Digital avatar platform IMVU announced the launch of its VCOIN token on the Ethereum blockchain, which will enable its community of users to develop a sustainable digital economy.
IMVU is a platform and social network designed to allow users to build virtual communities, interacting with other users to trade items of their own design and creation, exchange personal experiences, and more. The activities that users perform within this network generate a large number of transactions in which billions of its native token, IMVU Credits, are used and spent. In addition, many others manage to generate real profits by selling their products and items, which they exchange for the platforms' credits, and then for fiat money in agreement with other participants. However, obtaining real profits through IMVU credits depends solely on the willingness of another user to receive the credits and exchange them for real money.
Therefore, to increase the potential offered by this platform, the developers decided to integrate a token ERC-20, LLAMADA VCOIN, based on Ethereum, which significantly expands the potential for use and development of this network, for generating profits and for building a sustainable real digital economy. The new token is designed to be exchanged within the platform as well as outside of it, allowing users to access real value in or out of the game.
As John Burris, IMVU's strategy director, most virtual community platforms and social networks have a native token that allows users to exchange objects, products and services, but that have no value outside the platform. IMVU seeks to change this reality, with the integration of its new token. Likewise, the company was authorized awarded by the United States Securities and Exchange Commission (SEC) for the sale of its token, although certain restrictions apply.
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Trading and negotiation at a fixed price
With SEC authorization, IMVU can sell its token to platform users, who will be able to purchase it for a fixed price of 250 VCOIN tokens worth $1 USD, or $0,004 USD per unit. However, the authority imposes several restrictions on the trading and negotiation of these tokens, among which the following stand out: VCOIN holders will have to be subject to KYC (Know Your Customer) and AML (Anti-Money Laundering) controls once they want to move their holdings in the token from the platform to the network. Wallets or wallets. In addition, the SEC mandates that the company must maintain a continuous and unlimited issuance of VCOIN tokens to ensure their established fixed price.
“IMVU will always generate enough VCOIN supply to maintain the fixed price of VCOIN”
The acquired tokens can be exchanged or gifted within the platform, and users who wish to increase their holdings can purchase or earn them within the game. Likewise, VCOIN can be exchanged for fiat money within the exchanges and exchanges of cryptocurrencies, authorized.
An opportunity to exploit the skills
Regarding the launch of this token, Burris pointed out that it will be a unique opportunity that will allow all users to specialize in each of their skills. For example, those who have skills to create, design and build rooms will be able to do so in a motivated manner, receiving a monetary incentive for it from users who need or want to manage one of these rooms. The same applies to clothing and wardrobe designers, who are one of the most in-demand skills within this type of digital platform.
Users will be able to create and market clothing items with exclusive designs, in different styles, receiving a financial incentive for doing so. Burris highlights that there are many creators who “they put those virtual goods on the market”.
IMVU is available in desktop, mobile web, and web platform versions.
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