I wear C3 in MAC Face & Body, which is around an NC30 with some light olive neutral undertones. My overall colouring is high-contrast (I have black hair and dark eyes).
Velvet Teddy is no doubt one of MAC's most famous (if not THE most famous) lipsticks. It comes in their traditional Matte formula (imo still one of the best ones in the market), which goes on smooth and creamy with virtually no tugging. There is a *hint* of a shine to it, but otherwise true to its formula name it is just matte.
Velvet Teddy is tricky to describe. It's really a chameleon - I would say the shade is kind of a neutral beigey-brown. Because it doesn't lean particularly warm or cool, this makes it an easy lipstick to manipulate or use as a layering lipstick. My favourite way to wear it is paired with MAC's Spice lip liner. Personally for my skintone, by itself I'm not a fan - it borders on concealer-lips for me and is a little too nude. I need to line my lips with something darker so that it doesn't wash me out and just disappear into my face.
I enjoy Velvet Teddy for when I'm going for a nude lip. But there are other MAC lipsticks imo which look more flattering on my skintone, and don't need extra effort to make it look good - so I probably wouldn't repurchase this. If you're around my skintone or darker, I'd suggest trying MAC's Taupe or Persistence, or Toast and Butter in their Liptensity range. These shades are to us medium-skinned ladies what Velvet Teddy is to lighter-skinned women.
Also if you already own the MAC lipstick in Hug Me from their Lustre range, I would skip out on Velvet Teddy as they are very similar in colour, just that Hug Me is a shiny, sheer finish.