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MetaJuice said today that its transferable digital currency VCoin designed for the metaverse has 750,000 wallets on the IMVU social platform.
Last year, VCoin launched in IMVU’s economy enabling over 1 million daily active users to buy, gift, earn and convert VCoin into cash for use in the real world. MetaJuice is the blockchain subsidiary of Together Labs, the parent company of the IMVU 3D social metaverse.
These 750,000 wallets come just twelve months after VCoin was released on all IMVU platforms. VCoin was ready for adoption, integrated directly into IMVU, without complicated wallets. VCoin can be purchased in the IMVU app with a credit card.
The Redwood City, Calif.-based company wants VCoin to propel the virtual economy into the metaverse, the universe of virtual worlds that are all interconnected, like in novels such as Snowfall and Loan player one.
VCoin has opened up 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 income from VCoin are digital artists, virtual models, custom clothing/room designers and more.
To help users match service providers, MetaJuice and IMVU have launched the “Gigs Marketplace” which allows service producers to post and users to quickly find the talent they need. It’s 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VCoin can be purchased on IMVU, gifted, withdrawn from the platform, and used to purchase certain upgrades on the IMVU platform, such as VIP Memberships, Access Passes, etc. Once VCoin is removed from the platform, it is like cash, with all the benefits of being digital. VCoin can be converted into cash on 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’ve always said that IMVU’s comprehensive, high-velocity economy is ripe for a digital currency to truly maximize the full value of this metaverse, and achieving this milestone proves it,” said John Burris, President. of MetaJuice, in a press release. . “VCoin gives users the ability to buy, gift, hold, earn and convert earnings into real money, and our soon-to-be-launched VCORE token will give global users the ability to shape and share success from IMVU and other platforms. This is a powerful one-two combination that no other metaverse offers.
VCoin is the first of two tokens to be introduced to the IMVU metaverse, with sister token VCore soon to be launched globally (for users outside of the US and Canada).
VCore is intended to reward users for their engagement and give users a valuable voice in the success of the metaverse economy. VCore holders, over time, will be able to play, bet, win, and share their vote, empowering millions of people to help shape the future of the metaverse. US law does not allow this type of coin without a gaming 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 has received a no-action waiver from the staff of the United States Securities and Exchange Commission (SEC). With the No Action Letter, IMVU can sell VCoin as non-transferable security.
“VCoin has liberated the service side of the metaverse economy and giving these service providers a way to earn real money is something we – and they – appreciate,” said Nancy Beaton, senior vice president. of MetaJuice, in a press release. “The wallet milestone is only an early indicator of how ready users and creators of virtual worlds are to play, create, own, earn and shape the future of where they spend their time. .”
IMVU was founded in 2004 and last raised funds in 2021 by becoming a division of 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 depending on the market, and it is not used in the United States or Canada. This publicly traded token can go up in value or depreciate. If you hold the token, you can vote on projects. It can be used to mint and buy lands and other NFTs on the platform. In the United States, VCore would be considered more of a security, subject to securities laws where accredited investors could buy or sell it. That’s why it’s not available in the US
But VCoin is a “stablecoin”, which can be used domestically. You can use VCoin in Together Labs properties like the IMVU social room network or convert it to US dollars at a fixed price. You can earn VCoin in IMVU by selling digital goods, like fashion items for virtual characters. You can then use a debit card to withdraw VCoin, buy 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 financial details from its customers.
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