Veve, a two-year old gaming company in the blockchain space was sued by its former VP of marketing. Veve claims it has consistently paid out to its holders every month since launch and is looking for legal counsel to help resolve this issue as soon as possible.
The “veve nft” is a new type of cryptocurrency that is created with the use of NFTs. The coin is currently trading at $0.0065 per token and has a current market cap of $39,924,000.
Payout details, including the KYC procedure, fees, and more…
Many collectors have acquired incredible collections since VeVe’s beginnings, and others have been fortunate enough to sell their items on VeVe’s secondary market for more than they spent. Collectors will be able to change their Gems into a variety of fiat currencies and withdraw straight to their bank accounts as we begin to provide access to our beta Payout function.
What is the purpose of the Payout Feature?
The Payout method lets you to withdraw your Gems from your VeVe wallet and deposit them as currency into your bank account (e.g. USD). Before you can utilize this function, you must first complete KYC (Know Your Customer) and be authorized before making any withdrawals.
Our MTL partner, BlueSnap, securely stores the information you provide for KYC clearance. BlueSnap is a worldwide payment gateway and merchant account provider that serves over 200 areas and 47 countries with financial services and payments.
The Payout function is now in beta, with a small number of users testing the system, and we will invite further groups of customers to join the program on a weekly basis.
Only beta versions of the KYC procedure and payout request are shown here.
1. Open the VeVe online wallet and log in.
Only the VeVe online wallet, which can be located at https://omi.veve.me/, has the VeVe Payout option.
Simply use the same email address and password that you used to get into your VeVe app to log in. To finish the sign-in procedure, you will get a 2FA email, following which you will view your Gem and OMI wallets and balances.
The ‘Payout’ button is located underneath your wallet balances. Most Collectors will initially be unable to reach this button since it will be grayed out, so please be patient if you are unable to do so.
To secure your possessions, always choose a STRONG password. If you haven’t changed or updated your password in a while, now is a good time to do so.
2. Complete the Know Your Customer (KYC) process
In order to conduct a financial transaction, KYC or ‘Know-Your-Customer’ requirements demand you to produce identifying papers. Processing a payout transaction on VeVe is no different, and you’ll have to go through it before you can cash out.
VeVe KYC is a reasonably simple procedure to complete. You’ll have to fill out some personal information. You’ll also need to give some basic information (the ID number) for ONE government-issued piece of identification:
- Social security number on ID card (US only)
- Licence to drive
When you’re ready, click ‘begin KYC procedure’ to start filling out your details.
You just need to input the number linked with your preferred form of identification at this stage. If you are a US citizen, you will be asked for your social security number’s last four digits.
BlueSnap will then contact you through your specified email address to request the genuine ID document. This email will provide a link to a secure gateway where you may submit your identification verification.
Please do not include a country code when entering your phone number.
3. Select a payment method.
After you’ve entered your personal information and ID number, you’ll be brought to the Payout Method page.
Here you’ll input your base currency and the bank account where you’d want your Payout to be sent. You may choose from AUD, CAD, EUR, GBP, HKD, JPY, NZD, and USD at the time of writing.
Can I Still Use The Payout If I Don’t Use These Currencies? You may still utilize the Payout option if your home currency is not one of the currencies mentioned; however, we suggest contacting your bank to confirm they can complete the currency conversion for you and deposit your local currency into your account as usual.
The majority of the time, choosing USD will be the best choice for you since it is accepted by most banks and nations. Please call your banking institution once again to check that you will get your Payout and to learn about any costs that they may levy for this service.
Your KYC application will be marked as pending after you have provided your personal and financial information. Our MTL supplier will then send you an email seeking your proof of identification papers as well as verification that you own the bank account for which you have submitted information.
To ensure the security of your data, this email will include a link to a secure upload facility. Please double-check that any links you click originate from BlueSnap and that you are routed to a safe site.
What if I need to update my banking information? You may alter your banking information at any moment after your KYC application has been accepted by pressing the ‘Edit Payout Method’ button.
The procedure is the same as when you first set up your account, and our MTL provider will contact you for proof/verification of the updated banking information.
How long does it take to get KYC approval? Following the submission of your information, our MTL provider will contact you within 5 business days to request your papers for verification. They will either accept or refuse your KYC application based on the information you give. In the meanwhile, the ‘pending’ screen will appear below.
Once authorized, the pending status will change to ‘approved,’ and you may press ‘continue’ to get to the Payout request page.
4. Make a payment request
You may request a Payout after your KYC application has been granted. To do so, just press the ‘Payout’ button on the online wallet home page again, and you’ll see the Payout home screen below.
You may use this page to request a new payment, change your payout method, and examine your previous withdrawals. To get started, hit the ‘Request Payout’ button assuming your payout information is up to current.
Then, up to a maximum of 50k Gems, enter the quantity of Gems you’d want to withdraw. This page will also show you the transaction costs (10 percent) and the total amount of Gems you will get.
To continue, tap ‘next,’ and you’ll be sent to a final confirmation page. If you’re satisfied with the information, click ‘accept and submit’ to proceed with your Payout.
