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MetaJuice announced today that its transferable digital currency VCoin, developed for the Metaverse, has 750,000 wallets on the IMVU social platform.
Last year, VCoin launched into the IMVU economy, enabling VCoin’s more than one million daily active users to buy, gift, earn and convert it into cash to use in the real world. MetaJuice is the blockchain subsidiary of Together Labs, parent company of the 3D social metavers IMVU.
These 750,000 wallets come just 12 months after VCoin was released across all IMVU platforms. VCoin has been integrated directly into IMVU without complicated wallets. VCoin can be purchased with a credit card in the IMVU app.
Based in Redwood City, California, the company wants VCoin to power the virtual economy in the Metaverse, the universe of virtual worlds that are all interconnected, as featured in novels such as snow crash and Ready player one.
VCoin has launched the peer-to-peer service economy on IMVU. Now DJs, personal shoppers, nightclub hosts and others can earn VCoin for their services and convert those VCoin into cash. Some of the most popular services and earners of VCoin are digital artists, virtual models, custom clothing/interior designers, and more.
To help users match with service providers, MetaJuice and IMVU created the “Gigs Marketplace,” which allows service providers to post and allows 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VCoin can be purchased on IMVU, gifted, withdrawn from the platform and used to purchase select upgrades on the IMVU platform such as VIP subscriptions, access passes and more. After VCoin was withdrawn from the platform, it’s like cash with all the benefits of being digital. VCoin can be converted into cash on the platform and can be used to purchase digital art, clothing and services on the platform. VCoin will also be the exclusive method of buying NFTs with the upcoming NFT launch on the IMVU platform.
“We’ve always said that IMVU’s rapid, inclusive economy is ripe for a digital currency to truly maximize the full value of this metaverse, and reaching this milestone proves that,” said John Burris, President of MetaJuice, in one Explanation . “VCoin gives users the ability to buy, gift, hold, earn and convert revenue into real money, and our upcoming VCORE token will give international users the ability to share in the success of IMVU and other platforms create and participate. This is a powerful double combo that no other metaverse offers.”
VCoin is the first of two tokens to be launched into the IMVU metaverse, with sister token VCore soon to be launched globally (for users outside of the US and Canada).
VCore is designed to reward users for their engagement and give users a valued vote for the success of the Metaverse economy. VCore holders will be able to play, stake, earn and share their voice over time, empowering millions to help shape the future of the metaverse. US law does not allow these types of coins without a gambling license.
An ERC-20 token governed by a simple smart contract verified by trusted third parties, VCoin is an exchangeable digital currency designed for virtual economies and ecosystems both inside and outside the IMVU platform. IMVU received no remedy from the United States Securities and Exchange Commission (SEC) staff. The No-Action Letter allows IMVU to sell VCoin as non-transferable non-collateral.
“VCoin has unleashed the services side of the Metaverse economy, and giving these service providers a way to make real money is something we — and they — appreciate,” said Nancy Beaton, senior vice president of MetaJuice, in a statement. “The wallet milestone is just an early indicator of how ready users and creators in virtual worlds are to play, create, hold, earn and shape the future where they spend their time.”
IMVU was founded in 2004 and last raised money in 2021 when it rebranded under its parent company’s new name, Together Labs. The company raised a total of $77 million.
There are differences between VCore and VCoin. VCore is priced according to the market and is not used in the US or Canada. This exchange-traded token can go up or down in value. If you own the token, you can vote on projects. It can be used to mint and buy land and other NFTs on the platform. In the US, VCore would be considered more of a security subject to securities laws, allowing accredited investors to buy or sell it. That’s why it’s not available in the US
But VCoin is a “stablecoin” that can be used domestically. You can use VCoin in properties of Together Labs like IMVU social space network or convert it to US dollars for a fixed price. You can earn VCoin in IMVU by selling digital goods such as virtual character fashion items. You can then cash out a debit card to cash out VCoin or buy a coffee or pay your rent. VCoin can be used in multiple worlds and converted to other currencies. But Together Labs takes precautions against money laundering by requiring some financial details from its customers.
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