MetaJuice hits a million Web3 wallets and sells out digital collectibles in IMVU

MetaJuice, a division of IMVU owner Together Labs, said that its partners have deployed more than a million Web3 wallets for digital collectibles in the past two years.

MetaJuice aims to unlock blockchain-driven markets that allow everyone to create, earn, own and shape the future of the metaverse, the universe of virtual worlds that are all interconnected, like in novels such as Snow Crash and Ready Player One. 

John Burris, president of MetaJuice and chief strategy officer of Together Labs, said in an interview with GamesBeat that MetaJuice’s trends for selling digital collectibles with non-fungible tokens (NFTs) has grown fast in the past year, outpacing the weak U.S. retail market for physical goods.

“We’re really sharing the continued success of our move of from a Web2 platform to a Web3 platform,” said Burris. “Regardless of the state of the traditional gaming market, or the Web3 market, we’re just continuing to move forward on our business plan.”

That means more than a million users have purchased, held, earned, or are currently holding VCoin on the MetaJuice platform, he said.

“So far, we’re getting good results,” Burris said.

The popularity of these NFT-based digital collectible goods has propelled the number of Web 3 wallets on IMVU past a million in less than two years. Millennials and Gen Z (18-35-year-olds) are driving this trend, with virtual fashion, beauty and streetwear items priced at between $3 to $100 selling out in the tens of thousands in an average of 7.5 minutes per release.

“It’s really the loyal creators, and the real loyal users and the global user base who are the ones that are really engaging here early on,” Burris said.

Metajuice launched the platform last fall. In the first month, MetaJuice reached the top 10 in global NFT collectible transactions on DappRadar, which tracks all blockchain transactions. About 20% to 30% of the NFTs are resold. IMVU has about four million monthly active users.

“We want to make NFTs affordable to the masses and have true utility so owners can use, wear, trade, and gain social currency to improve their daily digital lives,” said Burris. “Sales of digital goods in games and metaverses have grown steadily and NFTs will further propel their popularity through scarcity, uniqueness, and proof of ownership.”

The MetaJuice team initially launched VCoin, a globally transferable digital currency, and announced VCore, an ERC-20 token designed to enable users to participate in shaping the future of the metaverse. VCore is available outside the U.S.

With JP Morgan analysts estimating $54 billion spent annually on virtual goods, and McKinsey & Company predicting the metaverse could generate up to $5 trillion in value by 2030. The 10 fastest-selling goods on IMVU are:

1. Pop Neon Hair
2. Idol Fade Hair
3. Streetwear Blue Sneakers
4. Streetwear Pink Hoodie
5. Streetwear Dreadlocks
6. Idol Undercut Hair
7. Pop Bob Hair
8. Idol Slicked Hair
9. Glam Dress Shoe
10. Streetwear Skater Hair

Based on previous survey, a large number of users have engaged with crypto for the first time on IMVU in the form of purchasing VCoin or NFTs, with 25% of NFT buyers engaging with the blockchain for the first time.

IMVU users recognize the value of NFTs and are willing to pay an order of magnitude more than the average non-NFT product due to their additional on-platform benefits and qualities, Burris said.

“We are bringing non-crypto users into crypto without them realizing it,” Burris said. “Users care less that they are NFTs and more that they are unique, ownable, resellable and provide social currency. They are creating wallets, using VCOIN, and buying and selling NFTs. This trend will greatly increase our revenue from catalog sales.”

Although many users enjoy using the NFTs with their avatar on IMVU, many items are being collected and re-sold by buyers on the IMVU marketplace. The hottest item collections on the secondary market (based on the total percent of collections sold) are:

1. Idol Hair
2. Blue Streetwear
3. Pink Streetwear
4. Pop Hair
5. Grunge (Male)
6. Grunge (Female)
7. Y2K (Male)
8. Glam Dress
9. Glam Suit
10. Y2K (Female)

“Do you want to feel special? Check out the NFT shop. there is always something to wear that makes you feel special and unique,” said user a1i5, in a statement.

“They say you can’t buy happiness but you can buy shoes. Me: I buy #IMVUNFT shoes,” said user Mike Moon, in a statement.

“My experience with NFT Exclusives has been great! My name stands out in gold and I have made new friends because of NFT Exclusives!,” said user karina64257, in a statement.

For 2023, Burris said MetaJuice is working on some new partnerships, but he said the company isn’t ready to announce them yet. He believes celebrities, musicians and marquee brands will engage in Web3 and metaverse experiences during the year. As for game companies, some appear to be moving slower. South Korean companies are moving faster.