What is a Gem?
Gems are the in-app currency used in the VeVe app, with one gem equal to one US dollar.
I don’t have any gems left after going on a shopping spree last night!
Gems are the in-app currency used to purchase collectibles within the VeVe app. Gems can be purchased in-app, and are worth the equivalent of one US dollar.
When VeVe was under development the original plan was to have OMI serve as the currency used within the app, but because the price of OMI can fluctuate wildly and because it was a difficult process to purchase, the concept of gems was introduced instead.
Currently there is no way to cash out gems from the VeVe. However, VeVe is currently beta testing a cash out feature and obtaining a money transmitter license, which once live will allow users to exchange their gems for their local currency.
VeVe is also working on a feature where users will be able to purchase collectibles for OMI via the upcoming OMI utility program.
Once VeVe fully migrates to IMX, it may also be possible to purchase VeVe collectibles on third party marketplaces for other crypto currencies such as ETH.