I’ve been considering selling my Partner’s Statue for a few weeks now, the main reason being I want to increase my OMI stash before more exchange listings are announced, which could pump the price of the token.
I tried finding a buyer off-app for weeks, posting on Twitter, Facebook and Telegram, and also reaching out to a few well known escrows and YouTubers.
But it was a difficult process and people wanted a steep discount, given that gems are being sold off-app currently for 0.55 or even less. Add in escrow fees and I would be looking at half the value of the current in-app floor price.
I think the Partners Statue is a grail piece, and it could easily reach 100,000 gems or more by the end of the year, but I decided to sell anyway, here’s my line of thinking:
1) Profit Taking
I won my Partners Statue on the drop for 333 gems. At the time it was my biggest purchase in the app. After the 8.5% Disney tax, I earned 40,260 gems on the sale, which is more than 100X return in 3 months.
I’ve also invested around $25,000 of real money into the app. So I have now recouped my initial investment and then some, which gives me a huge peace of mind.
2) Market Moves
The marketplace is in a bit of a down swing at the moment and prices have come down across the board since January highs (with the exception of the Golden Moments). VeVe has also hinted that there will be something “spicy” coming in February in their last AMA, and a big announcement could cause an even bigger gem squeeze.
All this mean there are a lot of buying opportunities and potential gains that could exceed the gains of just holding onto the Walt statue.
I also have a big gem stash now to make moves for the next big drop, which will provide good opportunities for flipping. I was able to make close to 4,000 gems flipping during the lenticular card drop, starting with a stash of 7,000 gems, and I can make biggers plays now that I have even more gems.
I will also have more liquidity owning ten items worth 40K than having it in a single collectible. It took me weeks to sell Walt at 40K, and I can’t imagine how hard it will be to find buyers once it reaches 100K and beyond.
I could have hodled my Walt and waited for the price to go up. Or I could have invested it in OMI and waited for the price to go up. But now that I have gems, I can take a more active and fun role in investing by buying and selling collectibles in the app.
At the end of the day, there are many ways to win at this game. The growth of VeVe has been absolutely explosive, with now nearly 2 million active users in the app, $62 million in gems purchased in January alone, and VeVe still sitting on hundreds of new licensors and thousands of potential FAs to be released from brands such as Disney, Marvel and Star Wars.
Long term, Walt will do well, OMI will do well, and collectibles will do well. We are still early, and it’s difficult to lose at this point unless you pull a complete poolside.
My plan at this point is to set 25K gems aside to recoup my initial investment and spend the remaining 20K to make moves in the market. And whenever MTL rolls out I can take a portion of my gems out and invest it in OMI.
For now I have a massive gem stash and 100+ collectibles still worth over 70K. It will be fun to see whether I can beat the coming gains in Walt and OMI by actively trading in the app!