The Impact of Master Collector Points on VeVe Digital Collectibles

Apr 10, 2024By Comics & Crypto
Comics & Crypto

In this blog, we'll be giving our take on the benefits of the VeVe Master Collector Program (MCP) and speculating on what future utilities could still be coming for MCP Points. VeVe users finally have the ability to spend their MCP Points, which has added a new layer of excitement and engagement to the market and community that we haven’t seen in quite a while. This new dynamic is changing the game for collectors on the VeVe app, and we’re excited to dive into what it means for the future of digital collecting!

Earning and Using MCP Points

We won’t do an exhaustive explanation on how the MCP program works here (you can go to VeVe’s blog to learn more), but we’ll go over the basics to set the stage: 

MCP Points are reward points within the VeVe ecosystem that users can earn for their loyalty and participation within the app. So, how do you earn MCP Points? These points can be earned by purchasing digital collectibles, holding digital collectibles over time, interacting socially within the app, and even staking OMI tokens (the cryptocurrency released by VeVe’s parent company, Ecomi). 

By holding collectibles on the VeVe app, collectors can earn points on a daily basis. The number of points earned depends on the rarity and edition number of each collectible. For example, a Secret Rare collectible will earn you more points than a Common collectible. You can also earn extra points by completing full sets and owning collectibles with low edition numbers (sub-5%). The system is built to truly reward all the collectors who have spent significant time and money building their collections on the VeVe app. 

The amount of MCP Points you earn also contributes to your MCP Level and Rank. Your Level continually goes up as you build your collection and your total number of points increases. Your Rank, however, is dynamic and changes based on the number daily points accrued by your collection. There are 22 Ranks ranging from Starter to Master Collector, and only the top 3% of daily MCP Point earners can achieve the rank of Master Collector. You can be bumped down to a different Rank at any time based on where your daily earnings fall in comparison to other collectors. Currently they don’t have much of an impact, but in the future, collectors with higher MCP Levels and Ranks will have access to exclusive features and benefits. 

Furthermore, the introduction of OMI-to-MCP rewards has added new ways to earn points and another layer of utility for the OMI token. Collectors who hold OMI tokens on the platform will receive daily points corresponding to the proportion of OMI they own relative to the total reward pool. OMI tokens held on the platform will now also allow collectors to earn Bronze Tickets, which can then be used to claim additional MCP Points. This "double-dipping" mechanism allows collectors to maximize their MCP point earnings, as they can accumulate points both from holding OMI tokens and by redeeming the bronze tickets.

Earning MCP Points is only half the fun. The real excitement begins when we can finally start spending the points we’ve been accumulating for the last couple of years. With MCP Points, collectors have the opportunity to participate in priority bidding for drops, which allows collectors to wager MCP Points, giving the top bidders a guaranteed opportunity to purchase a collectible at retail price. Typically about 40% of editions for all drops are allocated towards priority bidding, ensuring that dedicated collectors have a tangible advantage in obtaining the items they desire.

VeVe has also teased that we’ll be able to purchase exclusive Accessories for our collectibles using points in the future, but for now, Priority Bidding is the only active utility for MCP Points and we can only speculate on what else could come. 

The Impact of MCP Points

With the introduction of MCP points, we’ve seen demand for collectibles on the VeVe app rise. Collectors are now more motivated than ever to expand their collections, knowing that their efforts will translate into tangible rewards. We’re even seeing collectors analyzing the "dollar per point" values associated with different assets before making a purchase so they can maximize their chances of securing Priority Bidding allocations. The competitive aspect introduced by MCP around Ranks and Levels further fuels this desire, creating a more vibrant and dynamic digital collectibles market.

This new demand for comics and collectibles has resulted in a clear surge in their value over the last few months, and we expect this trend to continue as more utility is added to MCP. The interesting thing is that it hasn’t just been the higher end assets that have seen price increases; we’ve seen growth across the board, even for low-popularity modern comics that hold little to no value in the physical world. People normally would not be very interested in these books, but due to the point-earning potential that these assets bring to collectors, there is a higher demand..

MCP Points have also fostered a sense of community among collectors. As collectors compete and interact, they share strategies and achievements, building strong connections. This comradery enhances the collecting experience, making it more than just a hobby but a shared passion. The impact of MCP points extends beyond individual collections, influencing the overall culture and dynamics of the digital collecting world.

The Future of MCP Points

While there is currently limited utility for MCP points, we’re extremely excited for what else could be on the way! One feature highly anticipated by collectors is the possibility of MCP Point-exclusive drops, where points can be used as the sole currency for acquiring digital collectibles. Not only will this give collectors more opportunities to use their points, but we anticipate it will greatly reduce the circulating supply of MCP Points if there are significant collectibles offered in this format.

Additionally, the VeVe team could explore the possibility of allowing collectors to redeem their MCP points for physical merchandise or exclusive IRL experiences. This could include limited-edition physical collectibles, VIP access to events, or even meet-and-greets with the artists and creators behind VeVe digital assets. By bridging the gap between the digital and physical realms, the VeVe platform can further solidify its position as a premier destination for both digital and physical collectors.

Another exciting prospect is the integration of MCP points into the VeVeVerse, the platform's metaverse which will hopefully be available to users in the near future. Here, collectors could potentially use their MCP points for a variety of in-app purchases, such as virtual real estate, accessories, or even access to virtual experiences. We predict that the ability to rent collectibles from other users will also be a big component of the VeVeVerse, so we could see MCP points being tied into a rental system. This would not only expand the utility of MCP points but also create a more immersive and engaging collecting experience for users.

If you’ve been on VeVe for a while, you may remember the days when comic and collectible transfers between collectors were still allowed. VeVe is flirting with the idea of bringing transfers back, but they need to ensure people won’t take advantage of the system and use it to skirt paying royalties. The way VeVe is thinking about tackling this is by only allowing collectors with a high enough MCP Rank or Level to gain access. We’re extremely excited for this feature to potentially go live so that we can start doing giveaways for VeVe collectibles again!

VeVe recently announced a partnership with CGC Comics for VeVe-exclusive CGC Labels. Through this collaboration, collectors will be able to have their VeVe physical comics (like The Addiction #1 or Superior Spider-Man Returns #1) graded with a VeVe x CGC label. Hopefully in the future, we’ll also be able to get graded physicals of some of the Ultra Rare VeVe-exclusive Marvel comic covers. It would be incredible to see MCP Points used towards redeeming or grading these books or other VeVe physical collectibles. 

MCP wouldn’t exist without the collectors on the VeVe app, so VeVe takes community feedback around utility and features very seriously. The future of MCP will be heavily impacted by the community, who will continue to play a crucial role in guiding the platform's evolution. Presented here are obviously just our opinions about some of the features that could come to MCP, but we encourage everyone with ideas to share with the VeVe team!

The future of MCP looks bright. As the VeVe app continues to grow and evolve, we can expect to see even more ways to earn and use MCP Points. And it's not just about the points themselves. The introduction of MCP Points has sparked a sense of community and excitement among collectors. People are coming together to discuss strategies, share ideas, and speculate on the future of the market. It's breeding a vibrant and passionate community that is shaping the future of digital collecting on the VeVe app and beyond. So, whether you're a seasoned collector or just starting out, dive into the world of MCP and see where it takes you!