currencies such as USD, NZD, JPY, HKD, GBP, EUR, CAD, and AUD.
- After completing KYC, open the official website of Veve and open your profile.
- Then, go to the settings section of your profile and click on the option of Payout.
- Now, provide all of your details related to your bank account or Crypto wallet.
- After that, write the amount of money you want to withdraw. You will not be able to withdraw less than 100 app coins/gems (1 Veve coin is equal to 1 US Dollar).
- After writing the amount, you have to select the method of payment i.e Crypto transfer or bank transfer.
In the case of Crypto Transfer, you have to select USDT or Bitcoin. Both of them can be withdrawn through ERC 20 Network.
- Copy and paste your wallet address in the address bar, agree to the terms and conditions and press the Next button to proceed.
- In the case of Bank Transfers, write your bank account details by clicking on “Add new account”.
- Now, choose any preferred currency from the list and write Swift or BIC code. After that, press the Add Account button provided at the bottom.
- After adding your bank/crypto wallet details, click on the option of Withdraw to complete the process.
- Veve will deduct the 10% commission on the withdrawal amount.
Conditions on Withdrawal
- You can convert your earnings to BTC, USDT, ETH, and BUSD Tokens only in case of Crypto transfer.
- The Crypto Transfer option is currently suspended so you have to use the bank transfer until the Veve app restores it.
- You should have a balance of at least 1000 Veve coins/gems in order to request a withdrawal.
- You can withdraw a minimum amount of 100 Veve coins/gems with a 10% deduction.
- You can’t withdraw more than 5000 Veve coins/gems in a week and it will take up to 14 days to transfer the withdrawal amount.
What’s Included in The KYC Verification Process?
In the KYC verification process, you will be required to provide your personal details, but the process is not too difficult for most people. It will include some primary information such as your ID card, or any other government-issued document that proves your identity. In this process, you need to verify any of the following documents:
- Identity Card.
- Driving License.
- Passport.
In order to start, you have to click on the “Begin KYC Process” button to enter your information. You have to provide the number linked with your provided ID card and US citizens also have to provide the last four digits of their SSN (Social Security Number).
After that, BlueSnap will reach users through the email address that was provided in order to verify the original identification document. This email will provide you with a link that will take you to a protected portal where you can upload a scanned copy of the document.
How to Sell NFT on The Veve App?
Follow the simple steps outlined below in order to sell out your NFT on the Veve app:
- First of all, open the Veve app or web version and Log in to your account.
Then, open the Collections tab and choose the NFT that you wish to put up for sale.
After selecting the NFT, press the option of Sell as shown in the picture below.
The price on which your NFT is listed on the market is known as Floor Price.
You should not list your NFT lower than the floor price in order to avoid loss.
After pressing the Sell button, the app will show you two options to choose the desired price.
You can select the Fixed or Auction price for your NFT. If you don’t want to lower the price of NFT, select the Fixed Price. However, if you want to present your NFT for a Bid then select Auction Price.
The duration of an auction is three days, which starts from the time of your listing. You will not be able to cancel or make changes to your listing after the bid has started.
You have to accept the results of the Auction and they cannot be changed.
Final Thoughts
The Veve marketplace has finally added a feature of payout in their app which can be used to withdraw earnings of users in the bank account. This feature is currently in the Beta stage so all users cannot use it to withdraw their profits from the app. This feature can only be used by people who are using the Beta version of the Veva app. Through this feature, you can convert your Veve coins/gems into fiat currency or Crypto tokens and transfer them into your bank/crypto wallet. Moreover, you have to pay a commission of 10% on each withdrawal.
