IMVU the world’s largest avatar social platform today launched VCOIN, a transferable digital currency that allows users to buy, gift, hold, earn and convert earnings to real money for the real world. Setting the standard for digital currencies in the metaverse, VCOIN unlocks the full potential of IMVU’s virtual economy adding a robust services economy to its already thriving digital goods economy. Built on the widely-adopted Ethereum blockchain, VCOIN is an ERC-20 token that can be exchanged both on the IMVU platform, and, for the first time, off the platform.
Available now for the IMVU desktop, mobile web, and web platforms, VCOIN is seamlessly integrated into the IMVU experience, enabling secure, global peer-to-peer transactions at the click of a button. IMVU’s high-velocity economy currently sees more than 27 million transactions and 13 billion Credits changing hands each month. With the addition of VCOIN, users can now easily and instantly pay for goods and services on the platform — no complicated crypto wallets, or even bank accounts required — and then convert their earned VCOIN into cash at an established rate.
“While most virtual platforms allow users to earn in-game credits, those credits cannot be converted into anything that holds value outside of that platform or game,” said John Burris, Chief Strategy Officer, IMVU. “VCOIN is a game-changer enabling comprehensive and dynamic virtual economies where users can easily convert their earnings into fiat or transfer them off platform.”
“The service economy is a huge part of the IMVU experience,” explains Daren Tsui, CEO of IMVU. “For example, if two users want to host an event, they may hire a room decorator, a photographer, a stylist, and more, to make their event happen. Historically, payment for those services was happening off-platform which adds a layer of friction and vulnerability to the transaction. With VCOIN, users can instantly pay for those services on the platform, and then easily convert those earnings to cash around the globe.”
VCOIN will be sold at 250 VCOIN for $1.00 or $0.004 per VCOIN. Users can purchase, transact and earn VCOIN on IMVU and easily transfer VCOIN off the platform to an open digital wallet, send to any ERC-20 wallet or convert it to fiat at the original purchase price less a transaction fee. Although KYC is not required to purchase and use VCOIN on IMVU’s platform, KYC is required for users who want to transfer their VCOIN off the platform and convert it to fiat.
“This model of creating a transferable cryptocurrency is unlike any in the marketplace,” said Nancy Beaton, VP Strategy, IMVU. “Preserving the ability to play, connect and conduct peer-to-peer transactions on the platform combined with the transferable nature of the token off the platform provides users with the features, security and control they want over their in-game earnings.”
IMVU received no-action relief from the Staff of the U.S. Securities and Exchange Commission (SEC). With the no-action letter, IMVU can sell VCOIN as a transferable non-security.