“While most virtual platforms allow users to earn in-game credits, those credits cannot be converted into anything that holds value outside of that platform or game,” said John Burris, Chief Strategy Officer, IMVU. “VCOIN is a game-changer enabling comprehensive and dynamic virtual economies where users can easily convert their earnings into fiat or transfer them off platform.”
“The service economy is a huge part of the IMVU experience,” explains Daren Tsui, CEO of IMVU. “For example, if two users want to host an event, they may hire a room decorator, a photographer, a stylist, and more, to make their event happen. Historically, payment for those services was happening off-platform which adds a layer of friction and vulnerability to the transaction. With VCOIN, users can instantly pay for those services on the platform, and then easily convert those earnings to cash around the globe.”
VCOIN will be sold at 250 VCOIN for $1.00 or $0.004 per VCOIN. Users can purchase, transact and earn VCOIN on IMVU and easily transfer VCOIN off the platform to an open digital wallet, send to any ERC-20 wallet or convert it to fiat at the original purchase price less a transaction fee. Although KYC is not required to purchase and use VCOIN on IMVU’s platform, KYC is required for users who want to transfer their VCOIN off the platform and convert it to fiat.
“This model of creating a transferable cryptocurrency is unlike any in the marketplace,” said Nancy Beaton, VP Strategy, IMVU. “Preserving the ability to play, connect and conduct peer-to-peer transactions on the platform combined with the transferable nature of the token off the platform provides users with the features, security and control they want over their in-game earnings.”
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.
For more information on VCOIN, please visit: www.therealvcoin.com.
For more information on IMVU, please visit: www.imvu.com.
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Created by IMVU, the world’s largest avatar social platform, and built on blockchain technology, VCOIN is an ERC-20 token that can be purchased, earned and exchanged within the IMVU peer-to-peer economy — and, for the first time, allowed to be transferred off the platform and converted to fiat. VCOIN enables users to buy, earn, hold and exit to real value, giving users control over their earnings. www.therealVCOIN.com
Based in Silicon Valley, IMVU (imm-view) is the world’s largest avatar social platform, and a top 5 grossing app in the App Store, where millions of users customize their characters and explore over 400,000+ destinations to connect with each other. Through chat and events, IMVU’s massive metaverse enables and empowers friendship and human connection. A community of hundreds of thousands of users powers IMVU’s peer to peer economy by designing and selling virtual goods and destinations, adding to a growing catalog of 50 million items. The IMVU experience is available on the web, a desktop app, and as an iOS and Android app.
SOURCE IMVU, Inc.