NFT Marketplace Veve Collectibles Revenue Down 84% in 2022
This is a single insight from This Week in Apps #137 - Mixed Signals. Check out the full article for more insights.
Reddit's foray into NFTs within a mobile app is exciting, but they're not the biggest or the highest-earning app to do that. Those two awards go to Veve Collectibles.
Veve was showing massive growth last year, as many companies started surfing the NFT wave.
In November of 2021, Veve earned $29M in net revenue, according to our revenue estimates. That peak was a result of a partnership Veve had with Disney that brought Simpsons and Marvel characters to the marketplace.
Revenue ebbed and flowed after based on the collections offered, and for a hot moment there looked very hot.
So far in 2022, which started with $20M of net revenue, things are no longer looking hot. In fact, they're pretty frozen. In September, net revenue from the App Store and Google Play was just $3M. And no, I didn't forget a zero.
That's a drop of 84%.
The economy isn't making throwing money on digital goods as easy as it did in 2021. Couple that with the decline in crypto and this drop isn't that big of a surprise.
Apple recently changed the rules of the App Store for NFTs, requiring them to go through in-app purchases and pay Apple a fee. Many are up at arms about this, but I think they're wrong.
Apple allowing NFTs through their billing system will add a layer of legitimacy many NFT marketplaces lack. Not because they're all shady, some are not, but because NFTs are misunderstood by the mainstream and most NFT marketplaces use so much jargon it's easier to not think about it.
Being available as in-app purchases means buying an NFT is now as easy as paying for Twitter Blue. Okay, maybe that's not the best example, but you get where I'm going with this. That will be worth the high tax in the short and long term, in my opinion.
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All figures included in this report are estimated. Unless specified otherwise, estimated revenue is always net, meaning it's the amount the developer earned after Apple and Google took their fee.