Note that payout requests will be completed within 5 business days, however it may take up to 15 days for funds to reach in your account after that. When your withdrawal has been completed, you will see the words ‘complete’ or ‘pending.’
Fees and Timeframes for Withdrawals
When processing a Payout, there are a few numbers to keep in mind. When you make a Payout request, you will be provided these data as well.
- To initiate a Payout transaction, you must have a minimum balance of 1000 Gems.
- The minimum withdrawal is 50 Gems.
- Any Payout transaction will be charged a ten percent fee.
- For the time being, the maximum withdrawal amount is 50,000 Gems each 7-day period.
- Withdrawals will take 7–14 days to process and appear in your account on average. The pace at which this happens is mostly determined by your bank and the conventional financial system (WIRE/SWIFT). As a result, from the moment your Payout is accepted, you can expect it to take up to 15 business days to be credited to your account.
Your bank will almost certainly charge an incoming wire transfer fee, as is customary for international/SWIFT network transactions. This is usually roughly $35 USD, and you may be charged a currency conversion fee if this is the case.
Please check with your designated bank ahead of time to see what costs you might anticipate. To be clear, your financial institution, not VeVe, determines and charges this amount.
Countries with Restrictions
Some nations are subject to limitations as a result of international legislation and penalties. These are similar to the ones imposed by traditional banking organizations (and in most cases, crypto exchanges). Here is a complete list of the currencies and countries that BlueSnap supports.
Why am I unable to get access?
Payout is a brand-new integration that is still in beta. To begin, the Payout will be pushed out to limited groups to guarantee proper testing. When our testing conditions are fulfilled, we will gradually offer access to bigger batches of collectors, and finally all users. Please follow us on social media for additional information!
Is it possible to make a payment in any currency?
The following major currencies are supported by the Payout: AUD, CAD, EUR, GBP, HKD, JPY, NZD, and USD.
You may still utilize the Payout if you don’t use one of these currencies; however, you should verify with your bank/financial institution ahead of time to confirm that they can complete the conversion to your local currency.
Changing Bank Account Information
By pressing the ‘Edit Payout Method’ option, you may alter or update your financial information at any moment. Each time you modify your information, you will be required to present verification documentation verifying ownership of the account.
Is it possible to request several withdrawals at once?
Yes, as long as the total amount spent in 7 days does not surpass 50,000 Gems.
Problems with KYC
BlueSnap support should be contacted if there are any challenges with providing ID verification or KYC permissions. VeVe neither holds, stores, nor has access to the information you provide, nor are we the ultimate arbiters of these judgments.
Comparison of Fees
An overseas Payout function comes with a number of company-incurred charges, and the 10% fee levied is in accordance with these prices and comparable platforms. eBay, for example, levies a minimum fee of 12.55 percent on transactions up to $7500 in value, plus an extra 2.35 percent on sales over $7500.
Similarly, companies like Etsy charge a 20 cent listing fee and a 5% transaction fee for each item sold. You will be charged an extra 15% on the value of the products sold if your listing is discovered and bought as a consequence of their 3rd party marketing (known as an offsite ad cost).
Frequently Asked Questions
Can I take my money out of VeVe?
A: Yes, you can do that.
Can you transfer VeVe NFT?
A: No, VeVe NFT is a companion app for VeeV. The only way to transfer the in-game currency from your device to another account would be by purchasing it on an alternate storefront such as Steam or via PlayStation Network.
Does VeVe charge tax?
A: The answer to this question is a little complicated. There are two parts that need to be answered in order for you to understand it fully, and they are as follows;
1) What do I mean by tax?, 2) How does that impact our business model?
This would not only make the process of answering your questions more involved, but also take up some time on my end. Please bear with me while I explain it all.
First off, let us define what we mean by tax when referring to any companys products or services (eCommerce), namely: an indirect charge levied upon individuals who consume goods and sometimes pay salaries based on their productivity at work rather than fixed wages. In short, taxes exist because governments have decided there should be a certain level of income which citizens must provide before being able to enjoy public benefits like schools and roads etc., so taxation helps fund these expenses since people cant voluntarily contribute enough money themselves via personal earnings from employment alone. This means if someone buys something online from VeVe then the government has taxed them indirectly through various means such as excise duties or VAT (value added tax). That said, there isnt anything specific about the sale of our product per se- As long as somebody buys something using currency provided by a bank/government entity then were going step into trouble territory – We dont collect any kind of direct fee for buying items off VeVe either! Our customers buy whatever item they want whenever they want using store credit cards or cash payments made over Paypal without having been charged directly by our platform itself! So nobody pays anywhere near full price once again thanks natural market forces where supply meets demand best at equilibrium pricing levels within one country after another due justifiable costs related labour and materials needed for production processes aside from overall marketing cost incurred in brand advertising purposes including targeted advertisement campaigns undertaken on social media platforms like Facebook & YouTube – These costs vary depending on how much exposure each company receives relative to other companies competing within its market niche too making comparisons difficult across different countries given varying degrees in quality standards set out between nations. Therefore unless you live under communist rule where everybody gets paid exactly same amount regardless whether you work harder hours than others doing similar jobs–you will still have taxes applied even though typically this doesnt happen here outside America 🙂