How to Cash Out on VeVe: The Complete Guide

So you‘ve built up a nice collection of rare digital collectibles on the VeVe app. Or maybe you got lucky flipping a few NFTs and now have a tidy sum of Gems in your wallet. Either way, at some point you‘ll probably want to cash out some of your VeVe holdings.

But how exactly do you go about withdrawing real money from the app?

I‘m Mike, a long-time NFT trader and crypto enthusiast. In this comprehensive guide, I‘ll walk you step-by-step through the process of cashing out from VeVe. I‘ll explain how the tokens work, what options are available right now, tips for minimizing fees, and what to expect in the future.

Let‘s get started!

An Overview of VeVe‘s Tokens

Unlike OpenSea or other NFT marketplaces, VeVe uses two proprietary tokens within its closed system:

OMI tokens – These are crypto tokens that exist on the GoChain blockchain. OMI is used for staking and can be transferred between users‘ external cryptocurrency wallets.
Gems – This in-app currency is used to purchase NFTs within the VeVe marketplace. Each Gem is pegged to $1 USD. You can buy Gems with credit/debit cards, PayPal, or by converting OMI.

When you purchase an NFT on VeVe, the transaction happens with Gems. So in order to cash out into "real" money, you need to convert your Gems into fiat currency or OMI tokens.

Here‘s a quick table summarizing the key differences:

Token	Usage	Cash Out Method
OMI	External token for staking	Transfer to crypto exchange
Gems	In-app currency for NFTs	Convert to fiat via VeVe

Now let‘s look at what options are currently available for cashing out each one.

Cashing Out Gems

Gems are the bread and butter of VeVe‘s in-app economy. All NFT sales happen in Gems. So chances are your profits will be sitting in your Gem balance.

Current Cash Out Situation

In 2022, VeVe introduced a new "Cash Out Gems" feature in the app…but there‘s a catch.

Right now, this feature is only available to a limited number of beta testers. VeVe has not given a timeline for when it will fully roll out to all users.

Here‘s what we know about cashing out Gems directly from the app:

10% fee – VeVe charges a 10% fee for all Gem to fiat conversions
Minimum 50 Gems – The minimum amount you can cash out is 50 Gems
$50,000 weekly limit – There‘s a $50k weekly limit for withdrawals
KYC required – You need to complete identity verification before cashing out
Only to bank account – Gems can only be withdrawn to a bank account, not to a crypto wallet

So in summary, cashing out Gems is possible right now but limited. Unless you‘re part of the beta test, you‘ll have to wait for VeVe to fully launch the feature.

Tips for Cashing Out Gems

Here are a few tips to make the most of the Gem cash out process, based on what we know so far:

Withdraw in smaller amounts to avoid hitting the weekly limit too quickly.
Be prepared to pay the 10% fee and budget accordingly.
Double check your bank account info to avoid transfer issues.
Complete KYC verification up front for faster processing when you do withdraw.
Consider exchanging Gems to OMI first to lower fees (more on that below!)

The Future of Cashing Out Gems

VeVe hasn‘t given an exact timeline for opening up Gem withdrawals to all users. But they have said it will happen in stages as they scale up capacity.

Based on their comments, here is the rollout we can likely expect:

2022-2023 – Beta testing with limited users. Fix any issues.

2024 – Slowly expand access to more users. Likely prioritizing larger holders first.

2025 – Gem cash out feature fully available to all VeVe users.

So realistically, widespread access to cashing out Gems directly is at least 1-2 years away. But when it does arrive, it should provide a big boost in VeVe‘s utility and help attract more users to the platform.

Cashing Out OMI Tokens

OMI takes a different path than Gems for cashing out, since it‘s an external crypto token. Here are your options for converting OMI to cash.

Transfer OMI to an Exchange

The most straightforward way to cash out OMI is to transfer it from your VeVe wallet to a cryptocurrency exchange like BitForex, where it can be traded for other coins or fiat.

Here‘s how the process works:

Withdraw OMI from your VeVe wallet to your external crypto wallet address. There is no fee for this.
Send the OMI to your chosen exchange. Pay close attention to deposit addresses to avoid errors!
On the exchange, trade your OMI for USDT, ETH, BTC or fiat currency like USD or EUR.
Withdraw the funds to your connected bank account.

Pros:

No purchase fees for OMI withdrawals from VeVe.
Wide range of coin pairing options on exchanges.
Can cash out to fiat easily.

Cons:

Transfer times can be slow, especially to/from exchanges.
Exchanges charge trading and withdrawal fees.

Swap OMI for Other Tokens

Another option is to use a decentralized exchange like Uniswap to directly swap your OMI for a more mainstream token like ETH.

You can then cash that out on a centralized exchange or DeFi platform. This avoids having to sell OMI directly.

Just keep in mind gas fees can make this an expensive option at times.

Convert OMI to Gems

Here‘s a clever "inside VeVe" strategy for cashing out OMI:

Within the VeVe app, you can convert OMI into Gems at the current market rate. Then once the Gem cash out feature fully launches, you can withdraw those Gems to your bank.

Benefits of this approach:

Avoid exchange fees and transfer times
Lock in a USD value by converting to Gems

Downside:

Still need to wait for full Gem cash out rollout

So while not perfect, it gives OMI holders an interim option until Gem withdrawals open up.

Minimizing Fees When Cashing Out

Between transfer fees, gas fees, and VeVe‘s own cut, there are a lot of costs that eat into your bottom line when cashing out.

Here are a few tips to help minimize fees and keep more profit in your pocket:

Withdraw OMI instead of Gems – This avoids VeVe‘s 10% Gem conversion fee. Just watch out for network transfer fees.
Use exchanges with lower fees – Some charge zero withdrawal fees for certain coins/amounts. Do your research.
Trade OMI directly on Uniswap – Avoid exchange trading fees, but watch the gas prices.
Cash out during off-peak times – When traffic is lower, gas fees tend to be much cheaper.
Exchange Gems judiciously – Converting Gems to OMI makes sense but do it sparingly to avoid fees.

What Does the Future Hold for VeVe Cash Outs?

VeVe is still in the early stages of rolling out full cash out capabilities to users. Over the next 1-2 years, we can expect improvements in three key areas:

1. Faster withdrawal times – Right now testing shows ~7-14 days for cash outs. As they scale up, this should drop to 3-5 days.

2. Lower fees – A 10% conversion fee won‘t be sustainable long term. I expect this to fall to 2-5% based on competitors.

3. More withdrawal options – Bank account transfers will be just the beginning. Crypto wallets and more tokens should get integrated.

So while the cash out process is a bit clunky now in the beta phase, the future looks bright on VeVe. As the app‘s user base and sales volumes grow, the demand for fast, seamless withdrawals will only increase too.

The bottom line is VeVe needs to remove cash out friction to reach its full potential. And I think we‘ll get there within the next two years. Exciting times ahead!

Conclusion

I hope this guide gave you a comprehensive overview of how to cash out both Gems and OMI from VeVe in 2022. Here are some key takeaways:

Direct Gems to fiat conversion is in limited beta, roll out will take 1-2 years
Transferring OMI to an exchange is currently the best cash out method
Aim to minimize fees by choosing optimal exchanges and transfer times
Be patient and don‘t overtrade tokens trying to cash out faster
Future improvements should bring faster, cheaper withdrawals to VeVe

Cashing out your portfolio is an important part of any NFT trading strategy. And it should only get easier with time on VeVe.

If you have any other questions, feel free to reach out! I‘m always happy to chat more about maximizing profits from the VeVe marketplace and NFTs in general.