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. Register today.
MetaJuice said today that its VCoin transferable digital currency designed for the metaverse has 750,000 wallets on the IMVU social platform.
Last year, VCoin launched into IMVU’s economy enabling the more than a million daily active users to buy, gift, earn and convert VCoin to cash to use in the real world. MetaJuice is the blockchain subsidiary of Together Labs, the parent company of the 3D social metaverse IMVU.
These 750,000 wallets come just twelve months after VCoin’s release on all IMVU platforms. VCoin was ready-made for adoption built directly into IMVU, with no complicated wallets. VCoin can be purchased in the IMVU app with a credit card.
The Redwood City, California-based company wants VCoin to power the virtual economy in the metaverse, the universe of virtual worlds that are all interconnected, like in novels such as Snow Crash and Ready Player One.
VCoin has opened the peer-to-peer service economy on IMVU. Now DJs, personal shoppers, night club hosts, and others can earn VCoin for their services and convert that VCoin to cash. Some of the most popular services and earners of VCoin are digital artists, virtual fashion models, custom clothing/room creators and more.
To help users match to service providers, MetaJuice and IMVU launched the “Gigs Marketplace” that enables producers of services to post and users to quickly find the talent they need. This is an easy way for the IMVU community to transact with VCoin.
VCoin can be purchased on IMVU, gifted, withdrawn from the platform and used to purchase select upgrades on the IMVU platform such as VIP subscriptions, access passes and more. After VCoin is withdrawn from the platform, it is like cash, with all the benefits of being digital. VCoin is able to be converted to cash off the platform, and can be used on the platform to purchase digital art, clothing, and services. VCoin will also be the exclusive method to purchase NFTs with the upcoming NFT launch on the IMVU platform.
“We have always said that the high-velocity, comprehensive economy of IMVU was ripe for a digital currency to really maximize the full value of this metaverse, and achieving this milestone proves that,” said John Burris, president of MetaJuice, in a statement. “VCoin gives users the ability to buy, gift, hold, earn and convert earnings to real money, and our soon-to-launch VCORE token will give international users the ability to shape and share in the success of IMVU and other platforms. This is a powerful one-two combination that no other metaverse is offering.”
VCoin is the first of two tokens to be introduced to the IMVU metaverse, with sister token VCore launching soon worldwide (to users outside the U.S. and Canada).
VCore is intended to reward users for their engagement and give users a valued voice in the success of the metaverse economy. VCore holders, over time, will be able to play, stake, earn and share their voice, empowering millions to help shape the future of the metaverse. U.S. law doesn’t allow this kind of coin without a gambling license.
VCoin is an ERC-20 token governed by a simple smart contract audited by trusted third parties, and is a fungible digital currency designed for virtual economies and ecosystems both on and off the IMVU platform. 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.
“VCoin has unleashed the service side of the metaverse economy and giving these service providers a path to earn real money is something we – and they – value,” said Nancy Beaton, senior vice president of MetaJuice, in a statement. “The wallet milestone is just one early indicator of how ready users and creators in virtual worlds are to play, create, hold, earn and shape the future of where they spend their time.”
IMVU was founded in 2004 and last raised money in 2021 as it became a division under its new parent company, Together Labs. The company has raised a total of $77 million.
There are differences between VCore and VCoin. VCore’s price floats based on the market, and it is not used in the U.S. or Canada. This exchange-listed token can appreciate in value or depreciate. If you hold the token, you could vote on projects. It can be used for minting and purchasing land and other NFTs on the platform. In the U.S., VCore would be considered more like a security, subject to securities laws where accredited investors would be able to buy or sell it. So that’s why it isn’t available in the U.S.
But VCoin is a “stable coin,” which can be used domestically. You can use VCoin in Together Labs’ properties like the IMVU social rooms network or convert it to U.S. dollars at fixed price. You can earn VCoin in IMVU by selling digital goods, like fashion items for virtual characters. You can then you a debit card to cash out VCoin or buy a coffee or pay your rent. VCoin can be used across multiple worlds, and convert it into other currencies. But Together Labs takes precautions against money laundering by requiring some financial detail from its customers.
GamesBeat's creed when covering the game industry is "where passion meets business." What does this mean? We want to tell you how the news matters to you -- not just as a decision-maker at a game studio, but also as a fan of games. Whether you read our articles, listen to our podcasts, or watch our videos, GamesBeat will help you learn about the industry and enjoy engaging with it. Discover our Briefings.