Now, all VeVe users can do their KYC before requesting a payout. Users who haven't yet confirmed their accounts can follow the prompts on the VeVe app and the web beta portal, then finish the process using the procedures listed below.
Only verified users (KYC) will be able to use all VeVe functions, such as taking part in drops and shopping and selling in the Market, as of July 30, 2022, at 11:59 pm Pacific Time. You must complete your KYC on the VeVe site if you use iOS. Please see the KYC and Payout Guide for additional details.
For individuals involved in the VeVe NFT market, who have had the good fortune to flip NFTs for substantial profits, the news is gratifying. Collectors will now be able to exchange their Gems into a number of fiat currencies and withdraw money directly to their bank accounts as VeVe starts to release access to a beta payout tool.
VeVe has captivated consumers and fans of digital collectibles all around the world since its mid-2021 start with distinctive digital collectibles that draw from internationally renowned IPs. However, it also collected a sizable quantity of fiat money, which the app converts to Gems, which are the app's native currency and each of which is equal to one dollar. Before this, there was no mechanism for users to exchange Gems for fiat after using them to buy and sell NFTs on VeVe.
It's interesting to note that outside of VeVe, numerous Telegram groups are exchanging Gems for fiat at significantly lower prices than 1:1. To be safe and get a fair price in fiat for your Gems, we suggest you avoid these channels and abide by the rules.
How to Cash Out My VeVe NFT?
Users of VeVe can deposit fiat currency into their bank accounts using Payout to withdraw Gems from their VeVe wallet (eg, USD). Before using the feature, customers must complete KYC (Know Your Customer) and receive approval.
VeVe's MTL partner, BlueSnap, securely stores the data you submit for the KYC approval. Financial services and payments are available through the international payment gateway and merchant account provider BlueSnap in over 200 areas and 47 countries.
The Payout function is in beta testing. Only beta versions of the KYC procedure and payout request are shown below. Additionally, as VeVe users are encouraged to test out and use the off-ramp, this information will remain accurate.
You must first sign in to the VeVe web wallet. Only the VeVe web wallet, which can be accessed at official website, offers the VeVe Payout option.
Use the same email address and password you use to access your VeVe mobile app to log in. When completing the sign-in process, you will view your Gem and OMI wallets and balances. This will happen after you receive a 2FA email. The " Payout" button is located beneath the wallet balances.
To conduct a financial transaction, you must submit identification documents in accordance with KYC, or "Know-Your-Customer," laws. This procedure must be finished by users before any withdrawals can be made.
Your personal information must be entered, and doing so is a rather simple process. A preliminary description (the ID number) for ONE piece of government-issued identification is also required: Passport, driver's license, and ID card with social security number (only for Americans). When ready to start the KYC procedure, simply click the button.
You will be directed to the Payout Method screen once you have entered your information and ID number. To get your Payout, you must submit your base currency and bank account information. You have the option of receiving AUD, CAD, EUR, GBP, HKD , JPY, NZD, and USD as of this writing.
If your native currency is not one of those listed, you can still utilize the service. VeVe advises getting in touch with your bank, nevertheless, to confirm that they can convert the currencies for you and deposit your local currency into your account as usual.
You will see that your KYC application is pending once you have entered your personal and banking information. Our MTL provider will send you an email asking for identification documents and verification that you own the bank account information you provided. To protect the security of your information , a link to a secure upload facility will be included in this email.
By selecting the Edit Payout Method after your KYC application has been accepted, you can modify your banking information whenever you want. The procedure is the same as during initial setup, and the MTL provider will once more get in touch with you to confirm the updated banking information.
Additionally, as is customary for international/SWIFT network transactions, your bank will probably charge an inbound wire transfer fee. You can also be assessed a cost for currency exchange, which is normally around $35. It is obvious that your bank, not VeVe, determines and charges this amount.
