You probably won’t be able to read a newspaper or watch the news without being inundated with countless stories about cryptocurrencies, the blockchain, NFTs, and other recent techno-financial developments. They are the buzzwords that have put investors into a frenzy in recent years and months. The social network IMVU was established way back in 2004 and allows users to socialize and play with others in virtual worlds using 3D avatars. The company has a new blockchain-backed digital currency known as VCOIN that can be used within the IMVU multiverse.
IMVU’s Nancy Beaton was kind enough to sit down with our Video Editor Greg Burke to talk about the company’s current plans and how VCOIN, the blockchain, NFTs, and the metaverse are all intertwined.
There are over two billion active users and gamers who participate in digital experiences and virtual social networks worldwide. To date, these virtual economies have either run on cash or a proprietary payment system, such as IMVU Credits. VCOIN allows users around the world to gift, trade, and transact with one another, exchanging real value for the first time. Unlike other in-game tokens, users and earners can take their VCOIN earnings off-platform anytime.
Launching in the massive IMVU economy first, VCOIN is built into the product and introduced to millions of IMVU users on Day One. Designed to drive adoption and usage, VCOIN can be easily purchased with a credit card and immediately used on the platform with no complicated crypto wallets required. Users can transfer VCOIN out of IMVU with a few clicks. This opens up the endless possibilities of cash, exchanging and use in other platforms.
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