The social avatar platform IMVU is launching its digital currency, VCoin, which will allow users to buy, give, store, earn and convert profits into real money.
The launch comes after the November ruling of the US Securities and Exchange Commission, which approved the IMVU’s plan to secure payments in the virtual world through a blockchain-based cryptocurrency dubbed VCoin.
The Redwood City, California-based company wants VCoin to support the virtual economy in the metaverse, a universe of virtual worlds that are all interconnected, as in novels like Snow Crash and Ready Player One.
VCoin, built on the widespread Ethereum blockchain, is an ERC-20 token that can be exchanged both on the IMVU platform and, for the first time, off the platform.
VCoin integrates seamlessly with IMVU, providing secure global peer-to-peer transactions at the click of a button. IMVU has 7 million monthly active users exchanging 14 billion credits per month and making 27.5 million monthly unique transactions. More than 50 million products are available on the market today, and the catalog is growing by 400,000 items per month. With the help of VCoin, users are now able to spend on services and goods on the website.
Having something like VCoin is important because the metaverse doesn’t have to be a single world run by one company. Most likely, it will be a set of virtual worlds interconnected in such a way that the journey between the worlds is simple and smooth. If you purchase an item in the online community from a firm or from some other person, you wish to have the ability to rely on this business deal plus transfer the item to some other world.