What is VCOIN?
Virtual Currency. Real World Value.
VCOIN is a new digital currency designed for the Metaverse. Launching in January on the IMVU platform VCOIN will provide another digital currency for users on the platform. Yet unlike the usual in-game currency, VCOIN is a cryptocurrency built on the Ethereum blockchain and adhering to the ERC-20 standard — which opens up more possibilities for users, earners and anyone that participates in the virtual economy. Users can purchase, earn, and exchange VCOIN within the IMVU platform — and for the first time, transfer it off of the platform and convert into cash.
Why Create a New Digital Currency?
Today, many virtual economies are solely centered around virtual goods and marketplaces. VCOIN changes this and unleashes the full potential of a virtual economy by enabling peer-to-peer transactions for gifting and providing services. On IMVU we see this in the form of wedding officiants, editors, fashion models, custom creators, DJs, Nightclub owners and more. Now, with VCOIN, both the goods and the service markets can be unlocked and the whole virtual economy can grow.
For providers of services — what we call Producers — we believe that having a way to be compensated for the valuable experiences they provide other users, is essential. Creators, Producers, any provider, are at the heart of any metaverse. By enabling them to earn real value that can be exchanged for real money and used in the real world, we know they will become even more active on the platform and the total experience will grow.
Why a Cryptocurrency?
We chose to mint a cryptocurrency because of the opportunities it posed to IMVU, along with the future of all gaming and social metaverses. By securing a no action letter from the staff at the SEC, we are the first to launch an easy-to-use digital currency to all our users — right in the experience. And, because it is a cryptocurrency we are able to allow users to take it off the platform. Once off the platform, users can convert it to fiat or send it to any ERC-20 wallet. This seamless ability to convert and transfer removes any friction to earning, converting or even paying others outside of the platform.
It truly sets a new standard for what a true virtual economy should look like.
Check out therealvcoin.com and follow us on our social channels to learn more about VCOIN and be the first to receive key updates and announcements!