![]() And while this will work for IMVU, Tsui said any virtual world should be able to use it. One user can create a smart contract that limits how the texture can be used and how one user will have to pay another for it. One example is that it requires users to trust each other, particularly if someone is making textures for someone else’s project. But there’s another feature that we really like, which is the ability to write smart contracts into these into the Ethereum tokens.” “One of the reasons why we picked Ethereum is that it’s pretty much ubiquitous,” Tsui said. Users can send VCoin to anyone else on the platform, and earners will be able to convert it to real cash via Ethereum cryptocurrency wallets. ![]() With VCoin, paying will get easier, Tsui said. But that’s not easy with users in different countries. The market has more than 50 million products available today, with the catalog growing by 400,000 items a month.īefore VCoin, to get paid, users had to use third-party tools like PayPal or Venmo. The economy has 7 million monthly active users who exchange 14 billion Credits a month and engage in 27.5 million monthly unique transactions. Users can exchange IMVU’s proprietary Credits for digital goods, like a skin for their avatar, or for visiting virtual rooms, such as a dance club. Like other virtual worlds like Second Life, over the past 16 years IMVU has built a flourishing economy, with a marketplace driven by creators. That we think is a game-changer, which will really boost the growth of metaverses.” And most importantly, people can trust the currency that they’re using. It will transform that into something that is much more of an infrastructure, where the transparency is well understood. And this is how we believe digital currency will then move from this kind of a Wild Wild West type of environment where people are getting sued, or companies are getting sued, or people are losing their money. “It really is talking about a framework for the entire space. “This news to us is way more about just VCoin and IMVU,” Tsui said. Ethereum has become popular in part because of its unique features (such as the ability to create smart contracts or set specific rules for the use of the currency) as well as its broad-based support. Blockchain technology is the foundation of cryptocurrencies, which are digital forms of money that are being created by all sorts of companies. Blockchain is the transparent and secure digital ledger that allows objects to be uniquely identified and ownership of those objects to be clear. That’s what IMVU is doing with VCoin, a blockchain-based digital currency backed by a massive user base (Ethereum) and thriving economy, soon to be launched in the IMVU platform. MetaBeat will bring together metaverse thought leaders to give guidance on how metaverse technology will transform the way all industries communicate and do business on October 3-4 in San Francisco, CA. IMVU will launch its VCoin cryptocurrency soon for its own users. IMVU will be talking about this development at our GamesBeat Summit: Into the Metaverse event on January 27-28. ![]() The so-called “no-action letter” from the SEC lays the groundwork for other companies to do the same thing, and that’s one of foundations of the metaverse, the universe of virtual worlds that are all interconnected, like in novels such as Snow Crash and Ready Player One. With its ruling in November 2020, the SEC enabled IMVU to allow users to buy and sell goods with VCoin and also to cash out and convert it to Ethereum, a well-known cryptocurrency, or into U.S. Securities and Exchange Commission to enable payments in its virtual world through a blockchain-based cryptocurrency dubbed VCoin. But the company did something recently that could benefit the whole industry: It received approval from the U.S. ![]() IMVU has been a relatively quiet and unnoticed company in the online gaming and social media worlds. Interested in learning what's next for the gaming industry? Join gaming executives to discuss emerging parts of the industry this October at GamesBeat Summit Next.
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